…Fama, aka the “father of modern finance”. Better known from his pioneering work on the Efficient Market Hypothesis and the Three-Factor Model, his more recent research has been focused on…
…a few other names in jest: Clever Beta, Ingenious Beta, Pensive Beta and, my favorite, Ennui-Stricken Beta. So, if you hear someone pitching smart beta, we’ve been invested in the…
…it to our clients (well, a little bit, but it’s pretty insignificant). To some extent, we protect ourselves by using limit orders, which means that we say that we won’t…
…alcohol, defense, and casino stocks. Over the last ten years, while the S&P 500 has gained 6.71 percent, the Vice Investor has earned 9.65 percent. As Pope Francis recently said,…
…creates efficiency. There are some anomalies, like buying cheap stocks (value), but that’s not a free lunch, unlike the ‘textbook trade’ described in the story. This year, for example, value…
…our Approved List. First off, I was surprised that two companies in the trillion-dollar club are worth 2.5 times the club’s threshold value. Now, let’s look at the revenue –…
…the first nine months of the year. Unfortunately, the company lost -$131.5 million during the same time period, which is a little worse than the loss of -$117 million during…
…just 70 well-informed ones (who don’t have an incredible record at predictions, incidentally). If they are right, and core inflation comes in between 2-2.5 percent over the coming decade, that…
…know the price of milk?!’ Truth be told, I don’t know the price of milk, and I drink a lot of it. Maybe that’s why I don’t know the price;…
…has fully inverted. As we have written in the past (here, and here), this matters because an inverted yield curve has preceded the past seven recessions. Currently, stocks and bonds…
