Guest Posts

Foreign Dividend Withholding Tax Refunds: A Practical Walkthrough

By |2020-05-26T11:01:25-04:00May 22nd, 2020|Guest Posts, Other Insights, Tax Efficient Investing|

The world of withholding tax recovery on foreign dividends and interest is woven with intricacies, challenges, and a general lack of transparency. This is mainly due to its complexities and the cumbersome process involved in [...]

Machine Learning and Investing: Forecasting Fundamentals w/ Ensembles

By |2020-05-13T10:20:28-04:00May 13th, 2020|Research Insights, Guest Posts, Academic Research Insight, Machine Learning|

Quantitative factor portfolios generally use historical company fundamental data in portfolio construction. The key assumption behind this approach is that past fundamentals proxy for elements of risk and/or systematic mispricing. However, what if we could [...]

Cheap vs. Expensive Factors: Does Valuation Matter for Future Returns?

By |2020-05-05T08:28:30-04:00May 5th, 2020|Research Insights, Factor Investing, Guest Posts, Value Investing Research, Momentum Investing Research, Low Volatility Investing|

Tesla (TSLA) breached the $100 billion market capitalization in January 2020 and became the most valuable car manufacturer globally. However, valuing the company is challenging given the growth profile, complexity of the business, and erratic [...]

Dividends, Stock Prices, and Inflation.

By |2020-04-17T11:39:57-04:00April 17th, 2020|Dividends and Buybacks, Factor Investing, Guest Posts|

Building on the concepts presented in my Dividends Are Different article, here we present data and observations highlighting the relationship between inflation and 1) company fundamentals, 2) dividends, and 3) stock market movements.It may be [...]

Low Volatility-Momentum Versus Value-Momentum Factor Portfolios

By |2020-03-13T11:40:42-04:00March 13th, 2020|Factor Investing, Guest Posts, Value Investing Research, Momentum Investing Research, Low Volatility Investing|

Boring versus Cheap Winners

“Price”, ETFs, and Bond Market Liquidity

By |2020-04-15T18:02:59-04:00February 13th, 2020|Guest Posts, Fixed Income, ETF Investing|

Multiple events last year reminded us that “price” is a nebulous concept. The most well-publicized price disagreement came in September of 2019 when the public market balked at the price the private market (ok, mainly [...]

The Case Against REIT’s

By |2020-03-13T08:54:05-04:00February 6th, 2020|Research Insights, Guest Posts, Academic Research Insight|

Surveys often reveal investor behavior that is challenging to understand. For example, Preqin’s Alternative Investor Outlook for H2 2019 highlighted the following: 65% of institutional investors believe that real estate is overvalued and a correction [...]

Low Volatility-Momentum Factor Investing Portfolios

By |2020-01-30T09:00:31-05:00January 30th, 2020|Research Insights, Factor Investing, Guest Posts, Momentum Investing Research, Low Volatility Investing|

INTRODUCTION Factor investing is hard and some factors make it harder than others. A value strategy results in a portfolio of stocks that exhibit temporary or structural issues and are usually rated “Sell” by brokers, [...]

Timing Low Volatility with Factor Valuations

By |2020-01-06T15:03:33-05:00January 16th, 2020|Research Insights, Factor Investing, Guest Posts, Low Volatility Investing|

INTRODUCTION Funds flows are frequently analyzed by investors to gauge the demand for investment strategies, but it represents a challenging exercise. Key issues are data availability as few market participants disclose their holdings as well [...]

Dividends are Different

By |2020-04-17T16:11:58-04:00November 20th, 2019|Dividends and Buybacks, Research Insights, Guest Posts, Academic Research Insight, Value Investing Research|

There has been abundant discussion regarding the utility of dividends.Here are a few examples: dividends, dividends, and more dividends…and Jon See'ds piece on buybacks, if you'd like to go down that rabbit hole. Many [...]

Alternative Investments – A Field Manual

By |2019-09-23T09:17:00-04:00October 3rd, 2019|Financial Planning, Factor Investing, Guest Posts|

It's not a perfect world out there and often times alternative funds are mischaracterized, misused, and not put through a rigorous enough portfolio construction process. It's my hope that I can forewarn you of the [...]

The Perils (and Inevitability) of Forecasting

By |2019-07-22T12:28:16-04:00August 1st, 2019|Research Insights, Guest Posts, Tactical Asset Allocation Research, Macroeconomics Research|

I recently experienced one of those fortunate confluence of events that helped me better grasp the relationship between forecasting (which I feel is futile) and my contrarian biases (which are strong).  I better realize now [...]

Large-Cap Price-to-Book Investing: What is Dead May Never Die

By |2019-06-19T12:43:04-04:00June 25th, 2019|Guest Posts, Value Investing Research, Size Investing Research|

In the great book and series Game of Thrones, the inhabitants of the Iron Islands have a saying "What is Dead May Never Die" which is to be replied with "But rises again harder and [...]

Equity Compensation Planning in a TCJA World

By |2019-06-04T09:35:19-04:00June 6th, 2019|Financial Planning, Research Insights, Guest Posts, Tax Efficient Investing|

Employee equity & stock options are a major part of the modern compensation plan. That's certainly the case for my financial planning clients. Unfortunately, a search for the best approach to managing your equity opens [...]

The Re-Death of Value, or Déjà Vu All Over?

By |2019-06-12T17:10:17-04:00June 4th, 2019|Research Insights, Guest Posts, Value Investing Research|

The underperformance of value stocks over the past 10 years has received much attention from the financial media and led at least some investors to conclude that value investing is dead. From 2009 through March [...]

Structuring Lower Risk Opportunity Zone Investments

By |2019-05-15T10:46:48-04:00May 16th, 2019|Financial Planning, Research Insights, Guest Posts, Tax Efficient Investing|

The tax benefits of the new Opportunity Zone program are potentially phenomenal. However, when you dig into the details of the program you quickly realize that many of the investment options are typically higher-risk and [...]

Buyer Beware: The Reality of Tax-Loss Harvesting Benefits

By |2019-04-29T10:06:57-04:00April 26th, 2019|Research Insights, Guest Posts, Tactical Asset Allocation Research, Tax Efficient Investing|

Executive Summary • Tax loss harvesting is widely promoted, but we think the benefits are generally misunderstood and often overstated.a recent paper highlighted by Wes on twitter comes to a similar conclusion. Here is a [...]

Using Flexible Spending to Achieve Financial Goals

By |2019-03-04T08:04:31-05:00March 5th, 2019|Financial Planning, Guest Posts, Tactical Asset Allocation Research|

Financial planning and specifically portfolio "safe" withdrawal rates are often viewed and analyzed from the perspective of rigid rules that can't be broken - i.e., you will take an inflation adjusted 4% of starting portfolio [...]