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Category: Investing

Where the rubber hits the road. Out thoughts, insights and perspectives on the important subject of investing.

The Case for Index-based Investing – Same Data, New Conclusion….

April 21, 2015 BY

A few years back, I wrote a Brief entitled Does Active Management Add Value? in which I concluded that there are very few true active managers (stock pickers) and even fewer good ones, hence my preference for index funds.

In my Brief, I pointed to some statistical weaknesses in an influential study conducted by a group of economists at Yale. (1)  In the study, they introduce … Read more

Market Outlook and Strategy for 2015

January 30, 2015 BY

2014 was full of economic surprises (e.g., who would have thought gasoline would cost $2.00 a gallon!) and 2015 is shaping up similarly. In this report, I look back on the year and discuss what did and didn’t work from an investment perspective. I also provide my view on the market outlook for 2015 and how I am positioning client portfolios.… Read more

Investment Themes for Turbulent Times

November 12, 2014 BY

Recent market turbulence reminds us that markets are likely to be volatile over the next months as the Federal Reserve wrestles with when, and to what extent, to raise interest rates and we all wrestle with the ever-changing evaluations of growth prospects in the rest of the world.  In this report, we identify and discuss some current investment themes and how we plan to position … Read more

Recent Endowment Returns – The Results Are In

November 3, 2014 BY

In my September 23rd blog, I examined the 5-year average annualized investment returns (July 1, 2008 – June 30, 2013) of the nation’s largest university endowments and wasn’t too impressed. Harvard, in particular, was literally at the bottom of the pack, reporting only a 1.7% average annualized return over the 5-year period versus a 60/40 index benchmark return of 6.2% over the same time frame. In … Read more

Recent Endowment Returns – You Haven’t Missed Much

September 23, 2014 BY

The recent news that the head of Harvard’s endowment is retiring prompted me to have a look as how endowments have been performing since the end of the crisis. Many endowments were rocked pretty hard by the crisis as they were forced to liquidate some of their alternative assets (e.g., private equity, real estate and some hedge funds) at deep discounts to raise cash. Harvard’s endowment … Read more