Investing

[ad_1] On February 27, 2024, Investing in U.S. Financial History was published, capping off my exhaustive four-year effort to document the financial history of the United States. The book begins with Alexander Hamilton’s brilliant financial programs in 1790 and ends with post-COVID-19 inflation in 2023. Now that the book promotion […]

[ad_1] How Novelty and Narratives Drive the Stock Market: Black Swans, Animal Spirits and Scapegoats. 2021. Nicholas Mangee. Cambridge University Press. “Where there is novelty, there is instability. Where there is instability there is uncertainty. Where there is uncertainty there are narratives — narratives are the currency of uncertainty.” Nicholas […]

[ad_1] Editor’s Note: This is the final article in a three-part series that challenges the conventional wisdom that stocks always outperform bonds over the long term and that a negative correlation between bonds and stocks leads to effective diversification. In it, Edward McQuarrie draws from his research analyzing US stock […]

[ad_1] Adapted by Lisa M. Laird, CFA, from “Communicating Clearly about Investment Objectives and Risks” by Karyn Williams, PhD, and Harvey D. Shapiro, originally published in the July/August 2021 issue of Investments & Wealth Monitor.1 Earlier in this series, we discussed the need for clear communications at the initial stage of […]

[ad_1] “Defining a style and matching strategies to it provides an important step forward in making sure individuals and their retirement income strategies are aligned. Constructing an appropriate strategy is a process, and there is no single right answer. No one approach or retirement income product works best for everyone.” — […]

[ad_1] We are bearing witness to a remarkable demographic revolution in developed nations — the unprecedented aging of our populations. One in six Americans were over the age of 65 at the 2020 US Census. By 2034, for the first time in history, US adults aged 65+ are projected to […]

[ad_1] Better than Alpha: Three Steps to Capturing Excess Returns in a Changing World. 2021. Christopher M. Schelling. McGraw Hill. Better than Alpha: Three Steps to Capturing Excess Returns in a Changing World, by Christopher M. Schelling, head of the Austin, Texas-based investing firm Windmuehle Funds and former director of […]

[ad_1] Most large active fund managers today have both fundamental and quantitative investment teams. Historically, these two groups have sat in separate silos, and for good reason: They have different approaches to the investment process and speak a different day-to-day language. The root of the divide is their respective educational […]

[ad_1] In finance, as in all walks of life, people tend to see their environment as predictable. With experience, investment professionals acquire a better understanding of markets, become more confident of their abilities, and conclude that they can interpret the world more precisely. The philosopher of science Karl Popper offered […]

[ad_1] Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever. 2021. Robin Wigglesworth. Portfolio. Some 50 years ago, the index fund revolution began in the financial markets. Like many revolutions, it opened quietly, with little fanfare. As it started to attract attention, many […]