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As if we needed another study to spell this out, S&P published a recent study (.pdf) that undermines the hot money chasing performance in the mutual fund industry. The study shows that very few funds demonstrate persistence — the ability of asset managers to consistently achieve top-quartile or top-half performance. The amazing take-away from the [...]
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Long standing conventional wisdom has it that small caps exhibit a “size-effect” — they tend to outperform larger stocks in general over the long term. MarketSci has done some great work digging in to why this is the case in a recent article. According to the post: I break from conventional wisdom on the subject [...]
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Many portfolio managers I speak to effectively sidestep the worst of the crunch last year up until early March. That doesn’t mean they weren’t down — they moved big time into cash. Even though, they’ve been pessimistic and shaved down their exposure to stocks, they kept much of that exposure and have seen portfolios benefit [...]
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Some practical thoughts on asset allocation (The Aleph Blog) Who’s your investment co-pilot? (Abnormal Returns) Sneaky overdraft fees, a “courtesy” from banks, are the mother lod of deposit fees. (USA Today) By using the higher number for the earlier period, Prof. Siegel appears to have raised his estimate of the rate of return for the [...]
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On the back of an announcement that PIMCO is launching a pure assets ETF, Mebane Faber’s got an interesting run-down of the structure and performance of several lazy portfolios. The thought process here is that theoretically, one could create a truly diversified portfolio with just 3 ETFs: stocks, bonds and now, assets. This is Faber’s [...]
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Cake Financial (read our coverage here) is out this morning with their end of year, 2008 overview of investor metrics within the Cake community. Read the release for the full picture but a couple of salient takeaways I see here: Strong move to cash: While other industry publications get their statistics from fund managers, Cake, [...]
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