What you can—and can’t—learn from a tax return
Donald Trump said in the first presidential debate that not much could be learned from his tax returns. Financial advisor Tim Maurer sets the story straight, explaining exactly what… Read the rest of the article on CNBC.
Cross Trading Boosts Mutual Funds Returns
The vast majority of financial trades take place in open and highly regulated markets. However, asset managers from mutual fund families sometimes offset their trades with affiliated funds in an internal market. Such cross-trading can allow fund families to shift...
Beware Of The Low Price Illusion
The absolute level of a firm’s stock price is arbitrary, as it can be easily manipulated by altering the number of shares outstanding (for example, by splitting the stock). Despite this obvious fact, research into investor behavior has found a...
Japan’s Pension Fund Trips On Active Mgmt
Japan’s Government Pension Investment Fund (GPIF) is the world’s biggest state investor, trumping all other managed government retirement and sovereign wealth funds. Prime Minister Shinzo Abe’s drive to spur the Japanese economy out of its two-decade-and-growing economic slump, known as...
Published Results Impact Future Results
Financial research has uncovered many relationships between investment factors and stock returns. For investors, an important question is whether the publication of this research can impact the future size of factor premiums. Asking this question is crucial on two fronts....
Trend-Following Strategies Work
As an investment style, trend-following, also referred to as time-series momentum, has existed for quite some time. Time-series momentum examines the trend of an asset with respect to its own past performance. This is different from cross-sectional momentum, which compares...
