Articles in - Month: March 2020

Countering Coronavirus through Inclusive Culture

When business continuity plans kick in, as they have in the current COVID-19 crisis environment, what happens to diversity and inclusion efforts at investment organizations? Do they fall away as nice-to-haves or are they seen as contributing to a cultural edge of...

Roger G. Ibbotson: What Works in Asset Allocation

Roger G. Ibbotson is among the best-known scholars and practitioners in the field of asset allocation. I had the privilege of working with him at Ibbotson Associates. I spoke with him on the subject a while back and thought the present was a good time to share some of...

On Paper Clips and Shareholder Value

Imagine an artificial intelligence (AI) that was built to do one task: Manufacture as many paper clips as possible. In the beginning, the AI uses the existing resources of metal, electricity, and machinery to make as many paper clips as it can. Of course, it learns...

Thematic Investing: Thematically Wrong?

Performance Chasing with a Narrative? Thematic investing is like venture capital for asset managers. For every 10 products launched, most fail to generate interest from investors, a couple break even from a cost perspective, and maybe one becomes the star fund that...

Book Review: How Money Became Dangerous

How Money Became Dangerous: The Inside Story of Our Turbulent Relationship with Modern Finance. 2019. Christopher Varelas and Dan Stone. HarperCollins. Early in How Money Became Dangerous, we read of a bank manager in 1970 urging school children to develop a habit of...

The Novelty of the Coronavirus: What It Means for Markets

Does market history offer any parallels to today’s novel coronavirus crisis? Market action in recent weeks has been reminiscent of the global financial crisis (GFC) of 2007–2009, the crash of 1987, and, for those with a long memory, the crash of 1929, which wouldn’t...