EBI Tweets

July, 2018

Wednesday 18th - 13:51

Another finance industry pricing scam about to end? ETF/Indexing funds are looking at self-indexing to avoid the fees charged by Index providers. Once the dam bursts, MSCI, FTSE Russell etc. could be toast... https://goo.gl/zU5F7d

Wednesday 18th - 11:52

The #FCA is "considering" a ban on platform exit fees. Not sure why they came about in the first place, but this may be progress; just don't expect the regulator to move swiftly... https://goo.gl/mLsKoH

Tuesday 17th - 13:51

The author compares Active managers to animals whose environment suddenly changes. A better analogy is that of a dinosaur who watches uncomprehendingly as a meteor heads towards them... https://goo.gl/LMZtHS

Tuesday 17th - 11:52

The Great American Small-Cap Scam; "Any time someone with billions of dollars is forced to buy or sell on Wall Street, HFT, and market professionals slaughter them" https://goo.gl/3Hgk1M

Monday 16th - 16:48

A new study suggests that big Investors focus (obsession?) with ESG costs firms in both time and money. Shareholder value is thus lost. The big money managers get to signal their "virtue" though... https://goo.gl/CyMcQ6

Monday 16th - 13:51

This article shows, in numerical terms, the benefits of diversification and re-balancing. It won't generate the highest returns, but it WILL lower risk, which is the best the investor can hope for. https://goo.gl/PCZ3nv

Monday 16th - 11:52

Annual (and current year-to-date) asset class returns. Nope, still can't see a (forecastable) pattern... https://goo.gl/djv3Fn

Sunday 15th - 12:51

The cost to the US taxpayer (who guarantees local pension schemes) is C.$600 BILLION. The agency problem writ large- neither Wall Street firms NOR Pension fund clients have any (personal) stake whatsoever, so the game goes on... https://goo.gl/pQoFzT

Sunday 15th - 10:57

"Some expensive fund managers do justify their high fees with significant outperformance, but in 2018 less than 10 percent of those examined by Money Management actually made the grade". The article doesn't examine the odds of gains rather the gains made. https://goo.gl/ShUvA7

Saturday 14th - 12:51

"So far this year, stock markets have delivered weak returns, bond markets have turned in negative performances, and everything is much more volatile", an ideal Hedge fund environment- but they are lagging (again). How long until their investors' notice https://goo.gl/6g2DB9

Saturday 14th - 10:57

Maybe Value is still out there, but its hiding- if you want to find it, you will have to look outside the mainstream sources. By definition, value is not popular, otherwise, it would not be thus. https://goo.gl/M5Ct4D

Friday 13th - 16:48

Though it's from a US perspective, this article highlights the issues regarding Home Country Bias and how to deal with it. UK investors have certainly felt the negative effects of over-concentration. The valuation point is a side issue over diversification https://goo.gl/uYWhb5

Friday 13th - 13:51

US fund flows show the continued dominance of Index funds and ETFs. Year-to-Date,16 of the top 20 were thus. https://goo.gl/B2HSMt

Friday 13th - 11:52

Active management may (though I doubt it) work in India, though other investors don't seem to share that view; in the US for example... https://goo.gl/8zSpm3 https://goo.gl/Ga1oab

Thursday 12th - 16:48

LOL- Active proponent talks about "potential conflicts of interest and suitability" re passive ETFs. He (belatedly) concedes that Indexing has done well, but as usual, that's all in the past. Did he recommend Indexing before...? https://goo.gl/xQC9ih, https://goo.gl/myh15q

Thursday 12th - 13:51

Swedroe, "When choosing an index fund, many investors focus solely on its expense ratio, that can be a mistake for a variety of reasons. The first is that expense ratios are not a mutual fund’s only expense". https://goo.gl/rS4Lqg

Thursday 12th - 11:52

The cost of getting market-timing wrong is enormous. No-one can do it consistently, so why try? https://goo.gl/dVVMuB

Wednesday 11th - 16:48

Investors cannot resist the siren call of Active management; they play on our psychology, such that even demonstratively poor returns don't put us off. Maybe, it will always be thus... https://goo.gl/pGnvMc

Wednesday 11th - 13:51

The gap between 'good' and 'bad' asset managers continues to widen. https://goo.gl/ss4Bsb

Wednesday 11th - 11:52

"There’s no point looking for rational explanations for what is a “fundamentally irrational choice". Trying to beat the stock market by buying expensive funds is a bit like smoking: most people should know it’s bad for them, so why do they persist? https://goo.gl/9LHhTM

Tuesday 10th - 16:48

The difference between anticipating (i.e trying to time) a bear market and preparation is worth a fortune in "opportunity cost" terms. Trade/invest in what you SEE not what you fear... https://goo.gl/GWmntC

Tuesday 10th - 13:51

Apparently, the trick is to avoid the "losers" when buying stocks due to the skewed nature of stock returns. The problem is that the criteria cited for "extreme outlier" losers are precisely those that which have benefitted most of late (from QE etc)...https://goo.gl/Mw9kf3

Tuesday 10th - 11:52

Vanguard is seeing a reduction in fund flows- buy everyone else is doing worse still. The trend continues to favour Indexing over the alternatives... https://goo.gl/daP5eD

Monday 9th - 16:48

As Central Bank reserves continue to rise, they are increasingly behaving like the asset managers they regulate- and buying into "alternative" asset classes. https://goo.gl/Au1XSz

Monday 9th - 13:51

Apparently, as the economic benefits of growth shift from Wall Sreet to Main Street, investing may get tougher, which tells us that the last ten years economic policies have mainly been directed at the former... https://goo.gl/k34Y1g

Monday 9th - 11:52

SPIVA's latest report uses risk (Sharpe ratio) adjusted returns in an attempt to level the playing field for active versus Index performance; it improves the picture a little but by nowhere near enough to make the case for Active management... https://goo.gl/6xZ9FL

Sunday 8th - 12:51

Still no commitment from SL Aberdeen on the Virgin money 1% All-Share tracker's new price. Charges will be "appropriate". Wonder what that means... https://goo.gl/G768At

Sunday 8th - 10:57

Truly passive index and exchange-traded funds are winning over many financial advisers. Goldman Sachs has built the ETF equivalent of a killer cyborg calibrated to exploit the growing world of fee-based advisers. https://goo.gl/sTkeqm

Saturday 7th - 12:51

The Economist explains why Indexing has made markets MORE not less efficient; by putting the ropey active managers out of business. Much more to do on that front though... https://goo.gl/cKZdX5

Saturday 7th - 10:57

"Contrarian investing" is getting hit hard at the moment, as what goes up stays up and vice versa. Think that's called momentum... https://goo.gl/aVevZd

Friday 6th - 16:48

According to research (from a fund management research firm), cuts in management fees is creating a "race to the bottom" for fees; maybe if they were not so high to start with, the fund firms would not be in this situation...? https://goo.gl/hPKALv

Friday 6th - 13:51

Once again, Carney suggests that a UK rate rise is on the cards; but didn't he say that a month or so back, and month or so before that. Amazing how "experts" are still listened to (and believed)... https://goo.gl/uvzryX

Friday 6th - 11:52

A major Investment bank warns investors about the perils of market timing. The odds of a 10-year positive stock return is about 20:1 (in favour). https://goo.gl/Qyfdk1

Thursday 5th - 16:48

Elon Musk may have a point here, but on Wall Street, analysts don't like to hear that they are as useful as a chocolate teapot... https://goo.gl/qA6MV2

Thursday 5th - 13:51

Because EM assets have done badly this year, this article suggests you abandon global diversification and focus on Actively Managed EM funds. With 50 years or so of evidence to contradict this, we respectfully disagree. And so should you... https://goo.gl/j6ntRN

Thursday 5th - 11:52

Goldman Sach's World Cup predictions seem to be no better than that could be arrived at by tossing a coin (and their market predictions are not much better). Remember, you are buying from them what THEY want to sell! - they know no more than you do... https://goo.gl/PJx3Sp

Wednesday 4th - 16:48

After a spectacular failure, Shiller has (wisely) declined to return to the prediction game. The risk of looking foolish is rarely offset by the potential (reputational) rewards, which is why we dont do it either... https://goo.gl/7bFokk

Wednesday 4th - 13:51

The death of the "Star " fund manager- firms want a consistency of performance (i.e. no index return deviations), but maybe they have also noticed that what goes up (a manager's reputation) can also go down-fast... https://goo.gl/oeRNkm

Wednesday 4th - 11:52

More investors are including ETFs in their portfolios to diversify risk and access funds at a lower cost. Fixed income is seeing large growth because it’s harder for investors to purchase individual bonds–ETFs are democratizing the asset class https://goo.gl/re9G1Y

Tuesday 3rd - 16:48

The $3.4 trillion industry of exchange-traded funds is about to get a lot bigger and cheaper, too. https://goo.gl/ML7K44

Tuesday 3rd - 13:51

Active funds underperform Passive funds even in bear markets, (despite their "risk management" strategies) because they can't cover their fees in so doing. Simples... https://goo.gl/mQCxdt

Tuesday 3rd - 11:52

Vanguard to Further Drive Down the Cost of Investing. Vanguard has announced substantial reductions in the cost of investing with the firm by providing commission-free online transactions for the vast majority of ETF https://goo.gl/hWwQgr

Monday 2nd - 16:49

Growth boom attracts investors to EM passives https://goo.gl/qEvKXP

Monday 2nd - 13:51

The investors' biggest advantage is time https://goo.gl/HGkzib

Monday 2nd - 11:52

Active management alive in the middle kingdom. The roster of Chinese billion-dollar hedge funds is growing fast. By 2030 fund industry assets under management in China will top $17 trillion, second only to the US. https://goo.gl/7ovK8j

Sunday 1st - 12:51

The Big Question - What changes would you like to see in the investment industry that could really make an improvement for investors? https://goo.gl/QueW1G

Sunday 1st - 10:57

Millennials have largely been left in the lurch by pension providers who assume they are too cash poor or disinterested to engage with investing for their future. https://goo.gl/ZT4GA3

June, 2018

Saturday 30th - 12:51

The downward ETF fee trend continues to take mutual funds to school,which is particular welcome in the bond category https://goo.gl/Xx9do7

Saturday 30th - 10:57

30. Successful investing is more about behavior and temperament than IQ or education - 36 Obvious Investment Truths https://goo.gl/btAwPM

Friday 29th - 16:48

Index investing compared to active investing used to be easy to explain to anyone https://goo.gl/mRFLju

Friday 29th - 13:56

The Active-Passive Debate: The battle is over. The winner has been declared, and the losers are still trying to figure out what happened and what comes next https://goo.gl/fGVNMw

Friday 29th - 11:52

Fresh Thoughts On Random Walks, Passive Investing, And Efficient Markets https://goo.gl/tZMmY6

Thursday 28th - 16:48

Vanguard, the Inventor of the Index Fund, Loses Crown to BlackRock https://goo.gl/TjbkXa

Thursday 28th - 13:51

May saw passive inflows dominate over active outflows in the US mutual fund and ETF markets with a respective $29.1bn in and $8.4bn out. https://goo.gl/MuyM9f

Thursday 28th - 11:52

The central concept underlying the case for index fund investing is that of the zero-sum game. https://goo.gl/yywbHC

Wednesday 27th - 16:48

The advantage of indexing is highlighted with statistics that support how active funds are being outperformed by their benchmark indices https://goo.gl/naJSPo

Wednesday 27th - 13:51

Over the long term, the number of outperforming actively managed funds shrink to almost nothing https://goo.gl/BiVdRw

Wednesday 27th - 11:52

Active beats passive in downturns if investors have chosen the right fund ahead of time, which is extremely difficult or more likely adventitious, but not enough to make it worthwhile, https://goo.gl/7dZzpk

Tuesday 26th - 16:48

Is Hedge Fund Love in Our DNA? Despite clear evidence, it may simply be too difficult for a substantial number of investors to believe that superior returns are available by doing nothing but investing in an index fund https://goo.gl/pGnvMc

Tuesday 26th - 13:51

The Vanguard effect is coming for the Canadian mutual fund industry, which charges the highest fees in the world to manage equities. https://goo.gl/PCi6kw

Tuesday 26th - 11:52

3 ways to beat the markets - Invest in a better index, low cost fees and hold quality shares for the long-term https://goo.gl/gbF13m

Monday 25th - 16:48

Warren Buffett 'Any time the market takes a sharp dive,' read this book https://goo.gl/gS8gzf

Monday 25th - 13:51

There's room in portfolios for both growth, value stocks https://goo.gl/VvQ8KB

Monday 25th - 11:52

This week's blog looks at an alternative method for assessing "Value". But is it just another way of re-designating "Growth"? https://goo.gl/8ZasTq

Sunday 24th - 12:51

Only 8 out of a thousand funds produced statistically significant Alpha over 20 years up to 2012; purely by chance, we would expect 25 to do so; if you think YOU can pick those winners at those odds...good luck- you will most definitely need it https://goo.gl/4QT4qw

Sunday 24th - 10:57

According to a US Fed "stress test", ALL US banks would survive a 65% equity price fall, a rise in the VIX to 64 (currently 15) and a property price fall of 30-40%. If true, (and it probably isn't), there will be no bail-out...? https://goo.gl/hyYGn7

Saturday 23rd - 12:51

According to this study, Corporate mortality rates are rising, from a survival rate of 92% (for those that listed pre-1970) to 63% for those listing between 2000 and 2009. Stock picking thus becomes even more difficult and dangerous... https://goo.gl/Bw0Bvw

Saturday 23rd - 10:57

Endless extrapolation alert- Blackrock are now forecasting ETFs will control $25 trillion in assets by 2027; pass me that pinch of salt... https://goo.gl/BNSrGH

Friday 22nd - 16:48

According to research, the majority of Hedge funds are making clients pay for their research costs; another reason to look elsewhere for returns? https://goo.gl/w5KaSp

Friday 22nd - 13:51

Mandatory transparency for "Ethical" funds will give clients a better alignment of their values with their portfolios-but once again, fund firms are resisting, citing increasingly spurious concerns. As we have said before, if you want something done... https://goo.gl/PuYw2k

Friday 22nd - 11:52

More candidates for the CFA exam, which means more qualified investors to compete against, which means beating the market gets ever more difficult. Fund managers will still try though... https://goo.gl/iLF24e

Thursday 21st - 16:48

Is this fake news? An Irish court has actually jailed a banker for his part in a 2008 fraud.10 years late, but a start I suppose-will it catch on? https://goo.gl/xA4Jvm

Thursday 21st - 13:51

"Market timing only makes the brokerage house rich and deflates what 'success' the day trader had. It is a fool's game." https://goo.gl/yWohAZ

Thursday 21st - 11:52

How low can they go? ETFs: With popularity comes competition https://goo.gl/oSTGiK

Wednesday 20th - 16:48

What does this say about "investors"? Couldn't get enough 100-year Argentinian bonds last June, happy to buy 5-year bonds at 4.625% in January, but 40% interest now? No thanks...investing with other peoples money sure is fun... https://goo.gl/k6B8GS

Wednesday 20th - 13:51

Increasingly, Active ETFs are emerging; but they face the same challenges as do Active Mutual fund managers. How will they cover the large cost gap? The result will be the same... https://goo.gl/XBtGWC

Wednesday 20th - 11:52

A textbook US example of why Yield-seeking is dangerous. The high yield comes at the expense of capital. There are similar examples all over the UK Income sector... https://goo.gl/6kyTqM

Tuesday 19th - 16:48

As has become the norm, pay levels in financial firms have vastly out-stripped their value creation. Fund managers now can (and usually do) receive enormous pay packages- the investors? Returns don't seem to keep up...I wonder why? https://goo.gl/6AFDWT

Tuesday 19th - 13:51

Are UK Income funds herding? The evidence suggests they are, but it's not a surprise as buying assets for Income alone necessarily narrows one's investment options. Go for total return instead... https://goo.gl/kFFX1q

Tuesday 19th - 11:52

The debate goes on re Morningstar and its move into fund provision. Can they resolve concerns over conflicts of interest? https://goo.gl/uSzyUB

Monday 18th - 16:48

SJP is not going to bail on Woodford, despite his recent performance "issues" because of their "commercially attractive arrangement" they have with him. So it's not ALL about performance then?? https://goo.gl/qPBD5n

Monday 18th - 13:51

The conjunction fallacy- the belief that hard will lead to successful investing. This interview attempts to disabuse of this notion. But is it why Active funds remain popular (despite ALL the evidence of its failure)? https://goo.gl/BRox6J

Monday 18th - 11:52

This week's Blog looks at High Yield bonds; pundits are seeing the portents of the next crisis in them... https://goo.gl/EQf78n

Sunday 17th - 12:51

Another experiment confirms what we (should) know; even knowing the future path of GDP doesn't generate better returns than staying fully invested. The same applies to Corporate earnings by the way... https://goo.gl/VngkMm

Sunday 17th - 10:57

This article encapsulates the cynicism of the asset management industry- they shouldn't cut fees for clients because they are ALREADY under-charging them! Er, no. the reason they are struggling is that clients ARE noticing the absurd fees they levy... https://goo.gl/D59gYx

Saturday 16th - 12:51

An Active manager invites us to imagine a totally passive market. There would be no price discovery (though CBs have already done that). There would be nobody to pay his 1.45% p.a. fee either, which is probably the real objection. https://goo.gl/rLWUsf https://goo.gl/3ETYoe

Saturday 16th - 10:57

According to Morningstar data, the average fee charged by an actively managed fund is 0.72% of assets, nearly five times as large as the 0.15% average charged by passive funds. There’s been a quiet revolution on Wall Street--investors won https://goo.gl/vGwdV6

Friday 15th - 16:48

The least surprising study results of the decade. Hedge fund managers use public stock tips to create demand for issues they wish to SELL! Why would anyone believe anything else? https://goo.gl/7QyQFX

Friday 15th - 13:51

Individual investors could be throwing away as much as $7 billion a year on expensive index funds that are no better than cheaper funds - without even realizing it! https://goo.gl/RyAoJ3

Friday 15th - 11:52

If investors fail to match (let alone beat) Benchmarks, they only need to look in the mirror to see who's to blame; Buy and Hold is WAY harder than it looks... https://goo.gl/s3TPaE

Thursday 14th - 16:48

The growth of passive investment continues to outpace that of active investment at both global and European levels https://goo.gl/c3J5qX

Thursday 14th - 13:51

The paradox of choice- Bogle agrees with Vanguard's decision to reduce their fund options in its employee pension scheme to (just) 15 from 27. There ARE too many Index funds out there, (5000 or so), which leads to a temptation to trade https://goo.gl/pNNVuK

Thursday 14th - 11:52

Demography may mean that today's markets are going to change-possibly dramatically over the next decade. Check your tolerances AND your expectations... https://goo.gl/B7PK3c

Wednesday 13th - 16:48

Passive investing taking stronghold as many investors believe that passive managers are reshaping the investment universe as fees become the "North Star" of investing https://goo.gl/9NJnEs

Wednesday 13th - 13:51

It seems that what Pension providers say in private about fund managers is different to what they say in public; is the fund manager "game" about to conclude? https://goo.gl/UDNFp8

Wednesday 13th - 11:52

Contrary to the carping of Active manager's it appears that passive funds ARE engaging with corporate management; looks like they will need another excuse to whine about Indexing's growth... https://goo.gl/EDSCWW

Tuesday 12th - 16:48

LGIM have lost patience with some firms over their Climate change dithering. They will sell shares in these firms, but only in SOME of its funds- so they are only part green...? https://goo.gl/9p3djZ

Tuesday 12th - 13:51

Wall Street has ridiculed passive investing for decades. The reason is obvious: Its profits are at stake https://goo.gl/apKo36

Tuesday 12th - 11:52

Japan's GPIF has found that, for their out-sourced fund managers, G appears to be more important than E and S in their ESG portfolios... https://goo.gl/myix1A

Monday 11th - 16:48

Investors are discovering that they can replicate Active manager's factor exposures using cheaper ETFs. No wonder that there is a continual decline in Active AUM. https://goo.gl/ew3cmZ

Monday 11th - 13:51

Whilst playing the winner's game and debating what factors will endure, consider this: diversification is the only free lunch in investing, we suggest you eat as much of it as you can! https://goo.gl/cMxhHy

Monday 11th - 11:52

This weeks' Blog looks at how cracks are starting to show in EM bonds as the Dollar rises. https://goo.gl/yEC5Wq

Sunday 10th - 12:51

Do Investors REALLY pay attention to fees? https://goo.gl/8QsBr2

Sunday 10th - 10:57

The chance of getting caught reduces the risk of earnings misstatements-though the conclusion implies the opposite. https://goo.gl/myv5By

Saturday 9th - 12:51

By using an inappropriate benchmark, funds are "gaming" the active share metric to beat their investment targets. https://goo.gl/mvzJzD

Saturday 9th - 10:57

The Tech bubble is causing Vanguard to drop their S&P 500 from the list of savings options for their own employees. https://goo.gl/yB3fWr

Friday 8th - 16:48

The costs of financial illiteracy are high (and rising). "Invest" the time to learn the ropes to reap the benefits. https://goo.gl/fXth1V

Friday 8th - 13:51

Over one-third of Active Managers are STILL not disclosing their benchmark returns-do they have something to hide? https://goo.gl/hj3XuQ

Friday 8th - 11:52

Hedge funds (hyper) activity is not helping their returns, according to this study on trading patterns post-news. https://goo.gl/K3nMrK

Thursday 7th - 16:48

A damning indictment of GARS, but in truth, it is really about Active management in general. The risk with no return https://goo.gl/XgMc62

Thursday 7th - 13:51

Tech sector re-classification may lead some to (gasp) SELL tech stocks, by the end of September this year... https://goo.gl/3kyJns

Thursday 7th - 11:52

When failure becomes invisible, the difference between failure and success may also become invisible. https://goo.gl/8sKZ56

Wednesday 6th - 16:48

Hedge funds struggling to make money (again). Short T-Bonds and still short the Dollar. May looks to be a bad month. https://goo.gl/AqZdQf

Wednesday 6th - 13:51

Being "busy" does NOT equal being successful. Hard work doesn't always pay off investing... https://goo.gl/mT1vnY

Wednesday 6th - 11:52

The gospel according to St Eugene-forget about trying to "beat" the market- most people don't have a prayer... https://goo.gl/WBWGTZ

Tuesday 5th - 16:48

Hedge funds may have chosen the wrong benchmark against with to measure themselves, but they also obey Sturgeons law https://goo.gl/d1MiHV

Tuesday 5th - 13:51

Could Price/Book be improved as a measure of value? This investor suggests some adjustments to make it work better. https://goo.gl/D8QjzN

Tuesday 5th - 11:52

Is the art of Value investing being supplanted by the rise of the machines? https://goo.gl/9ftXng

Monday 4th - 16:48

What to look out for in Active manager's trading costs- for some, these will be too high a hurdle to leap... https://goo.gl/NhVAEK

Monday 4th - 13:51

R2 and Beta and why they are best used together, rather than separately.... https://goo.gl/ycnXRp

Monday 4th - 11:52

This week's Blog looks at share buybacks- will there be any shares left to buy for investors? https://goo.gl/v6GqoM

Sunday 3rd - 12:51

If you want to invest ethically, you will probably have to do it yourself- definitional problems create a minefield. https://goo.gl/XELwrF

Sunday 3rd - 10:57

Pointless forecast edition- Shiller says Bitcoin will cease to exist by 2118! Just like everything else.. https://goo.gl/Tu3UWJ

Saturday 2nd - 12:51

Hedge fund supremo has a reinsurance vehicle, which only makes sense with the tax break added. Will it survive? https://goo.gl/YeUY6F

Saturday 2nd - 10:57

An interesting story with a good moral- don't buy the "hot" gadgets-buy the shares of the makers..... https://goo.gl/Ar1XtS

Friday 1st - 16:48

A great blog post on why Buy and Hold SEEMS easy (in theory) but is in fact extremely hard to follow in practice... https://goo.gl/TCBrs9

Friday 1st - 13:51

Fidelity mutual fund is doing well since 2008, but investors are selling out anyway. A new phenomenon. https://goo.gl/hjZpuc

Friday 1st - 11:52

Morningstar's April survey finds Passive funds still seeing inflows, Active still seeing outflows-nothing new here. https://goo.gl/WJGikh

May, 2018

Thursday 31st - 16:48

Just like the mortgage Rating Agencies c. 2008-09, Morningstar downgrades Woodford's equity fund AFTER the event... https://goo.gl/D3cEVH

Thursday 31st - 11:52

If the Euro breaks up, who REALLY loses? Looks like Germany to me... https://goo.gl/nM13Hz

Wednesday 30th - 16:48

The top ten list of most popular Hedge Fund holdings shows what you get from them for your investment fees- nowt. https://goo.gl/Y665w2

Wednesday 30th - 13:51

Does this remind anyone of the South Sea Bubble? https://goo.gl/PFhA1t https://goo.gl/yX6eDj

Wednesday 30th - 11:52

Are Bond investors missing a trick re asset volatility? Default risk is key to the analysis of risk and return. https://goo.gl/P2Z2a7

Tuesday 29th - 16:48

West Midlands pension fund has agreed to divest from a Cluster munitions firm in South Korea-what ELSE do they own? https://goo.gl/dgfsgh

Tuesday 29th - 13:51

The big get bigger- the top ten asset management firms now ALL have $1 TRILLION AUM... https://goo.gl/gYoaJU

Tuesday 29th - 11:52

As the crisis in Italy deepens, (with Spain close behind), Draghi better get back to work, (buying more bonds). https://goo.gl/n8vyef

Monday 28th - 13:51

Ministers seek permission to use £400m fund anonymously donated and frozen since 1928 https://goo.gl/PFfiqN

Monday 28th - 11:52

Sunday 27th - 12:51

Is the Trump administration losing the China trade war? https://goo.gl/1Zhuz1

Sunday 27th - 10:57

Saturday 26th - 12:51

Bankers May Have Moved $13 Billion Through Baltic Laundromat https://goo.gl/TLbwtz

Saturday 26th - 10:57

Friday 25th - 13:51

Surging numbers of Chinese people going abroad should be welcomed; even if China’s foreign policy is worrisome https://goo.gl/B1rNtE

Friday 25th - 11:52

Trump Threatens Allies With New Tariffs, Sowing Global Confusion https://goo.gl/ayrqr8

Thursday 24th - 13:51

Barclays and Standard Chartered, just a fairytale? Investors Pour Cold Water on Potential StanChart Deal https://goo.gl/7R2oAM

Thursday 24th - 11:52

"Eat what you kill", Gelband finalises largest hedge fund launch ever at more than $8bn https://goo.gl/Vhx7zM

Wednesday 23rd - 13:51

Pain over rising dollar belies real challenge for emerging markets https://goo.gl/89oNko

Wednesday 23rd - 11:52

Myron Scholes on Inflation; it could be Oil, China or something we haven't considered. It's definitely one of those https://goo.gl/Vq9K2T

Tuesday 22nd - 13:51

US University fund bought into offshore funds and then lobbied for secrecy over their fees- something to hide? https://goo.gl/1ZDS9r

Tuesday 22nd - 11:52

The "value added" of Wall Street predictions- if they are free they are (almost) worth what you've paid for them... https://goo.gl/3X3mFX

Monday 21st - 16:48

Monday 21st - 13:51

"Crowded trades", in this case Low Vol and High Yield are failing, because they have run out of NEW buyers... https://goo.gl/Pynec6

Monday 21st - 11:52

This week's Blog looks at how the world is reacting to pension fund deficits-(spoiler alert: not at all!). https://goo.gl/5t62Qb

Sunday 20th - 12:51

Don't just look at the headline fees- operating expenses(which still cost the investor) are pivotal in performance, https://goo.gl/FPyVZ8

Sunday 20th - 10:57

Despite all the worries over China, the USD and bond yields, the US equity market has held up- is this why? https://goo.gl/qFWkzy

Saturday 19th - 12:51

According to this study, diversification helps portfolio liquidity as well as reducing price risk... https://goo.gl/ymFyWg

Saturday 19th - 10:57

Confirmation that US firms are spending the Trump tax cuts on Dividends and Buybacks, not Investment in the business https://goo.gl/pJVHD7

Friday 18th - 16:48

EU Regulators now wading into the fees/charges debate- the FCA's efforts do not inspire confidence in the outcome. https://goo.gl/rmAso6

Friday 18th - 13:51

"Star" manager would prefer to underperform than buy oil shares; shades of Woodford here- he may get his wish... https://goo.gl/URi1L6

Friday 18th - 11:52

Kent Council has some thinking to do vis-a-vis their investments with Neil Woodford; they have kicked the can again. https://goo.gl/KJ5yLr

Thursday 17th - 16:48

Private equity groups are looking at buying into Wealth management firms- will short-term profits take precedence?https://goo.gl/fj7exo

Thursday 17th - 13:51

To promote market-timing, concentrate on the pitfalls of Buy and Hold, NOT on the impossibility of the former... https://goo.gl/P9jDFA

Thursday 17th - 11:52

"Confusing" performance fee models are DESIGNED that way-so investors cant easily see they are still being fleeced. https://goo.gl/RAHBNo

Wednesday 16th - 16:48

One of the problems with buying into the MSCI China boom is avoiding being labeled "a manipulator" by authorities. https://goo.gl/hjj5gJ

Wednesday 16th - 13:51

The "Passive bid" is back again as ETF inflows soar... https://goo.gl/daWGnK

Wednesday 16th - 11:52

The rise of Indexing has been good for investing consumers but vested interests continue to peddle the opposite view https://goo.gl/6occ3w

Tuesday 15th - 16:48

Ironic "protest" march as bankers are threatened with extinction by Bitcoin. Can't see too many tears being shed... https://goo.gl/d8aTqE

Tuesday 15th - 13:51

If this company's AGM goes WITHOUT a shareholder "rebellion", then shareholder oversight is dead... https://goo.gl/DcBdTF

Tuesday 15th - 11:52

Australian active managers "out-performed" the Index over the long term according to Mercer but BEFORE fees. Hmmm https://goo.gl/utau5Y

Monday 14th - 16:48

Thinking of "Sell in May and go away"? Seasonal patterns don't repeat, 'cos markets don't know what month it is! https://goo.gl/cNsJaX

Monday 14th - 13:51

Hedge funds charge huge fees, and levy them more frequently, benefitting from compounding effects too. https://goo.gl/KdjTh5

Monday 14th - 11:52

Details of Corporate director buys/sells are easily available, but not for Fund Managers in their own funds. Why? https://goo.gl/MXw8Vq

Sunday 13th - 12:51

Don't look for the latest "big thing", concentrate on yourself- your psychology, not markets will determine success. https://goo.gl/NA93br

Sunday 13th - 10:57

What the "return gap" (returns experienced versus what a buy and hold investor received) looks like. https://goo.gl/4rJn1t

Saturday 12th - 12:51

Shiller's 1996 forecast of 10-year zero equity returns proved disastrously wrong; maybe CAPE doesn't work either. https://goo.gl/LeQV4J

Saturday 12th - 10:57

Evidence suggests analysts DO have skill, but they don't have costs to cover or to deploy capital. Fund managers do. https://goo.gl/vydpt9

Friday 11th - 16:48

Another example of the revolving door between the Regulator and the Finance industry. Does this inspire confidence? https://goo.gl/4VVqvr

Friday 11th - 13:51

The number of equity funds is now almost the same as the number of equities to invest in! Some mistake surely? https://goo.gl/cLdaCz

Friday 11th - 11:52

According to the loser of the "Buffett bet", Hedge funds don't try to beat the market- so far, it's worked a treat. https://goo.gl/hkyNHy

Thursday 10th - 16:48

After 10 years of lagging behind, Hedge funds are beating the market- over 4 months. Whoppee! https://goo.gl/RV1L3s

Thursday 10th - 13:51

Facts versus beliefs and why what we're told ain't necessarily so in the investment world... https://goo.gl/wtm1cT

Thursday 10th - 11:52

After a poor start to 2018, the Momentum factor appears to be getting back on track... https://goo.gl/B55Tjw

Wednesday 9th - 16:48

Munger and Buffett are NOT fans of Bitcoin (or bonds). But he can cope with a 50%+ equity fall (unlike most of us). https://goo.gl/r6a2fS

Wednesday 9th - 13:51

"Style" investing works well in Fixed Income too- usual caveats (diversification etc.) apply... https://goo.gl/HpDoke

Wednesday 9th - 11:52

The very biggest (and the niche players) are benefitting from asset management trends- everyone else struggling... https://goo.gl/1n3jsd

Tuesday 8th - 16:48

The cheat-sheet to successful investing... https://goo.gl/dFs8Ew

Tuesday 8th - 13:51

How the share of the UK of world equities has fallen and why global portfolios make more sense. https://goo.gl/Y74aSt

Tuesday 8th - 11:52

This week's blog looks at the retail sector in the UK and the US. Will it survive? https://goo.gl/LusMTz

Monday 7th - 16:48

Monday 7th - 13:51

Shades of 1980, when economists covered themselves (and their "profession") with glory... https://goo.gl/f4oKaV, https://goo.gl/vswXbW

Monday 7th - 11:52

As the bull market grinds on, there is no incentive for asset managers to act on fees etc. Wait for the bear market! https://goo.gl/ubx4qn

Sunday 6th - 12:51

Pensions MUST make a return. All the activism etc. is mere virtue signaling absent this reality... https://goo.gl/2SqQGC

Sunday 6th - 10:57

Active managers (grudgingly) admit underperformance ex-post, but the out-performance is always ex-ante... https://goo.gl/QmTFpZ

Saturday 5th - 12:51

Goldman Sachs sees MiFID leading to fund management industry consolidation. And the industry seems to agree... https://goo.gl/nRo635

Saturday 5th - 10:57

Have Emerging Markets Active managers actually beaten their chosen Index-or have they just owned Small/Value shares? https://goo.gl/aNxrZ6

Friday 4th - 16:48

A taste of things to come? Tesla's Musk blames short-sellers for the conference call debacle this week... https://goo.gl/2q8vpD

Friday 4th - 13:51

The debate on "value" investing is leading to a re-evaluation of what it is, as Growth continues to win. https://goo.gl/23tk5W

Friday 4th - 11:52

Here's why Active shouldn't be welcoming a bear market- they will lose big (in several ways)... https://goo.gl/nzfq7e

Thursday 3rd - 16:48

Hedge funds predict their own revival, though they didn't see their own decline previously...self-serving optimism? https://goo.gl/pYypEK

Thursday 3rd - 13:51

Disclosure of "Active Share" is great, but it only tells us that the range of returns will be wider. No panacea. https://goo.gl/JW8o3c

Thursday 3rd - 11:52

One consultancy firm is suggesting Fund Managers PAY to run money. "Heresy" is only possible in a genuine crisis. https://goo.gl/Adtkwt

Wednesday 2nd - 16:48

Chinese A shares are joining the MSCI EM Index; investors are piling in ahead of the Passive fund flows... https://goo.gl/ELZ8yv

Wednesday 2nd - 13:51

57% of UK equity funds in existence in 2008 have now closed; which makes the survivors look better-survivor bias https://goo.gl/1ygggr

Wednesday 2nd - 11:52

To cut costs, Alliance Bernstein is moving their HQ to Nashville; could we see similar moves in the UK? https://goo.gl/Zr7EYU

Tuesday 1st - 16:48

IN the US, regulators are now looking at preventing "political" investment strategies, as the NY Pension fund lags.. https://goo.gl/ch7NDJ

Tuesday 1st - 13:51

MorningStar announces (again) plans to launch Mutual Funds (at 0.5%-1.2% p.a.) Will THEY be rating them? https://goo.gl/6YWzN9

Tuesday 1st - 11:52

Physician heal thyself: Jupiter fund manager criticises Advisors fees. (Merlin Income OCF 2.2% p.a.).... https://goo.gl/KNtgnG