Short Selling + Insider Selling = Profitable Strategy?
When Short Sellers and Corporate Insiders Agree on Stock Pricing Chune Young Chung, Hong Kee Sul, and Kainan WangJournal of Portfolio ManagementA version of this [...]
Buying Stocks Trading Above 10x Sales–A Good Idea?
Early last week, Meb Faber included me on a conversation on buying stocks trading at 10x their company's revenue (sales). Is this a good idea [...]
Democratize Quant 2019 Recap
We did it. We democratized quant for one more year. Last year, we suffered through a 50% drawdown in attendance due to a perfectly timed [...]
Tax-Managed Factor Strategies
Tax-Managed Factor Strategies Lisa R. Goldberg , Pete Hand , and Taotao CaiFinancial Analysts JournalA version of this paper can be found hereWant to read our [...]
Compound Your Knowledge Ep. 11: ETFs, Manager Wealth, TLH, Value
In this week's episode, we cover four articles published on our site. The first article, written by Ryan, examines the growth in assets of ETFs [...]
Deep Dive into the Value Factor
The financial equivalent of the famous Miller Lite, “tastes great, less filling” debate is the debate between traditional financial economics which uses risk theories to [...]
DIY Asset Allocation Weights: May 2019
Do-It-Yourself tactical asset allocation weights for the Robust Asset Allocation Index are posted here. (Note: free registration required) Request a free account here if you [...]
All About ETFs with The 15 Minute Financial Advisor (Ryan & Mike)
Here is a link to our podcast on "The 15 Minute Financial Advisor" Show: Ryan Kirlin knows ETFs. He used to work at the New [...]
Compound Your Knowledge Episode 10: Factor Investing & Hedge Fund Performance
In this week's video, we discuss three posts. The first post discusses the new index analysis section on our site. The second post, written by [...]
Are ETFs Really Crushing Mutual Funds?
Peter Thiel has this quote to open his book Zero to One: Every moment in business happens only once. The next Bill Gates will not [...]
Fund Management: The Poor Beat the Rich
Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds Oleg Chuprinin and Denis Sosyura Review of Financial Studies, 2018 A version of this paper [...]
Buyer Beware: The Reality of Tax-Loss Harvesting Benefits
Executive Summary Tax loss harvesting is widely promoted, but we think the benefits are generally misunderstood and often overstated.[ref]a recent paper highlighted by Wes on [...]
Only Hedge Fund Winners in Tough Times Show Skill
Only Winners in Tough Times Repeat: Hedge Fund Performance Persistence over Different Market Conditions Zheng Sun, Ashley W. Wang, and Lu Zheng Journal of Financial [...]
Compound Your Knowledge Episode 9: Investor Confidence & Issues with Factor Investing
In this week's post, we discuss two posts. The first post, written by Elisabetta, examines a new method attempting to directly measure aggregate investor overconfidence. [...]
Factor Investing is Simple, But Not Easy (Video)
We are creating a series of long-form educational videos that present materials often covered in our white papers. The intent of these videos is make [...]
The Factors that Plague Factor Investing
For those interested in the literature on factor-based investing, a new paper by Robert Arnott, Campbell Harvey, Vitali Kalesnik and Juhani Linnainmaa, “Alice’s Adventures in [...]
Compound Your Knowledge Episode 8: Cash Conversion Cycle, Uncertainty, and Distracted Investors
In this week's post, I discuss three papers. The first examines a new factor, the Cash Conversion Cycle--while most are discounting factors in the new [...]
Aggregate Investor Confidence in the Stock Market
Aggregate Investor Confidence in the Stock Market Christoph Meier Journal of Behavioral Finance, 2018 A version of this paper can be found here Want to read [...]
Investment Strategy in an Uncertain World
In 1921, University of Chicago Professor Frank Knight wrote the classic book “Risk, Uncertainty, and Profit.” An article from the Library of Economics and Liberty [...]
A Remarkable New Factor: The Cash Conversion Cycle
The Cash Conversion Cycle Spread Baolian WangJFE, forthcoming.A version of this paper can be found here.Old discussions here and here. h.t. M. Mauboussin What are the [...]