The first of many hopefully...my good friend Steven Wood and I have been tossing around the idea of collaborating on some work in hopes it ups both of our research games. I often get asked whether or not factors go out of favor. This is a pretty good case study that yes, sometimes what worked in the past doesn't continue in the future.
Read MoreMaking money has been too easy since 2009. It’s about to get harder.
Read MoreThere are a hundred ways to evaluate whether an investment is cheap--discounted cash flows, competitor multiples, mean reversion, multiple of projected earnings--the list goes on...and on. What's cheap now form a factor perspective?
Read MoreOne of the things I’ve learned over the years is that there is a persistent dualism in conducting research balance—a between reliable preexisting findings and questioning preconceived notions.
Read MoreAnyone overweight to non-U.S. allocations has suffered over the previous ten years. The current equity bull market has not been kind to non-U.S. allocations. At a recent conference I attended, the term ‘TINA: there is no alternative’ came up more than once in the context of allocating investor portfolios. It captures the collective sentiment that equities, despite a massive bull run and rising valuations, are one of few viable asset classes to park capital.
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