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Video: What You Need to Know about Valuations in 6 Minutes
In this 6-minute video Adam Butler introduces a simple but novel innovation for modeling equity market valuations. There are reasons to believe average valuations should rise through time in response to changes in market structure. We discuss the conditions that …
Keep ReadingCE Webinar Blitz: Is Risk Parity a Ticking Timebomb? Do Valuations Even Matter Anymore?
Learn how to Position Your Clients – and Your Practice – to Dominate in the Tumultuous Years Ahead. Market dissonance (and a shrinking CE credit window) means that now is a great time to prepare portfolios for an uncertain future. And as it happens, two of the…
Keep ReadingThe Case for Tactical Alpha, Part 3: The Greatest Trick Wall Street Ever Pulled
The investment industry has investors convinced that the only path to better performance is through stock selection. As a result, most investors approach the challenges of portfolio construction exactly backward and miss out on the most important opportunities to …
Keep ReadingThe Case for Tactical Alpha, Part 2: The Fundamental Flaw of Grinold’s Fundamental Law
In Part I of this series we explored Grinold’s Fundamental Law of Active Management, and why we believe the theory leads to misguided conclusions in the presence of asset correlations. Recall that Grinold asserted that a manager’s information …
Keep ReadingDemystifying Risk Parity with RealVision and 90 Years of History
Risk Parity is having a moment.For us, the fuse was lit in August 2016 when Bank of America Merrill Lynch released a research note suggesting that Risk Parity investment strategies represented a substantial source of systemic risk in global markets…
Keep ReadingThe Case for Tactical Alpha, Part 1: The Fundamental Law of Active Management
This article series will consist of a theoretical discussion of Tactical Alpha followed by a series of novel empirical studies. Below, we explore the concept of Information Ratio from the perspective of Grinold’s Fundamental Law of Active Management, which links investment …
Keep ReadingGet Comfortable with Being Uncomfortable, Part 3: Factor Investing
It is well known that investors in every country around the world have a strong preference to own the stock and debt of their own domestic companies. This home bias is one of the strongest and most pervasive effects in markets. Many investors also express a …
Keep ReadingCyclical Measures Signal Swan Song For US Equities
US stocks are in the midst of their second longest bull run in history. They are the best performing asset class – by far – over the past 1, 3, 6, and 9 years. Meanwhile international, emerging, and Canadian equity and bond markets have achieved near zero returns over the same horizons.
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