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5/21/2013 7:30 PM
Michael Lewis authored “Moneyball” back in 2003, and it seems like it immediately captured the attention of baseball fans and insiders everywhere. Since that time, its concepts have been applied to numerous areas including basketball, which is in the midst of a seismic shift in how basketball is evaluated and what skills and actions contribute th.... 5/8/2013 1:38 PM
A reader asked if I could expand on my post from two weeks back on expected stock returns. Specifically, he asked if I could focus on how tilts toward certain types of stocks could be expected to provide (or subtract) additional expected return beyond what we expect the overall market to do.
In that post, I noted that a reasonable expectation for the long-term real return of U.S. stocks was about 4 percent. .... 4/30/2013 10:40 AM
Many pundits (and a good number of individual investors) have been predicting high inflation as a result of the Federal Reserve’s monetary policy. Over the four years ending 2012, inflation has averaged just 2.2 percent per year, and currently the market expects inflation over the next five years to be just 2.1 percent per year. Clearly, realized inflation has been low and the market expects inflation to be low in the future, which can hardly be interpreted as signs that high inflation is a foregone conclusion. This .... 4/17/2013 2:09 PM
The past year or so has provided a vibrant debate about the long-term returns stock market investors should expect. Part of this discussion has been driven by the long-term return assumptions used by public pension plans in the U.S. It’s also been driven by the great stock market performance of the past few years and how that should impact long-term expected returns. Further, some investors seem to be worri.... 2/20/2013 10:13 AM
Numerous studies have documented the counterproductive tendencies of individual investors. These include paying excessive mutual fund fees, holding tax-inefficient portfolios, having improper asset allocations, chasing returns and poorly diversifying portfolios. My colleague Carl Richards has aptly termed this collection of behaviors "The Behavior Gap," since they can greatly reduce the returns that investors could have earned. I firmly believe corre.... 2/6/2013 3:57 PM
I was forwarded an article by Jane Bryant Quinn from 2011 arguing that individual bonds are generally a bad deal. She aptly notes that many bond ladders are inappropriately sold to investors by stock brokers, which I agree with, but many of her conclusions as to why bond ladders are bad are based on faulty assumptions. I’ll selectively cover her com.... 1/29/2013 4:50 PMI won’t pretend that it’s easy to sort through the mountain of available information arguing for or against bond funds relative to individual bonds. From my experience, I would say you should be skeptical of any article claiming that either of the two approaches is always the correct answer regardless of circumstances. In my opinion, a thorough analysis of the two choices yields a much more nuanced answer.
12/5/2012 3:49 PM
The financial press and municipal bond market participants have rightly spent the past two or three years focused on the pervasive underfunding of state and local pension plans and its likely impact on state and local budgets. Much of the debate has centered on determining the appropriate discount rate for pension fund liabilities and understanding how the underfunding has become so severe. More recently, attention has turned to.... 11/13/2012 11:19 PM
I’ve got immense respect for Swensen (his book Unconventional Success was loaded with good information, including an absolute demolition of the Wells REIT), and it certainly looks like he and his team have delivered gre.... 11/6/2012 6:03 PM
Last week, I explored Standard and Poor’s most recent index versus active scorecard. In short, that report showed that the majority of mutual fund managers underperformed their respective benchmarks.
Little did I know that Standard & Poor’s also publishes a semi-annual report tracking persistence in outperformance for the fraction of fund managers who outperformed their benchmark in a given year. This report also .... 1
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 | Jared Kizer
Director of
Investment Strategy
BAM Advisor Services
(see bio)
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