Articles in - Month: September 2019

Smart Beta vs. Alpha + Beta

More commentary from Nicolas Rabener is available at FactorResearch. Sign up for a free email subscription and have the latest research delivered to your inbox.  Simplifying Equity Portfolios In Buddhist teaching, the primary obstacles that prevent...

Investment Governance for Fiduciaries: The How and the Why

Michael E. Drew, PhD, and Adam N. Walk, PhD, are the authors of Investment Governance for Fiduciaries, published by the CFA Institute Research Foundation. How do we as fiduciaries approach investment governance? That question is more important than ever. Why? Because...

Tennis Lessons for Alternative Investors

“There are moments in a match when the ball hits the top of the net, and for a split second, it can either go forward or fall back. With a little luck, it goes forward, and you win. Or maybe it doesn’t, and you lose.” — Match Point What does the current era of...

The Bezzle and the Central Banks

In The Great Crash of 1929, John Kenneth Galbraith describes the bezzle, the “inventory of undiscovered embezzlements,” that grows in times of rising markets. When the markets collapse, these schemes are exposed and lead to large losses for investors. But...

Four Principles to Sustaining a Desired Culture

Once we define the culture we aspire to build, our challenge and responsibility is to cultivate it over time. That process is far from automatic and has no finish line. Rather it requires a conscious, consistent, and ongoing effort. That’s a tall order. But four...

Shareholder Value vs. Shareholder Welfare

“We also see many governments failing to prepare for the future, on issues ranging from retirement and infrastructure to automation and worker retraining. As a result, society increasingly is turning to the private sector and asking that companies respond to broader...