1042 Qualified Replacement Property: An Overview of ESOP Rollover Strategies
Executive Summary Employee Stock Ownership Plans (“ESOP”) offer a variety of liquidity, tax and operating benefits to business owners who are contemplating a sale or [...]
Time Series Momentum, Volatility Scaling, and Crisis Alpha
If you couldn't tell from our recent monster commodity futures post, we've been thinking a lot about futures recently. The futures research area is relatively "fresh," and [...]
Commodity Futures Investing: Complex and Unique
Commodity futures investing is arguably the most misunderstood asset class in the financial marketplace. We want to change that state of affairs. Commodity futures strategies are [...]
An Interview with a Leading Academic Expert on ETFs
We spend a lot of our time thinking and learning about ETFs, since they are a critical new investor weapon in the war for after-tax [...]
Interest Rates and Value Investing
There is still no value in bonds today. The typical knee-jerk reaction to bold bond statements (such as the one above) is as follows: This guy is [...]
A really cool paper (and graphic) on ETFs
Zahi Ben-David has an excellent new summary paper on the state of academic research on exchange traded funds with colleagues Rabih Moussawi and Francesco Fanzoni.[ref]We focused on Zahi [...]
DIY Asset Allocation Weights: December 2016
Do-It-Yourself tactical asset allocation weights are posted. Create a free account here if you want to access the site directly. Sign in here if you already have a [...]
Doug Pugliese, our 1042 ESOP QRP Expert, is on Deck!
We wanted to formally welcome the newest addition to the Alpha Architect team, Doug Pugliese, who joins us as Director of Portfolio Services and heads up [...]
Is the Low Volatility Anomaly driven by Lottery Demand?
A few years ago I wrote a summary on a working paper titled "A Lottery Demand-Based Explanation of the Beta Anomaly." The paper is still [...]
Active Fee Over Time: Retail and Institutional Trends Over Time
We've been focused on understanding how to communicate the concept of active fee to the broader investment community. Active fee is an important concept because it [...]
Cyber Monday: Alpha Architect Book Sale
Are you looking to empower an investor through education this holiday season? Now's your chance! All three of our books are on sale for $9.99 through [...]
Great Minds Agree to Disagree on the Source of the Value Investing Premium
Active investing sounds so easy. But we all know it is extremely difficult. Ask any deep value investor how they have felt over the past [...]
In Calm Markets Should We Buy “Cheap” Put Protection?
Time for a little myth busting. Recently, the Motley Fool posted an article that argued the following: when market volatility is low, protective put options are cheap. From the [...]
An Evidence-Based Low Volatility Investing Discussion
Jack and I had the honor of attending the Evidence-Based Investing conference, hosted by the team at Ritholz Wealth Management. Wow. What a great event and [...]
Book Review: Investing in Foreign Stocks
In their search for strong investment returns, many investors have increasingly looked abroad to international markets. International diversification makes sense from several perspectives. For instance, we [...]
Long-Short Investing Might Shorten Your Investment Lifespan
Over the past several decades, academics have identified numerous variables that seem to predict future expected returns. This has led to a proliferation of so-called [...]
Calling All Veterans Interested in Finance: How Can we Help?
Today is the 241st birthday of the Marines, which is celebrated by all Marines around the world. Tomorrow is Veteran's Day. A great time of [...]
Earth to Passive Investors: Lunch is Never Free.
Imagine the following scenario: A strategy that outperforms everything. An ability to scale the strategy at no costs. A beating drum highlighting the infallible logic [...]
DIY Asset Allocation Weights: November 2016
Do-It-Yourself tactical asset allocation weights are posted. Create a free account here if you want to access the site directly. Sign in here if you already have a [...]
Value Investing using Enterprise Multiples — Is the Premium Due to Risk and/or Mispricing?
At Alpha Architect, we are big fans of Value investing (and Momentum). In the past, Wes and I examined which valuation measure had the largest spread [...]