http://businessradio.wharton.upenn.edu/programs/behind-the-markets-with-jeremy-siegel/ I'll be chatting with the "Jeremys" on Sirius Radio on Business Radio Channel 111. @ 1pm EST Hosts Jeremy Siegel Professor Jeremy Siegel is [...]
Have you ever wondered how ETF trading actually works? Most people think ETFs trade "just like stocks." These people are wrong. While there are similarities between individual [...]
Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns Chang, Hartzmark, Solomon and Soltes A version of the paper can be found here. Want a [...]
A quick glance at the most recent Berkshire Hathaway annual report (PDF) highlights an amazing data point: Warren Buffett has compounded at 19.7% a year from 1965 through 2013; the S&P 500 Total Return Index has compounded at 9.8% a year from 1965 through 2013. The immediate reaction to these figures is predictable: “Warren Buffett is an investing god, so we should buy Berkshire Hathaway and throw away the keys.” The gut reaction is that Buffett can continue to beat the market forever. Unfortunately, as this post highlights, this is an impossible feat.
Doubling Down Jonathan Rhinesmith A version of the paper can be found here. Want a summary of academic papers with alpha? Check out our Academic Research Recap [...]
Testing Benjamin Graham's Net Current Asset Value Strategy in London Xiao and Arnold A version of the paper can be found here. Want a summary of [...]
The Joint Cross Section of Stocks and Options An, Ang, Bali and Cakici A version of the paper can be found here. Want a summary of [...]
Anyone reading this blog is probably familiar with Meb Faber. Before getting into a review of his newest project and ETF offering, I wanted to [...]
Do Financial Experts Make Better Investment Decisions? Bodnaruk and Simonov A version of the paper can be found here. Want a summary of academic papers with [...]
I have the privilege to work with 2 partners who served in the Marine Corps from 2004-2008: Captain Wes Gray and Captain Pat Cleary. Both [...]
The 52-Week High and Momentum Investing Thomas J. George and Chuan-Yang Hwang A version of the paper can be found here. Want a summary of academic [...]
The Long-Term Price-Earnings Ratio Anderson and Brooks A version of the paper can be found here. Want a summary of academic papers with alpha? Check out [...]
The FT has a great piece called the "Risk-Return relationship has been upended." The premise is that benchmarking distorts markets. The article inspired me to [...]
Digesting Anomalies: An Investment Approach Hou, Xue, and Zhang A version of the paper can be found here Want a summary of academic papers with [...]
The Momentum Gap and Return Predictability Simon Huang A version of the paper can be found here. Want a summary of academic papers with alpha? Check [...]
Due to a surge of interest from our "Long Cheap; Short Expensive. Buyer Beware" post, we decided to analyze the impact of changing the net exposure of the Magic [...]
Decomposing the Price-Earning Ratio Anderson and Brooks A version of the paper can be found here. Want a summary of academic papers with alpha? Check out [...]
A recent New York Times article examines the story of Joel Greenblatt, author of "The Little Books That Beats the Market." Joel has leveraged this book [...]
Is the Cross-Section of Expected Bond Returns Influenced by Equity Return Predictors? Chordia, Goyal, Nozawa, Subrahmanyam and Tong A version of the paper can be [...]
Analyzing Valuation Measures: A Performance Horse-Race Over the Past 40 Years Gray and Vogel A version of the paper can be found here and here. Want a [...]
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