EBI Tweets

June, 2017

Friday 30th - 16:48

The Investment Industry has not condemned the #FCA's report:makes one wonder whether lobbying power has won again.. https://goo.gl/DXxWez

Friday 30th - 13:51

Political risk now favors Active managers(according to Sales executive of said firm). Markets unaware of Korea etc ? https://goo.gl/hD5pMv

Friday 30th - 11:52

The low down on the difference between #ETF's and #ETN's; in the latter you have credit risk... https://goo.gl/vXsepN

Thursday 29th - 16:48

When did Hedge funds LAST beat the S&P 500? Not sure, I will have to ask my dad... https://goo.gl/UnXjzk

Thursday 29th - 13:51

When Technology-induced productivity came to Manufacturing, Wall Street cheered- now its after them too; jobs vanish https://goo.gl/FC34Y3

Thursday 29th - 11:52

Amazing fact- DESPITE the abysmal returns, high fees etc. there are 9733 #Hedgefunds STILL in existence ! https://goo.gl/u3fJHj

Wednesday 28th - 16:48

Unsated, SL now looking to gobble up Scottish Widows. #Consolidation frenzy ahead? https://goo.gl/CtNYDy

Wednesday 28th - 13:51

Agree fully with the title of this piece- except I cannot think for whom Hedge Funds ARE an appropriate investment. https://goo.gl/5qrFdW

Wednesday 28th - 11:52

The #FCA's report is out today. Fascinating to see how much industry lobbying has watered it down... https://goo.gl/4AZyqT

Wednesday 28th - 08:55

That FCA report in full... https://goo.gl/LQZNRf

Tuesday 27th - 16:48

"The most hated rally in history" is so, because Active Managers now fear for their jobs... https://goo.gl/pdBKmc

Tuesday 27th - 13:51

How to invest when markets are at all time highs? The same way as you do all the other times- simples... https://goo.gl/a8RSqc

Tuesday 27th - 11:52

Wrong! The FCA's plan for "all in one" charging will merely make explicit what has been the case for years https://goo.gl/hBy6tQ

Monday 26th - 16:48

Mistrust IS driving flows away from #Activemanagers, but there is more to it than just poor incentive structures.. https://goo.gl/FCnYDb

Monday 26th - 13:51

Fund manager herding leads to #concentrationrisk, which in turn leads to big losses when disaster hits. https://goo.gl/Y6HeDF

Monday 26th - 11:52

This weeks blog looks at the shape of Bond Yield curves and what it means for economies and investors. https://goo.gl/n6HZ9e

Sunday 25th - 12:51

One ThinkTank is proposing a public inquiry into the #Economics "profession" and it's role in causing crises... https://goo.gl/c3uj1A

Sunday 25th - 10:57

4 x Levered ETF's on the runway for launch; is this a sign of a peak in bullishness? What could possibly go wrong ? https://goo.gl/A9nju4

Saturday 24th - 12:51

A fool and his (or other peoples') money. Expense Ratio of 9.2% per annum for an ETF !!! https://goo.gl/Nt7tHQ

Saturday 24th - 10:57

China may be in the MSCI Index in 2018, but faces significant Governance and Capital Discipline issues- a long road https://goo.gl/jk8zst

Friday 23rd - 16:48

Are #fundflows what really matter to China when it comes to MSCI Index inclusion? https://goo.gl/yvCqkw

Friday 23rd - 13:51

Could Passive #fundfees drop to zero ? They aren't that far away now! https://goo.gl/VfE1MV

Friday 23rd - 11:52

A simple info graphic showing the difference between Active and #evidencebased investing. https://goo.gl/KaEUSk

Thursday 22nd - 16:48

Big money managers now taking stakes in their smaller rivals...they are now going after the small scale investor. https://goo.gl/byrPuj

Thursday 22nd - 13:51

As with many things, trying to achieve "perfect" diversification often creates as many problems as it solves. KISS https://goo.gl/fykbQJ

Thursday 22nd - 11:52

#Markettiming on the basis of political views is a short route to failure. Don't use either of them to invest. https://goo.gl/nTi6RX

Wednesday 21st - 16:48

Can you use recession indicators to time markets? No- there is no correlation between recessions and stock prices ! https://goo.gl/mGScAh

Wednesday 21st - 13:51

Here we go again...Hedge Fund launches on the rise as Investors seek (slightly) newer ways to under perform.. https://goo.gl/6rzEHc

Wednesday 21st - 11:52

#MSCI finally adds China to its Emerging Markets Index. Saudi Arabia and Nigeria to follow? https://goo.gl/m9VbSs

Tuesday 20th - 16:48

Larry Swedroe looks at the latest #SPIVA report; more of the same (bad) news for Active proponents.. https://goo.gl/b2bL6n

Tuesday 20th - 13:51

Glass half full edition: Dispersion gives Active Managers more opportunity to get it WRONG, not outperform! https://goo.gl/o63cLE

Tuesday 20th - 11:52

When it comes to #re-balancing, less is most definitely more, according to this study... https://goo.gl/wWJ0um

Monday 19th - 16:48

Can anyone see a pattern here? Anyone? https://goo.gl/A1KUMw

Monday 19th - 13:51

Morningstar on why Active Management persists despite the evidence of its failure.. https://goo.gl/CacUjb

Monday 19th - 11:52

This week's Blog looks at the aftermath of the Election fiasco for the Conservatives.. https://goo.gl/ZDK2y4

Sunday 18th - 12:51

There is a difference between being a "legendary investor" and being right. Most of the former forget the latter... https://goo.gl/ZWyFqx

Sunday 18th - 10:57

How to tell if your fund is a "closet tracker" and why it matters to your returns. https://goo.gl/82XUVg

Saturday 17th - 12:51

Barclays launches a new Investment service- looking at the costs and Bank's "chequered past" I think I will leave it https://goo.gl/XJgrty

Saturday 17th - 10:57

Another milestone hit as E8 trillion now in Index funds.... https://goo.gl/KxxPxH

Friday 16th - 16:48

Chief Exec of SL says he is leaving his money in GARS. Good luck with that... https://goo.gl/vpwoda

Friday 16th - 13:51

Jack Bogle continues to flaunt #conventionalwisdom. When everyone thinks the same, they are usually not thinking... https://goo.gl/cBk9Xz

Friday 16th - 11:52

Although #Investorsentiment can be useful, it has its limitations. Here's a good guide.. https://goo.gl/Em0fc8

Thursday 15th - 16:48

#Dollarcostaveraging- it depends on clients attitude to risk. There is no one size fits all solution. https://goo.gl/kiRMHf

Thursday 15th - 13:51

Shades of the #Enron debacle as Chinese firms urge employees to buy shares in their own companies. Danger...! https://goo.gl/cI2lp8

Thursday 15th - 11:52

EM ETF's face the new risk of political motivations behind Bond Index changes- Venezuela is the latest focus. https://goo.gl/nHjb3N

Wednesday 14th - 16:48

All the details on how clients can benefit from the new Vanguard platform. A useful guide if they dont know Vanguard https://goo.gl/JbMxnI

Wednesday 14th - 13:51

A cautionary tale on why #Diversification is a must for Investors. Ignore it at your (investment) peril. https://goo.gl/JH6Hpq

Wednesday 14th - 11:52

All the gory details on Active Manager performance from the year -end #SPIVA report... https://goo.gl/k3eecB

Tuesday 13th - 16:48

The Industry fights back: IA casts doubt on the figures which form the basis of the FCA's criticism of Fund Managers https://goo.gl/A0KfcM

Tuesday 13th - 13:51

Most advisers STILL going to Active. Plenty more to aim at... https://goo.gl/WkbFp3

Tuesday 13th - 11:52

"Complexity is over-rated.”- the more complicated the investment structure, the less likely it is to deliver... https://goo.gl/CwUpu5

Monday 12th - 16:48

"Investment diversification may not help in the next global recession"- possibly, but Active wont tell you WHEN... https://goo.gl/v8jQpQ

Monday 12th - 13:51

Even China are now going after performance fees- is there no place to hide for Managers? https://goo.gl/2LCQuV

Monday 12th - 11:52

This weeks blog looks at Vanguard's foray into the UK Fund market- how will the like of Hargreaves respond ? https://goo.gl/IHuqer

Sunday 11th - 12:51

The only #Hedgefunds beating the market this year are those who have bought Bitcoin ! How long will that last ?? https://goo.gl/rxYxrz

Sunday 11th - 10:57

Illinois Pension fund had 81 Hedge fund holdings !! They are now cutting (some of) them because of high fees.... https://goo.gl/8H1Qxz

Saturday 10th - 12:51

Whether its a bull or bear market, the Zero-sum principle applies equally as this #Vanguard study confirms https://goo.gl/55TyjJ

Saturday 10th - 10:57

The Head of Prudential Financial calls #Passiveinvesting a "low margin business"- that sums up Active's problem... https://goo.gl/Nx7a1h

Friday 9th - 16:48

Think Investing is complicated? #JackBogle distills it into 7 axioms. That's all there is.. https://goo.gl/g6SMwm

Friday 9th - 13:51

You could have made 49,000% by investing in Amazon at its IPO. But nobody has done- stick to #Indexing instead. https://goo.gl/z2Dios

Friday 9th - 11:52

One Active fund is closing due to a lack of good ideas- but isn't this a "#stockpickers" market? Clearly not... https://goo.gl/lcmZMa

Thursday 8th - 16:48

An Active fund doing well- due to its 8% weight in Bitcoin. Let's hope they get out before it crashes (again). https://goo.gl/6UwO2J

Thursday 8th - 13:51

A primer on #Factorinvesting... https://goo.gl/NwMlgS

Thursday 8th - 11:52

#ActiveManagers have been selling Beta as Alpha for too long, but Investors are now getting wise- hence price falls. https://goo.gl/FqqRwK

Wednesday 7th - 16:48

Bloomberg tried to take on #Vanguard over their business strategy; here is one response... https://goo.gl/vAs7Cz

Wednesday 7th - 13:51

Hedge fund manager sees client money fall from $19b to just $2b in 6 years- he still has $8b of his own to bet with. https://goo.gl/oP0hKE

Wednesday 7th - 11:52

The CS Investment returns Yearbook is an invaluable source of data- but NOT on which market does best after a war... https://goo.gl/1TCy4y

Tuesday 6th - 16:48

Judging by the April figures, Investors have (finally) warmed to Global portfolios, at the relative expense of UK. https://goo.gl/kVEn2a

Tuesday 6th - 13:51

Investors drive the trend to lower fees; competition actually works (at long last!) https://goo.gl/tY6Ufr

Tuesday 6th - 11:52

As Fund Managers get more desperate for Alpha, complexity (and thus costs) rise. Returns, however don't... https://goo.gl/Q27KBC

Monday 5th - 16:48

Building trust with clients is of enormous benefit, especially during harder times, according to a new survey. https://goo.gl/TvmjfY

Monday 5th - 13:51

The solution to market "risks" are derivatives, leverage, arbitrage etc according to Wells Fargo- isn't THAT risk ? https://goo.gl/aJiWTx

Monday 5th - 11:52

This week's blog looks at Skewness and how it dooms Active Managers to failure. https://goo.gl/UN43bw

Sunday 4th - 12:51

The irony in #Activemanager criticisms of Indexing is that they do the same things- only less well... https://goo.gl/auH5LQ

Sunday 4th - 10:57

Massive boost for #Hedgefunds in 2017- they nearly matched the S&P(+3.74%) and the All Share Index (+8.16%)-hurrah! https://goo.gl/yTdKdk

Saturday 3rd - 12:51

Keeping #investmentcharges under control is the only thing an Investor CAN control. https://goo.gl/b72QmJ

Saturday 3rd - 10:57

A new way of looking at, and explaining #sequencerisk. https://goo.gl/Ujz7lr

Friday 2nd - 16:48

Fund Manager sells everything (and takes a year off). Wonder how he will feel in a year if markets HAVEN'T fallen ?? https://goo.gl/I8Agpx

Friday 2nd - 13:51

The more complicated the investment strategy, the more likely it is to go wrong. Keep it simple... https://goo.gl/OmTZQO

Friday 2nd - 11:52

It seems that the much touted fall in #ActiveManagementfees is something of a mirage- much further to go then... https://goo.gl/tZzhMT

Thursday 1st - 16:48

A good response to the same old tired active manager arguments re: Passive Investing. https://goo.gl/1zhiw3

Thursday 1st - 13:51

Maybe, if we don't like #fundmanagerperformance, we can return the fund? Funds as Jeans edition.. https://goo.gl/1Mr6kM

Thursday 1st - 11:52

Just as Aldi disrupted the established Supermarkets, Vanguard will do the same to Fund Managers- oh, the indignity. https://goo.gl/rYS7uf

May, 2017

Wednesday 31st - 16:48

Active versus Passive; "the jury is still out" on the debate- money flows suggest the jury has reached a verdict... https://goo.gl/oeqE1u

Wednesday 31st - 13:51

Fund of Funds DEFINITELY have “quite a few snouts in the trough”- which is why they are expensive, and thus fail. https://goo.gl/02um41

Wednesday 31st - 11:52

The problem with holding large amounts of cash-you are waiting for a pullback that may never come... https://goo.gl/t2ao7I

Tuesday 30th - 16:48

Jack Bogle laments the decline of finance from a Profession to an Industry... https://goo.gl/W1NSuq

Tuesday 30th - 13:51

And this is why WE use Vanguard whenever we can... https://goo.gl/SjNFKn

Tuesday 30th - 11:52

Dynamic Asset allocation works, apparently, if you are a Pro,and are proficient in timing; except that noone is... https://goo.gl/A51mvk

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