What Drives the S&P 500 Equal-Weight Premium? Size AND Value
First, a detailed analysis of the S&P 500 equal-weight index against the S&P 500 value-weight index from Jan 1963 through September 2013: The equal-weight S&P [...]
Black Friday, Retailers and the Availability Heuristic
The term “Black Friday” has been used for many years to describe the day after Thanksgiving, which for retailers marks the beginning of the holiday [...]
Dissertation Length and Pay: Less is More
Too bad dissertation length doesn't translate into more pay. History professors would be rich! Source: http://beckmw.wordpress.com/2013/04/15/how-long-is-the-average-dissertation/ Here is my completely non-scientific anecdotal economic [...]
Asset Managers with a PhD Outperform…
What a Difference a Ph.D. Makes: More than Three Little Letters Chaudhuri, Ivkovich, Pollet, and Trzcinka A version of the paper can be found here. Want [...]
Congress is Insider Trading
Informed Trading at Capitol Hill: Evidence from Congressional Trading Serkan Karadas A version of the paper can be found here. Want a summary of academic papers with [...]
Buffet’s Market Timing Signal: Expensive
First, you gotta read Warren Buffett's classic piece from 1999: http://money.cnn.com/magazines/fortune/fortune_archive/1999/11/22/269071/ Buffett highlights the inextricable tie between GDP growth and corporate profits. GDP growth is [...]
Don’t Pay Attention to CNBC CEO Interviews!
CEO Interviews on CNBC Young Han Kim and Felix Meschke A version of the paper can be found here. Want a summary of academic papers with [...]
Weekly Post Recap for November 2, 2013
Here are the articles we've posted for the past week on TurnkeyAnalyst.com for the week ended Saturday, November 2nd 2013. Article description and associated link: Focus [...]
Weekly Economic Calendar 11/4 to 11/8
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Focus on What You Can Get for Free: Part 1/2
Milton Friedman famously opined that “There is no such thing as a free lunch.” We beg to disagree. For all of us trying to compound [...]
How Do You Take Your Commodity Exposure?
Commodities are an interesting asset class. A classic case of "Wall Street Trend following:" Sell products that have recently done extremely well. Prior to the [...]
Seasteading–A Solution for Government Gone Bad?
Option 1: Collect weapons, build a militia, and move forward with a revolution. Training sucks. Good shot at dying. Destroys capital and brainpower Option 2: [...]
Do Endowments Add Value? Unclear.
Do (Some) University Endowments Earn Alpha? Bence Toth, Enrico Scalas, Jurgen Huber and Michael Kirchler A version of the paper can be found here. Want a [...]
Black Box Investing Versus Common Sense Quant
Quantitative investing has developed an unjustified PR problem based on the unfortunate tendency of many to associate all quantitative approaches with “Black Box” investing. The [...]
“Better Information” Does Not Equate to Better Returns
The value of information in a multi-agent market model Bence Toth, Enrico Scalas, Jurgen Huber and Michael Kirchler A version of the paper can be [...]
Weekly Post Recap for October 26, 2013
Here are the articles we've posted for the past week on TurnkeyAnalyst.com for the week ended Saturday, October 26th 2013. Article description and associated link: Man [...]
Man vs. Machine: Is there really a debate?
A friend sent a really great video of a robot rocking the high bar. I decided to piece together a video and have a little [...]
Minimum Variance Portfolios: Theory and Empirics at Odds
Sitting here working on my lecture for advanced investment management. I've been working through mean-variance-analysis and came across the good old-fashioned "Mean Variance Frontier." [...]
What Can Investors Achieve in the US Stock Market?
We did a fun project that sorts securites into decile portfolios based on the FUTURE 5-year returns and rebalances on a set interval. Yes, a [...]
Economic Moat: A Look Back in Time
Warren Buffett once observed: In business, I look for economic castles protected by unbreachable moats. Here at Turnkey we have written extensively about economic moats, [...]