What if You Actually Wanted to Go Active?
Being a Stock-Picker Is Just So Hard Forget the higher costs of active investing; the real problem is achieving the desired goals Bloomberg, August 11, 2017 The rise of passive investing, which its...
View ArticleSPIVA® U.S. Scorecard
The post SPIVA® U.S. Scorecard appeared first on The Big Picture.
View ArticleHow to Minimize Investment Returns
How to Minimize Investment Returns by Warren Buffett Berkshire’s Annual Report (p18) February 28, 2006 It’s been an easy matter for Berkshire and other owners of American equities to prosper over...
View Article“The Bet” and Buffett’s Revenge
Bet With Buffett, Not Against Him The greatest investor of our era is trying to teach us all a lesson. Bloomberg, September 21, 2017 Do you want to bet with or against Warren Buffett? That is a...
View ArticleHow Can You Find the Best-Performing Stocks?
So Few Market Winners, So Much Dead Weight Just 4 percent of publicly traded companies account for all of the gains. Bloomberg, September 26, 2017 I was intrigued by Jeff Sommer’s column in the...
View ArticleAsset Managers: Trillion Dollar Club
This is a fascinating chart: 82.9% of the assets of the world’s 15 largest asset managers is managed in the US: Source: Visual Capitalist The post Asset Managers: Trillion Dollar Club appeared...
View ArticleDebating Passive Versus Active Investing
Passive Versus Active Investing: A Debate Investors think they’ve been burned by stock-pickers, though much of the harm is self-inflicted. Bloomberg, October 11, 2017 Few topics in finance are as...
View ArticleMiB: Jim Ross, Present at the Creation of the No. 1 ETF
Never assume that serendipity doesn’t have something to do with success. Early in Jim Ross’s career at State Street Corp., he joined a new group called fund administration. The new department wasn’t...
View ArticleBogle: Vanguard is Big Enough
Jack Bogle observes: The overall industry will probably be more and more indexed, almost certainly, but it will be under the microscope. We have had, we at Vanguard, have had the white hat in this...
View ArticleVanguard’s Incoming CEO Tim Buckley EBI Highlights
We had Vanguard’s incoming CEO Tim Buckley do a Q&A at the Evidence Based Investing conference earlier this month in NYC. On January 1, 2018, Buckley takes over as Vanguard Group’s fourth chief...
View ArticleRevisiting the Trump Portfolios
Betting Against Trump Was a Market-Beater The companies the president disparaged have done much better than those he favored. Bloomberg, January 10, 2018 Remember when President Donald Trump would...
View ArticleThe implications of passive investing for securities markets
The post The implications of passive investing for securities markets appeared first on The Big Picture.
View ArticleElephant in the Smart Beta Room
This afternoon, I am speaking at the Inside Smart Beta Conference, playing the role of curious skeptic in a room full of enthusiasts. ETF.com’s CEO Dave Nadig is going to grill me on why we have not...
View ArticleVanguard Group Connect Conference
I will be speaking today at the Vanguard Connect event on the Malvern HQ campus in Pennsylvania. It is a privilege being the only person invited to present to their troops who is not a Vanguard...
View ArticleBloomberg: Index Funds Are Going to Be Just Fine
Index Funds Are Going to Be Just Fine Inflows have slowed? Actively managed funds would like to have that problem. Bloomberg, July 18, 2018 A few recent observers have pointed out that inflows into...
View ArticleTales of Indexing’s Slowdown Have Been Greatly Exaggerated
Index Funds Are Going to Be Just Fine Inflows have slowed? Actively managed funds would like to have that problem. Bloomberg, July 18, 2018 If something cannot go on forever, well then, it will...
View ArticleTranscript: Research Affiliates’ Rob Arnott
The transcript from this week’s MIB: Rob Arnott of Research Affiliates is below. You can stream/download the full conversation, including the podcast extras on iTunes, Bloomberg, Overcast, and...
View ArticleMIB: Getting Fundamental with RAFI’s Rob Arnott
Index funds have been assembled using market capitalization since their inception forty plus years ago. Rob Arnott was wondering if there was not a better way to create index-based portfolios. His...
View Article“Active Money Manager Model Is No Longer Viable”
Jim Bianco, one of my favorite market analysts/researchers, points out that the “active money manager model is no longer viable.” He explains: “The chart [below] shows flows into passive ETFs (red) and...
View ArticleBloomberg: Active Money Management Isn’t Dead Yet
Active Money Management Isn’t Dead Yet There are five niches that should survive Bloomberg, August 13, 2018 If we are to believe the pundits, active management is dying, indexing is taking over the...
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