9 Jan 2017

How Long is the Long Term?

One of the tried and true tenets of successful investing is taking a long-term perspective. Warren Buffet says that his favorite holding period is forever.  He doesn’t always hang on that long, but still recommends that you should ‘only buy something that you’d be perfectly happy to hold if the market shut down for 10-years.’ Regarded academic Jeremy Siegel wrote the buy and hold bible, titled ‘Stock for the long run,’… Read More

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9 Oct 2016

Portfolio Insights

We are pleased to provide a digital copy of Portfolio Insights, our quarterly newsletter. Table of Contents: Stock Market Summary Bond Market Review Bulls, Bears, Donkeys & Elephants The Big Picture and Fast Facts Click here to read the issue:  2016 Q3 Portfolio Insights

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23 Aug 2016

Allocating to Risky Assets

What’s the right allocation to a risky asset class like emerging markets stocks? Since the launch of the MSCI EAFE EM index that tracks emerging markets in 1988, the returns have outpaced the S&P 500 by 0.33 percent per year: 10.56 percent versus 10.23 percent.  (All data from Jan 1988 through Jun 2016). As you might expect, the extra return has come with extra risk: the emerging markets index has… Read More

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9 Jul 2016

Portfolio Insights

We are pleased to provide a digital copy of Portfolio Insights, our quarterly newsletter. Table of Contents: Stock Market Summary Bond Market Review Europe’s Brexistential Crisis The Market Hates Uncertainty Compliance Corner:  Custody The Big Picture and Fast Facts Click here to read the issue: 2016 Q2 Portfolio Insights

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23 Jun 2016

REITs: An Asset Class or Just Another Sector?

Back in March of last year, S&P and MSCI jointly announced that they would reorganize the Global Industry Classification Standards (GICS) so that REITs will be its own stand-alone sector instead of a component of financials. Most of the time, S&P and MSCI are competing index providers, but for reasons that I don’t know, they have worked together defining sectors (10), industry groups (24), industries (68) and sub-industries (156) around… Read More

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18 Apr 2016

Portfolio Insights

We are pleased to provide a digital copy of Portfolio Insights, our quarterly newsletter. Table of Contents: Stock Market Summary Bond Market Review Healthy Aging Strategies Drawdowns:  A New Perspective Is Value Investing Dead? The Big Picture and Fast Facts Click here to read the issue:  2016 Q1 Portfolio Insights

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26 Feb 2016

Is Value Investing Dead?

Value stocks are undoubtedly having a tough time these days.  As I first wrote last November (click here for the article), value stocks are undergoing their worst period of underperformance since the tech bubble during the late 1990s. For the 10 years ending January 31st, the Russell 1000 Value index is up 7.03 percent compared to 7.92 percent for the Russell 1000 index of large cap stocks and 8.68 percent… Read More

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24 Feb 2016

An Unusual Energy IPO

I’ll bet that when you think of IPOs, or initial public offerings, you think of hot tech stocks like Facebook, Tesla or GoPro (granted, some of these stocks are a little less hot these days). I do too, so I was a little surprised to read in the Wall Street Journal that the biggest IPO this year is essentially a blank check for what is known as a Special Purpose… Read More

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27 Jan 2016

Drawdowns Part Deux

Yesterday’s insight on drawdowns was quite popular and enough people asked for the same thing, so I thought I would do an immediate update.  (Click here for the original post.) The first request was for the full history of the S&P 500 since yesterday’s chart only went back 25 years.  I picked 25 years somewhat randomly, but mostly because the other chart that went with it was difficult to read going… Read More

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15 Jan 2016

Portfolio Insights

We are pleased to provide a digital copy of Portfolio Insights, our quarterly newsletter. Table of Contents: Stock Market Summary Bond Market Review The Fed Awakens Volatility Strikes Back Click here to read the issue:  2015 Q4 Portfolio Insights

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