Guest Posts

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.[ref]a recent paper highlighted by Wes on twitter comes to a similar conclusion. Here is a [...]

Using Flexible Spending to Achieve Financial Goals

By |2019-03-04T08:04:31-04:00March 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 [...]

The Smart Money Indicator: A New Risk Management Tool

By |2019-02-08T09:25:33-04:00February 8th, 2019|Research Insights, Trend Following, Guest Posts, Tactical Asset Allocation Research|

We have all heard the mantra, “You can’t time the market!” But in reality, investors attempt to do just that every day as part of their tactical asset allocation strategies, which are less extreme variants [...]

Size and Value in China

By |2019-01-28T00:05:53-04:00January 31st, 2019|Research Insights, Guest Posts, Academic Research Insight, Value Investing Research, Size Investing Research|

Size and Value in China Jianan Liu, Rob Stambaugh, and Yu YuanJournal of Financial EconomicsA version of this paper can be found here What are the research questions? China represents the world's second largest stock market [...]

Discipline: A Necessary Condition for Successful Investing

By |2018-12-31T11:41:58-04:00December 31st, 2018|Research Insights, Larry Swedroe, Guest Posts, Behavioral Finance|

A good friend, Sherman Doll, related the following story. Sherman has been a two-line sport kite flier for years. While not a pro, he has learned a few tricks from observing the flying behavior of [...]

Warren Buffett is Wrong About Options (Except)

By |2018-12-28T14:34:33-04:00December 28th, 2018|Research Insights, Guest Posts, Tactical Asset Allocation Research|

Warren Buffett sold long-dated, deep out of the money puts in the years leading up to the financial crisis. In his 2008 Annual Letter to Shareholders, he explained: I believe each contract we own was [...]

Is Financial Advice Conflicted…Or is it Simply Misguided?

By |2018-11-29T13:21:57-04:00November 29th, 2018|Research Insights, Guest Posts, Corporate Governance|

The Misguided Beliefs of Financial Advisers Juhani T. Linnainmaa, Brian Melzer and Alessandro Previtero Kelley School of Business Research Paper No. 18-9 A version of this paper can be found here Want to read our summaries [...]

Want to Minimize Capital Gains Taxes? Check Out Our Guide to Opportunity Zone Investments

By |2018-11-13T12:17:12-04:00November 13th, 2018|Research Insights, Guest Posts, Tax Efficient Investing|

If you have a large "low-basis stock problem," or an "embedded capital gain problem," the Opportunity Zone (OZ) program could possibly be the single largest tax break you’ll ever see. With the right investment, the [...]

Fixed Income Factors: An Overlooked Corner of the Market

By |2018-10-23T08:24:11-04:00October 9th, 2018|Research Insights, Factor Investing, Guest Posts, Fixed Income|

Factors, or "style" investing, seems to be all the rage these days, including the use of factors in fixed income (here, here and here are good places to start). However, many of these strategies focus on [...]

Illustrating the Value of Retirement Accounts

By |2018-09-19T13:29:54-04:00September 19th, 2018|Research Insights, Guest Posts, Tax Efficient Investing|

What do most people consider to be the biggest benefit of retirement accounts? Many investors and advisors will say, "tax deferral." But a recent article (pdf version) I wrote highlighted that the real value of retirement [...]

Warning: Stock and Bond Correlation Assumptions are Regime Dependent!

By |2018-08-07T10:40:08-04:00August 7th, 2018|Guest Posts|

It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so. -- attributed to Mark Twain. Mark Twain had some great insights. The quote above [...]

What to do with Underperforming Investments? Assessment via Bayesian Inference

By |2018-05-22T10:24:08-04:00May 22nd, 2018|Guest Posts|

Assume you made a decision to invest in an active strategy based on, say, a backtest of the underlying process (to be clear, active means NOT passive market-cap weight in my context). Over the next few [...]

Value Investing Portfolios are Not Dead, But Some Have Done Better than Others

By |2018-05-07T18:10:10-04:00May 3rd, 2018|Factor Investing, Guest Posts, Value Investing Research|

Mirror, mirror, on the wall – which is the fairest of them all? Recent commentary (to include a recent Barron's article) seems to suggest that value is dead and may never come back. Of course, most [...]

Quantifying the Value of Retirement Accounts

By |2018-04-17T10:40:34-04:00April 19th, 2018|Guest Posts, Tactical Asset Allocation Research, Tax Efficient Investing|

Many people talk about the tax benefits of retirement accounts. However, few attempt to quantify and estimate the actual benefits. To make matters worse, when the topic is addressed, many of the discussions rely on [...]

Tail Risk Hedging: An Alternative Approach to Risk Management

By |2018-04-04T17:56:59-04:00April 5th, 2018|Guest Posts|

This article proposes tail risk hedging (TRH) as an alternative model for managing risk in investment portfolios. The standard risk management approach involves a significant allocation to hiqh-quality bonds. However, this approach has historically reduced [...]

Who’s Afraid of a Big Bad Bear? Many Investors Shouldn’t be that Concerned

By |2018-03-06T14:02:48-04:00March 2nd, 2018|Guest Posts|

Watching stock prices drop quickly can be terrifying. In late January, every big decline in stock prices was greeted with lots of media coverage, cable news networks rolling out their "market in turmoil" graphics, and [...]

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