Conviction, Skill, and Market Realities Trying to beat the market to the best ideas has never been easy. And it only gets harder when the market is dominated by large price moving institutional demand. In addition, recent trends indicate the supply of publicly held...
The Active Critiques: Indexing is Marxist, Mediocre, and Other Misguided Myths The mutual fund industry has ridiculed index investing for decades. Strong, self-interested economic incentives to defend active funds has given rise to clever propaganda and fear campaigns...
Search for Winners: Skill, Hype, or Hope (Hint: go to Amazon for your fiction) Mutual funds were first formed in 1924. Their original intent was to provide the investing public with broad access to the market. The idea was good at the time, despite a steep 8%...
The stock market was looking mostly like a V-Shape until last Thursday. The Federal Reserve made a few sensible observations about the economy, and that prompted a not so sensible 6% decline in one day. You could argue that the 43% increase from March 23 lows didn’t...
Performance Studies & Commentaries These performance studies provide consistent evidence over the past century that index funds deliver better results than active funds. Wall Street has adapted its spin to defend its profit stream at investors’ expense. As...
We all view the world and our money from a unique and personal vantage point. I’ve had several calls over the past few weeks with an understandable wide range of emotions over the state of the economy and the direction of markets. The economy and the market are...
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