Investing

[ad_1] Last year was humbling for economists and investment strategists alike. It began with an “imminent” recession and ended with equity markets near all-time highs. Historic rate hikes fueled a compelling narrative that, at best, anticipated both a weak economy and disappointing returns. To be sure, legitimate concerns underpinned this […]

[ad_1] The Four Pillars of Investing, Second Edition: Lessons for Building a Winning Portfolio. 2023. William J. Bernstein. McGraw Hill Professional. In The Four Pillars of Investing, Second Edition: Lessons for Building a Winning Portfolio, William J. Bernstein, a retired neurologist and the cofounder of the investment management firm Efficient […]

[ad_1] Defined contribution (DC) plans are among the most common ways for US workers to save for retirement. US DC plan programs totaled $9.6 trillion in assets as of the third quarter of 2023 when they represented 22% of all US retirement assets. This creates tremendous responsibility for plan sponsors […]

[ad_1] There is an old adage on Wall Street: To succeed as an equity fund manager, follow interest rates and the bond markets. We decided to put that theory to the test: So, how do we determine whether active equity fund managers are following the bond markets? There is no […]

[ad_1] Brian Minns, CFA, will speak at the Climate Risk and Returns Conference from CFA Institute, held 20–21 April 2023 in New York City. Partnerships among institutional investors are crucial to achieving a low-carbon economy. As institutional investors, we have a fiduciary duty to act in our beneficiaries’ best interests […]

[ad_1] For more on artificial intelligence (AI) applications in investment management, read The Handbook of Artificial Intelligence and Big Data Applications in Investments, by Larry Cao, CFA, from CFA Institute Research Foundation. ChatGPT and other large language models (LLMs) may someday automate many investment management and finance industry tasks. While that […]

[ad_1] The Little Book of Picking Top Stocks: How to Spot the Hidden Gems. 2023. Martin S. Fridson, CFA. John Wiley & Sons, Inc. Editor’s note: In order to keep our book review selection process impartial and free from bias, Martin Fridson, CFA, was not involved in the decision to […]

[ad_1] “There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to […]

[ad_1] For more on artificial intelligence (AI) applications in investment management, read The Handbook of Artificial Intelligence and Big Data Applications in Investments, by Larry Cao, CFA, from CFA Institute Research Foundation. ChatGPT has launched a new era in artificial intelligence (AI). The chatbot built by OpenAI and powered by the GPT-3 […]

[ad_1] How is risk defined in portfolio optimization objective functions? Usually with a volatility metric, and often one that places a particular emphasis on downside risk, or losing money. But that only describes one aspect of risk. It doesn’t capture the entire distribution of outcomes investors could experience. For example, not […]