EBI Tweets

May, 2017

Monday 29th - 16:48

The new US Fiduciary rule will help protect investors-even the big ones.. https://goo.gl/ff1sPU

Monday 29th - 13:51

Monday 29th - 11:52

Even if you consistently buy at market tops, with patience and persistence, it will all come together in time. https://goo.gl/QHGDg1

Sunday 28th - 12:51

Fund Managers now being forced to "subsidise" their funds to keep charges down- that can't last for long.. https://goo.gl/wmGqG1

Sunday 28th - 10:57

"Actively managed funds outperform during difficult markets"- opinion stated as fact...not so. https://goo.gl/v8PZTu

Saturday 27th - 12:51

Beat the Market and get a "safe" 7.4% yield ? S&P yields 2%. If this doesn't sound dodgy,you're not paying attention https://goo.gl/uJZS35

Saturday 27th - 10:57

Is Tactical Asset Allocation a waste of time and resources ? Spoiler alert-yes ! https://goo.gl/gkmIog

Friday 26th - 16:48

Yet another "adviser" cites 1987 and 2000 as warnings for investors-conveniently forgetting that Actives caused them https://goo.gl/mvMj4I

Friday 26th - 13:51

In a first, Morningstar downgrades a fund on the basis of it's charges-they could be rather busy if this catches on. https://goo.gl/TCi6pk

Friday 26th - 11:52

Bogle talks all things Indexing at a CFA conference... https://goo.gl/DzPYMa

Thursday 25th - 16:48

According to Remerga’s study, “Fee innovation in investment management overdue”. Stretching the meaning of overdue.. https://goo.gl/2pNeMw

Thursday 25th - 13:51

Analysis suggests that "buy the dip" strategy doesn't work vs Buy and Hold: (assuming you get a dip to buy...) https://goo.gl/BR9XoP

Thursday 25th - 11:52

Manager fees are falling, but only because Investors are choosing cheaper options; there is thus MUCH more to go... https://goo.gl/Jo3WSM

Wednesday 24th - 16:48

Bloomberg shills for the Fund Managers (again); its not profits, but the LEVEL thereof that is the concern... https://goo.gl/6cpPdJ

Wednesday 24th - 13:51

This chart shows how far Active funds STILL have to go to get close to price parity with Indexers. A LOOONG way... https://goo.gl/1I2Skx

Wednesday 24th - 11:52

Is Vanguard's arrival in the UK the end of the road for HL? Depends on how (or if) they respond... https://goo.gl/hz38UU

Tuesday 23rd - 16:48

Yup, 4 x levered ETF's are absurd... But so is 4 x levered anything- the provider not the investor gains from these. https://goo.gl/lTzDH3

Tuesday 23rd - 13:51

For Millenials "it's not going to be about stock selection, it's going to be about asset allocation"- hence Indexing https://goo.gl/mofA2m

Tuesday 23rd - 11:52

Fund of Fund inflows show a structural decline- Investors are catching on to the costs... https://goo.gl/802mS9

Monday 22nd - 16:48

Invesco "scraps" performance fee-only to replace it with higher base fees. Hmm... and the difference is ...? https://goo.gl/JO7c67

Monday 22nd - 13:51

A primer on how (and why) Funds benefit from Stock Lending. Index funds are well suited to it. https://goo.gl/3C579e

Monday 22nd - 11:52

This weeks blog looks again at the Banking Industry-its not a pretty sight. https://goo.gl/7m8mr3

Sunday 21st - 12:51

It has truly come to something when I agree with the World Socialist website.... https://goo.gl/iEIqZy

Sunday 21st - 10:57

There are now more Indices than stocks- something is definitely getting out of hand... https://goo.gl/b3STrh

Saturday 20th - 12:51

Bet against Passive investing: How long will you be prepared to wait? When will you know you're wrong? https://goo.gl/Xxdgva

Saturday 20th - 10:57

Most of the pro-Active Manager arguments currently being aired are hope versus experience- evidence is still lacking https://goo.gl/9Prrhy

Friday 19th - 16:48

Fund Managers: first, Vanguard hits your share price; then it gets your AUM. Cheaper investing arrives in the UK... https://goo.gl/zMPR1d

Friday 19th - 13:51

If clients are worried about stock markets at the moment, this may help... https://goo.gl/tlyGoU

Thursday 18th - 16:48

Share price falls for Asset Managers imply Vanguard have changed the game-again. https://goo.gl/nXoGW7

Thursday 18th - 13:51

The problem with fund manager performance is that there is far more luck than skill on show... https://goo.gl/BxqHNj

Thursday 18th - 11:52

Over EVERY 20 year period since 1950, the S&P 500 has NEVER lost money! #buyandhold (for the Long Term). https://goo.gl/k3Vyro

Wednesday 17th - 16:48

Escalating competition leads to a "race to the bottom" in ETF fees- as if thats a bad thing ?? https://goo.gl/9KvV4W

Wednesday 17th - 13:51

How much does Market Timing cost Investors? According to Morningstar research, between 73 and 79 bps per annum. https://goo.gl/VLj5aY

Wednesday 17th - 11:52

Vanguard is now coming after the UK Retail market- HL/Fidelity...be afraid... https://goo.gl/LjcAUH

Tuesday 16th - 16:48

(One of) the problems with Absolute Return (aka Hedge Funds) is measuring their success; Benchmarks are often fudged https://goo.gl/CoM4J1

Tuesday 16th - 13:51

PWC Report describes the 4 "R's" dilemma for Asset managers-Returns, Regulations, Revenues, and Robots. https://goo.gl/X1U8Ir

Tuesday 16th - 11:52

The three differences between Active and Passive. They are the real reasons why Active is failing... https://goo.gl/G3SSjz

Monday 15th - 16:48

Institutions seek to discourage "Short-Termism" by...not reporting their results Quarterly. Is the problem elsewhere https://goo.gl/k7d1Vs

Monday 15th - 13:51

Another landmark as $4 trillion in assets now in ETF's- and where it stops nobody knows... https://goo.gl/1upwUy

Monday 15th - 11:52

Amazingly, one US Pension scheme DOES NOT KNOW how much it is being charged by Wall Street! https://goo.gl/NwFBT5

Sunday 14th - 12:51

HF Manager says "that active underperformance was cyclical"; actually it looks like its structural... https://goo.gl/ZGNSGx

Sunday 14th - 10:57

The strange death of Volatility... https://goo.gl/6HDSbG

Saturday 13th - 12:51

We often mention GARS in the context of poor performance but it's not JUST GARS: Targeted return funds fail big. https://goo.gl/dZK7a3

Saturday 13th - 10:57

UK Investors get back into equities in March (AFTER a 2.5% market gain); with one notable exception-SL's GARS... https://goo.gl/nGWM1M

Friday 12th - 16:48

One of our loyal EBI users waxes eloquent about our service- cheers Raj! https://goo.gl/J4wm9E

Friday 12th - 13:51

At the start of the Berkshire Hathaway AGM, Buffett again lays into Hedge Funds. Are Plumbers better value? (yes). https://goo.gl/spxSG7

Friday 12th - 11:52

Professor of Finance asks whether trying to avoid a market crash is more costly than experiencing it.... https://goo.gl/OtHKTm

Thursday 11th - 16:48

Oz fund manager calls Passive "lobotomised investing". What's lobotomised is paying 1-1.5% per annum on your money! https://goo.gl/Jn3bvr,

Thursday 11th - 13:51

According to Cazenove, Passive doesn't work for Value investors- it certainly doesn't work for Cazenove! https://goo.gl/FZBqBW

Thursday 11th - 11:52

It is Fees, not returns that are driving investors towards Passive funds. Actives don't seem to understand this. https://goo.gl/Ap2lqG

Wednesday 10th - 16:48

Even Active Managers that BEAT their benchmarks are now seeing redemptions- a sign of the changing times? https://goo.gl/EZa1o9

Wednesday 10th - 13:51

How times change- Spread betting firm advocates Buy and Hold... https://goo.gl/MEK1YD

Wednesday 10th - 11:52

Yet another warning about ETF domination- but as usual, it's based on a prediction, rather than fact. https://goo.gl/5DlbiA

Tuesday 9th - 16:48

Another survey highlighting the huge value for money delivered by Investment Managers...not. https://goo.gl/n0mUSz

Tuesday 9th - 13:51

This article lays out what managers need to do to beat Index funds- the problem is, they can't do it... https://goo.gl/wn65Qz

Tuesday 9th - 11:52

The chart refutes the hypothesis of Indexing taking over the world. We have much further to go before that!! https://goo.gl/lO5bKL

Monday 8th - 16:48

A Hedge fund sees losses on their "Shorts" and underperforms on its "Longs"- where's the Alpha? https://goo.gl/QvzH8q

Monday 8th - 13:51

MS Brokers not happy about their Firm's decision to cull Vanguard funds- has the backlash begun already? https://goo.gl/Nn2ChU

Monday 8th - 11:52

This week's blog looks at the increasing market calls for a crash- have they misread structural market changes? https://goo.gl/NVmafp

Sunday 7th - 12:51

“Passive is a conscious choice not to outperform", according to one Active Manager. Has he heard of fund expenses? https://goo.gl/cMFtsP

Sunday 7th - 10:57

Morningstar (who rate other company's funds) are now trying to be a fund manager. Conflict of interest? https://goo.gl/DjJsUp

Saturday 6th - 12:51

For all firms, pricing power is vital to stay alive- unfortunately, Asset Managers are proving they don't have it... https://goo.gl/QRHzV2

Saturday 6th - 10:57

Bogle has some (semi-serious) advice for Active funds- I doubt if they will take it though... https://goo.gl/TMu1cJ

Friday 5th - 16:48

In other news, turkeys unanimously vote to bring forward Christmas... https://goo.gl/50DPbG,

Friday 5th - 13:51

More Passive Investors = more Independent Directors/Shareholder-friendly Corporate governance. Simples! https://goo.gl/3ucFty

Friday 5th - 11:52

FOMO (fear of missing out). Why investors chase performance- Individuals, Hedge and Pension funds do it too. https://goo.gl/JLb5Ej

Thursday 4th - 16:48

A good refutation of the "ETF's/Indexing will cause the end of the world thesis. https://goo.gl/p4SHDw

Thursday 4th - 13:51

Yet another Active Manager criticises Indexes for out-performing them... https://goo.gl/QGEhVT

Thursday 4th - 11:52

Another Institution lowers it's assumed rate of return (by 0.25%): the question if begged- is 7.25% still realistic? https://goo.gl/uFqvOH

Wednesday 3rd - 16:48

Apparently, there will be a Market correction in the next 10-20 years(!) Thanks for that brave call... https://goo.gl/oKBctW

Wednesday 3rd - 13:51

Sector concentration in the Index and market "inefficiency" SHOULD make it easier for Active Managers- not so in Oz. https://goo.gl/vbzCbr

Wednesday 3rd - 11:52

Investors are waking up to the conflict of interest that Active Managers face- though it appears THEY are not (yet). https://goo.gl/uovl4S

Tuesday 2nd - 16:48

Does "Sell In May" work as an investment strategy? Yes, No or Maybe; if it did, wouldn't everyone sell? https://goo.gl/NLbA0m

Tuesday 2nd - 13:51

More news for Active Managers- none of it good... https://goo.gl/xZUAeC

Tuesday 2nd - 11:52

This week's Blog looks at the Momentum Factor- how and why it works. https://goo.gl/92ciWV

Monday 1st - 16:48

More brave words from an Active Manager; for most of them ETF's are more likely a nightmare than a dream... https://goo.gl/ej6H1e

Monday 1st - 13:51

Voila- an example of what I mean re complexity and Financial organisations. 51 pages on portfolio construction! https://goo.gl/NMgexv

Monday 1st - 11:52

Is there a "creeping complexity " to Passive Investing? Wherever Financial firms get involved, there is that risk... https://goo.gl/WwlziM

April, 2017

Sunday 30th - 12:51

An ETF of ETF's -does this signal things have gone a little far? https://goo.gl/aufzwn

Sunday 30th - 10:57

Blackrock goes after Retail investors with lower fees for ETF's (at the expense of Institutions). Novel (and brave). https://goo.gl/9GspDn

Saturday 29th - 12:51

New York pension fund finds that PE/Alternative funds don't beat Index funds- but you certainly pay as if they did! https://goo.gl/D9qzHz

Saturday 29th - 10:57

If you invest via Factors, be prepared for LONG periods of underperformance. No underperformance= no return premium. https://goo.gl/SjXHuO

Friday 28th - 16:48

Especially for retirees, managing to cope with market volatility- which is NORMAL- is the key to staying the course. https://goo.gl/xsLemJ

Friday 28th - 13:51

Are Vanguard invincible? Unless Active manager fee levels respond, yes ! https://goo.gl/6TUlBU

Friday 28th - 11:52

The move to fee-based, rather than commission based US advisory services leads to a perpetual bid under markets? https://goo.gl/emsqSz

Thursday 27th - 16:48

Two reasons why 99% of people don't invest in the stock market- there's possibly a third; they don't have any money! https://goo.gl/zLzGWF

Thursday 27th - 13:51

What to do if 4% really is all we can expect from long-term investments- sounds a lot like what we do at EBI.. https://goo.gl/B02rxZ

Thursday 27th - 11:52

If it sounds too good to be true..it probably is. Investors MUST do their homework; or their money will soon be gone https://goo.gl/p7jZ2o

Wednesday 26th - 16:48

You can "beat" the market- but only by taking on more risk than the market. This means more risk of losses... https://goo.gl/Ogdw82

Wednesday 26th - 13:51

Another day, another "it will all end in tears" article about Indexing. How long will it take before he is right ?? https://goo.gl/hJ9Wbr

Wednesday 26th - 11:52

Survivorship bias- why the real odds of picking a winning fund manager are around 1:20 (5%)... https://goo.gl/1sYBEv

Tuesday 25th - 16:48

If Yale cannot negotiate successfully with Private Equity etc, what hope for the rest of us? https://goo.gl/2gzX00

Tuesday 25th - 13:51

Morningstar comes up with a new way to look at fund fees: are you getting what you pay for? https://goo.gl/UkxWCo

Tuesday 25th - 11:52

Active managers using Passive funds: if you can't beat 'em... https://goo.gl/7YbyCi

Monday 24th - 16:48

This article sees through the fog of misinformation used by Active Managers to get you to give them your money. https://goo.gl/DQaCdy

Monday 24th - 13:51

The "optionality " of cash- "because Bear markets occur every decade or so"- any ideas when exactly? https://goo.gl/Tgv27E

Monday 24th - 11:52

This week's blog looks at May's election gambit- what is she trying to achieve?https://goo.gl/jWVTJ2

Sunday 23rd - 12:51

UK ISA Investors stick with their "favorites". But how long will these managers keep delivering? Not long we suspect https://goo.gl/uBJQNb

Sunday 23rd - 10:57

"Active managers... will have a goal of outperforming the benchmark over long periods of time". Is 15 years enough? https://goo.gl/jE3w4Q

Saturday 22nd - 12:51

As with taking on Amazon in retail, going against the Indexing trend could mean you are on the wrong side of history https://goo.gl/yV4J4X

Saturday 22nd - 10:57

Why do Active Managers underperform Indices? Because of "herding" long at highs, short at lows... https://goo.gl/qUPNXZ

Friday 21st - 16:48

Is Vanguard's growth "healthy" for Investors? Yes-it's just not healthy for Fund Managers- like Fidelity. https://goo.gl/TaktWg

Friday 21st - 13:51

Pension funds seem to be reluctant to admit how much they have agreed to pay hedge funds- not surprising really... https://goo.gl/UKTefN

Friday 21st - 11:52

Overconfidence writ large- half of all trading is done by 10% of Investors (almost all men). https://goo.gl/369MeB

Thursday 20th - 16:48

"Active management of risk seeks to preserve gains and put less and less capital at risk"- but it fails...! https://goo.gl/4VeFmK

Thursday 20th - 13:51

As with many assets, it is not ETF's per se that are the cause of sub-par returns- it's the use PEOPLE put them to. https://goo.gl/HscKp3

Thursday 20th - 11:52

You won't read it in the FT, (or on Bloomberg), but following forecasts is a mug's game- don't play... https://goo.gl/6a69i0

Wednesday 19th - 16:48

A profile of life at Vanguard- doesn't sound much like Wall Street, but for Investors, its better that way... https://goo.gl/P97oT3

Wednesday 19th - 13:51

A new (smaller) bet on the Hedge Fund/Index fund performance wager pioneered by Buffett- result will be the same... https://goo.gl/T1Ndnc

Wednesday 19th - 11:52

Passive funds CAN'T sell- so they tend to be much more engaged with Companies. Simples... https://goo.gl/9CyKnt

Tuesday 18th - 16:48

Another manager using passives- but actively, which defeats their purpose.. https://goo.gl/RkOJ6d

Tuesday 18th - 13:51

A concise explanation of why picking Managers (let alone stocks) is a waste of time (and your money)... https://goo.gl/dH76Gu

Tuesday 18th - 11:52

This week's Blog looks at Value versus Growth as the Trump reflation idea starts to lose ground. https://goo.gl/3uinRn

Monday 17th - 16:48

A good case for why one shouldn't invest (specifically) in Ethical Investments. https://goo.gl/zq4cDN

Monday 17th - 11:52

Private Equity firms using "creative " techniques to boost returns-does this sound at all familiar? https://goo.gl/j4AUWP

Sunday 16th - 12:51

Service with a smile United Airlines style... https://goo.gl/uoAz8i

Sunday 16th - 10:57

Analyst asks why Active investors don't challenge the SPIVA report's findings.....because they can't perhaps? https://goo.gl/7Z3amR

Saturday 15th - 12:51

Another US state sees the light on exorbitant Fund Manager fees- this time it is Pennsylvania... https://goo.gl/gNou2W

Saturday 15th - 10:57

Improved Manager performance didn't tempt investors back to Active- possibly because it has only been one quarter! https://goo.gl/eJyyTe

Friday 14th - 16:48

More confirmation that size matters (in ETF World).. https://goo.gl/Qf5uSf

Friday 14th - 11:52

The importance of Due Diligence in Factor style investing laid bare. Style Indices DO vary widely... https://goo.gl/si9l3S

Thursday 13th - 16:48

Here's why we (and you) shouldn't invest in Commodities on an Index basis. Or at all maybe.... https://goo.gl/xhd3Nk

Thursday 13th - 13:51

Is Investor inertia the only thing keeping Active Managers alive?It is starting to look that way... https://goo.gl/TGa2zm

Thursday 13th - 11:52

As US baby boomers retire, they will want their money back from Wall Street. AUM Income will drop and not come back. https://goo.gl/nY5WqP

Wednesday 12th - 16:48

ETF's having no effect on the Value Premium's existence according to this research. https://goo.gl/V5SYye

Wednesday 12th - 13:51

For this academic, Active managers start WAY behind the eight ball- skewness of returns condemns them to failure. https://goo.gl/na8sFV

Wednesday 12th - 11:52

"This is why the Federal Reserve is really worried right now and so should you as an investor, go to cash now". Hmmm https://goo.gl/hnOjqi

Tuesday 11th - 16:48

So, it's not just traders trying to rig LIBOR then... https://goo.gl/NUiUZc

Tuesday 11th - 13:51

As the number of Billionaires continues to grow, Hedge Funds look to regain their place at the table alongside them. https://goo.gl/ezmHQA

Tuesday 11th - 11:52

The more the Active Manager charges, the more risks they (you) must take to beat the market to avoid "career risk". https://goo.gl/eLWym2

Monday 10th - 17:02

This article compares Active managers to gorillas-a bit harsh (on gorillas) https://goo.gl/TTmhPh

Monday 10th - 16:48

This article compares Active managers to gorillas- a bit harsh (on gorillas). https://goo.gl/ezmHQA

Monday 10th - 13:51

More employee lawsuits over pension fees. Looks like they understand the drag of costs on returns after all... https://goo.gl/PnKUCl

Monday 10th - 11:52

This week's Blog looks at the structural decline in UK productivity- can it be reversed? https://goo.gl/HP7Wvh

Sunday 9th - 12:51

(So far) 2017 hasn't turned out any better for stock-pickers than 2016 (or 2015). Still, there's always 2018(or '19) https://goo.gl/dp4Chn

Sunday 9th - 10:57

Data mining, back-testing etc. Why the "Science" of investing is often nothing of the sort... https://goo.gl/VgBqOb

Saturday 8th - 12:51

William Bernstein's 4 basic truths: Investors should remember them- not sure if it means stock-picking though! https://goo.gl/lCx8uU

Saturday 8th - 10:57

"I would back my funds to do considerably better than an index tracker over the long-term"- paging Warren Buffett... https://goo.gl/nvogQh

Friday 7th - 16:48

Morningstar takes a deeper dive into Diversification- it is CORRELATION between assets, not the number that matters. https://goo.gl/J6Hi9O

Friday 7th - 13:51

Hedge fund manager didn't get rich by buying an Index fund. He got rich running a Hedge Fund (unlike his investors). https://goo.gl/e7Zvk1

Friday 7th - 11:52

Market timing can be dangerous for your investment health DALBAR once again confirms. https://goo.gl/dZGE4q

Thursday 6th - 16:48

AJ Bell to launch actively managed Passive portfolios- we shall be watching closely to see how they fare... https://goo.gl/IAki1p

Thursday 6th - 13:51

Vanguard's CEO points the finger at CFA's for why Active managers fail. Ahem, that must be me then... https://goo.gl/aBQDaW

Thursday 6th - 11:52

Even Target Date funds cannot resist the urge to tinker (market time). It doesn't seem to end well for them either. https://goo.gl/5dBuo4

Wednesday 5th - 16:48

One of the few advantages of not being rich is that you don't get pushed into buying Hedge funds. https://goo.gl/GjavIb

Wednesday 5th - 13:51

The state of play in the Active/Passive war in charts. Will consolidation be the answer? https://goo.gl/EiIcZq

Wednesday 5th - 11:52

Some great examples of why it's a good idea to refrain from forecasting- you may end up looking foolish... https://goo.gl/j55jxf

Tuesday 4th - 16:48

Fund Managers, just like traders, tend to "talk their book" when asked about their sector preferences. https://goo.gl/vb4gBD

Tuesday 4th - 13:51

Yale's CIO gets it right- "perception" is all that truly separates Hedge funds from Mutuals- a.k.a marketing prowess https://goo.gl/EjXTkI

Tuesday 4th - 11:52

Another day, another call of "passive bubble"...sigh.. https://goo.gl/Tj4ubK

Monday 3rd - 16:48

First bonus cuts, then jobs too. The (new) life of a Hedge fund employee...are we permitted to smile ? https://goo.gl/1Tv8z5

Monday 3rd - 13:51

Another loser from the trend towards Indexing is Bloomberg- at c.£1200 per month, this should not be a surprise! https://goo.gl/UMYR6t

Monday 3rd - 11:52

This week's Blog looks at Fund flows, from Active fund managers to passive- when does it all end? Not soon... https://goo.gl/Os2rGh

Sunday 2nd - 12:51

Papua New Guinea to join Mongolia in issuing USD debt- is this a sign of an EM debt bubble? Caveat emptor.... https://goo.gl/OezKEc

Sunday 2nd - 10:57

The story of how the Fed became the guarantor of stock markets. It is now their third mandate... https://goo.gl/cEasu0

Saturday 1st - 12:51

The pros and cons of using Sentiment indicators. They are by no means perfect, but they often illuminate context. https://goo.gl/bnt7N2

Saturday 1st - 10:57

Aberdeen AM: "the worst time to buy passive investments is when they have outperformed active funds". i.e. always. https://goo.gl/b1kkn1

March, 2017

Friday 31st - 16:48

Allianz surprised to find that Investors don't want their FTSE All Share tracker fund priced at an OCF of 0.77% !! https://goo.gl/BOZbeS

Friday 31st - 13:51

Apparently, some investors choose their funds like they choose their horses- by the names. Not very re-assuring... https://goo.gl/jjygXY

Friday 31st - 11:52

Active Managers focus exclusively on the Right tail of the returns curve. They try not talk about the left tail... https://goo.gl/urPfZE

Thursday 30th - 16:48

“The central truth of the investment business is that investment behavior is driven by career risk.”- why we Index.. https://goo.gl/PWCB4m

Thursday 30th - 13:51

This IFA video asks if Fund Managers can spot a good investment? Silly question, but worth a view anyway... https://goo.gl/8PI9Eg

Thursday 30th - 11:52

The FT failed to see the 2000 AND the 2007 (Active manager inspired) bubbles, but are sure they see the next one... https://goo.gl/BLoJ86

Wednesday 29th - 16:48

Passive investing in Asia is on the rise: held back by the same problems as in the West- commission structures... https://goo.gl/nDp6Ol

Wednesday 29th - 13:51

For Blackrock, the rise of the machines has begun. Active managers, be afraid.. https://goo.gl/LPJjXT

Wednesday 29th - 11:52

Fund managers becoming increasingly short-term in their investment horizon. Dangers lurk therein... https://goo.gl/osx2PW

Tuesday 28th - 16:48

ETF's and Passive investing WILL cause then next crash, apparently- Active investors won't be involved then...? https://goo.gl/XHyyb8

Tuesday 28th - 13:51

The cash drag effect of Active funds- not so much the quantum of cash, but when it is allocated that causes problems https://goo.gl/wyuglW

Tuesday 28th - 11:52

Another hedge fund walks away from the casino. Maybe he can get a job working for the US Treasury! https://goo.gl/GVXnwO

Monday 27th - 16:48

ALL the analysts bullish on Snapchat shares work for their recent IPO underwriters-caveat emptor... https://goo.gl/wJbKPP

Monday 27th - 13:51

Bogle weighs in on Democracy- stick to investing Jack. We don't care what Bono thinks about election results either. https://goo.gl/wgfvMa

Monday 27th - 11:52

This week's blog looks the up-coming French Presidential vote. https://goo.gl/851zlN

Sunday 26th - 13:51

Active versus Passive in the meeting of 3 golden rules. 3-0 to Passive... https://goo.gl/QlVfTs

Sunday 26th - 11:57

"You can’t time the Sharpe ratio”- Tactical Asset Allocation failures laid bare. https://goo.gl/tGLGeV

Saturday 25th - 12:51

Pension fund trustee survey- 86% had little/no confidence in operational and trading cost disclosures from Managers. https://goo.gl/jNtsxX

Saturday 25th - 10:57

"Average" investors should have access to Hedge Funds- if they want to be below average...but why would they? https://goo.gl/6C1sBq

Friday 24th - 16:48

Why Multi-Managers underperform- their Quant screening process only looks at past winners.... https://goo.gl/SdmFRd

Friday 24th - 13:51

The best advice for those fretting about market declines is DONT; planning, not panic is what's needed. https://goo.gl/uZ37bE

Friday 24th - 11:52

According to this study 75% of Hedge funds are prepared to cut fees- the question is by how much? Not a lot I guess. https://goo.gl/6ckrNE

Thursday 23rd - 16:48

One of the few ways to be sure Fund Managers will pay for broker research... https://goo.gl/v5Eetw

Thursday 23rd - 13:51

The whole point of Active is that it adds ALPHA- this study suggests that it fails.. https://goo.gl/hS1G57

Thursday 23rd - 11:52

“The shift to passive is not abating, it is accelerating"-Capital Group. https://goo.gl/UVQw26

Wednesday 22nd - 16:48

The usual Banking suspects accused of laundering criminal money (again). No penalties will ensue of course... https://goo.gl/9LCzDJ

Wednesday 22nd - 13:51

The perils of forecasting- an Active fund confesses the failure of predictions. Shame others don't follow their lead https://goo.gl/rOnqIj

Wednesday 22nd - 11:52

ETF's could spark the next sell-off: as could nearly anything else..or not. https://goo.gl/bwgmCS

Tuesday 21st - 16:48

Some familiar funds in UK ISA buy lists- VERY few bond funds- is this is a contrary indicator? https://goo.gl/1MSZ7a

Tuesday 21st - 13:51

Morgan Stanley puts the boot into Asset Managers, predicting a 30% fall in fee revenue- don't they run money too? https://goo.gl/akdEM3

Tuesday 21st - 11:52

Hedge funds shutting down at the fastest rate since 2007- interesting to see how many re-open #survivorship bias. https://goo.gl/u0Gklz

Monday 20th - 16:48

Oh the irony..one part of Alliance Berstein thinks Index investing is Marxist- another is trying to match their fees https://goo.gl/tj1d9X

Monday 20th - 13:51

The first half of this article tells us that market timing is difficult/impossible, the second half recommends it !! https://goo.gl/grklAU

Monday 20th - 11:52

Our latest Blog looks at the SL/Aberdeen merger- is this the future for Active Managers? https://goo.gl/PeUglV

Sunday 19th - 12:51

More advice to own High Yielding shares- they WON'T fall in a crash either !! (Unless everyone already owns them..) https://goo.gl/CSiG9g

Sunday 19th - 10:57

Here is a story of all that is wrong with hedge funds- enormous losses, but they still take home gigantic fees. https://goo.gl/ZpZL9r

Saturday 18th - 12:51

The biggest buyers of ETF's have been...Active Managers- so it's not a "stock pickers market" then ?? https://goo.gl/xRvQDH

Saturday 18th - 10:57

One of (many) reasons for the failure of market timing- indicators may coincide with, but do not predict market tops https://goo.gl/nL1Vrt

Friday 17th - 16:48

This article compares Fund Management to Easyjet, Aldi and Lidl. City types will not be pleased ... https://goo.gl/b0walI

Friday 17th - 13:51

Why do Hedge funds bet against Low Volatility stocks? As usual, the answer can be found in "agency" problems. https://goo.gl/lvbrBe

Friday 17th - 11:52

“The great big 30-year party was over and the hangover kicks in". Nucleus on the future of Active Managment. https://goo.gl/wzqLjX

Thursday 16th - 16:48

Thursday 16th - 13:51

"The Hedge fund Industry continues to struggle". Well, the Investors in it anyway... https://goo.gl/ALSvFJ

Thursday 16th - 11:52

The headline follows from a previously written article, but starts from a premise- what if it is wrong ? https://goo.gl/xlza02

Wednesday 15th - 16:48

Where did Investors money go in 2016? Mostly ETF's it seems, according to Morningstar. https://goo.gl/c3yIFr

Wednesday 15th - 13:51

Japan leads the rest of Asia in Index/ETF investing; but only because of Government intervention in the markets... https://goo.gl/xQDrr8

Wednesday 15th - 11:52

Index funds keep Active managers honest (sort of). In Poland, no Index funds = 3% fees for Active managers. QED. https://goo.gl/XOjLTZ

Tuesday 14th - 16:48

HL on how poor market timing creates Investors' own bear market; he doesn't mention that this is HL's way too... https://goo.gl/H14SC7

Tuesday 14th - 13:51

Private Debt funds- the bond markets' version of Hedge funds have seen fees drop- to a still mammoth 1.63%... https://goo.gl/C8LVV4

Tuesday 14th - 11:52

SL Advisors have serious concerns on GARS. Will the merger lead to its' demise? https://goo.gl/jAvUcO

Monday 13th - 16:48

The FCA warns it will "intervene" if fund fee transparency efforts stall. I won't hold my breath though... https://goo.gl/2JJIno

Monday 13th - 13:51

Are some UK traders aware of "news" before it is announced? Where is the FCA? https://goo.gl/6r9ahd

Monday 13th - 11:52

This weeks blog looks at the "Fed Model" of valuing Bonds and Equities. https://goo.gl/rmXASf

Sunday 12th - 12:51

Weekend light relief- is this the ultimate hedge? https://goo.gl/WxNLv6

Sunday 12th - 10:57

Move over Warren Buffett- Bloomberg journalist has something to teach you about sucking eggs.... https://goo.gl/XDr7sf

Saturday 11th - 12:51

More women are involved in Passive than Active managment. Is this due to a lack of over-confidence exhibited by me? https://goo.gl/SxMpcO

Saturday 11th - 10:57

Seems hard to believe, but Morningstar thinks Active managers got WORSE at their jobs last year... https://goo.gl/8BpMFx

Friday 10th - 16:48

A contradictory article- investors are getting more short term AND buying more passive funds- one of these is wrong. https://goo.gl/YhOJZJ

Friday 10th - 13:51

Are investors getting more short term? This chart suggests so...It's a long-term trend .https://goo.gl/UgXlud

Friday 10th - 11:52

The moral hazard of Hedge funds- the more they fall behind targets, the greater risks they take to catch up. https://goo.gl/0iOpRR

Thursday 9th - 16:48

Stopped clock edition- active managers do have their moments.. https://goo.gl/mGEqh4

Thursday 9th - 13:51

Investors are now looking for fee cuts from SL/Aberdeen, possibly defeating the main reason for their merger ?https://goo.gl/BnHm7Z

Thursday 9th - 11:52

This article gets to the heart of the reason why Active managers fail- they don't truly learn from their mistakes... https://goo.gl/uVH13d

Wednesday 8th - 16:48

Tax-loss harvesting can beat Buffet's investment strategy according to one CEO. Can't anyone do that for free? https://goo.gl/5lnN5p

Wednesday 8th - 13:51

The 8 year Bull market is killing Active managers, and there's no sign of an end to the pain.. https://goo.gl/Mf6HHn

Wednesday 8th - 11:52

Having failed to justify themselves on performance, HF managers fall back on "non-correlation" as a reason for being https://goo.gl/FEk60e

Tuesday 7th - 16:48

Hedge fund fees being "cut" says the headline- the reality is that they are being shaved.. https://goo.gl/u7m2rA

Tuesday 7th - 13:51

But, but, we were told lower correlations would be good for "stock pickers"...active managers fail AGAIN in February https://goo.gl/xlBbaK

Tuesday 7th - 11:52

In-sourcing fund management runs into the same problem as out-sourcing; most fund managers are just not that good... https://goo.gl/XhJ4F4

Monday 6th - 16:48

The presence of passive funds helps to ensure Active managers stay honest- that's what competition does... https://goo.gl/pm1M7d

Monday 6th - 13:51

Two poorly performing Active managers to merge: apart from a reduction in jobs, what else will change? Fee levels? https://goo.gl/pNQfEv

Monday 6th - 11:52

This week's blog looks at the imminent US Debt Ceiling "crisis". Will the government shut down ? https://goo.gl/0mzrtt

Sunday 5th - 12:51

As with most things, the price is important in assessing Buy Backs. If you overpay, the positive effect is diluted. https://goo.gl/gd9gBa

Sunday 5th - 10:57

Another problem with trying to select winning managers- often they retire to do something more useful in life... https://goo.gl/TRbvBm

Saturday 4th - 12:51

Are Vanguard trying to have it both ways? The biggest Passive manager suggests you CAN beat the market- using them. https://goo.gl/JWqeBh

Saturday 4th - 10:57

Contrasting views from Investors, business, and markets on future returns, highlighted in CS Returns Yearbook. https://goo.gl/UnqIq5

Friday 3rd - 16:48

Fund Managers queue up to tell us that everyone is average (except them), so are thus exempt from Buffet's critique https://goo.gl/YJZI4U

Friday 3rd - 13:51

This Manager will cut fees if the fund underperforms: but at 0.65% it would STILL be too expensive to justify... https://goo.gl/nY4Rav

Friday 3rd - 11:52

Pound cost averaging is (one) solution to the problem of market timing. Another is to just not do it at all... https://goo.gl/tYwl9a

Thursday 2nd - 16:48

How the Investment world has changed in 117 years - from CS yearbook https://goo.gl/BRVd6h

Thursday 2nd - 13:51

Why have Institutions paid out enormous ($100 billion) fees to Wall Street? Because it's not THEIR money..? https://goo.gl/zBjwIO

Thursday 2nd - 11:52

Journalist tells investors to stop "carping" over fees; 24% of the cited PE Fund's gains paid to the managers... https://goo.gl/X4UEGx

Wednesday 1st - 16:48

Buffet doesn't mince words about Wall Street; and an update on that famous bet with Hedge funds proves his point... https://goo.gl/kNv1yl