Selling a Business? Here are 8 Ways to Minimize Your Taxes:
When an owner sells their business, the IRS and state taxing authorities will be there to take as much of it as they lawfully can. [...]
Global Factor Performance: June 2021
The following factor performance modules have been updated on our Index website.[ref]free access for financial professionals[/ref] Standardized PerformanceFactor PerformanceFactor ExposuresFactor PremiumsFactor AttributionFactor Data Downloads
Still Using Book to Market for a Value Metric? Read This.
Going by the Book: Valuation Ratios and Stock Returns Choi, So and WangWorking Paper, 2021A version of this paper can be found here.Want to read our [...]
This Time is Different? Consider Quantifying Subjective Priors
This time is different. --John Templeton "This time is different," is a sentiment that leads many investors to stray from using data analysis in their [...]
DIY Asset Allocation Weights: June 2021
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 [...]
Get Green or Die Trying?
Get Green or Die Trying? Carbon Risk Integration into Portfolio Management Maximilian Görgen, Andrea Jacob, and Martin NerlingerJournal of Portfolio ManagementA version of this paper [...]
Can you convert a mutual fund into an ETF tax efficiently (or an SMA or hedge fund)?
The question we keep getting, in various forms, is the following:
- Can you do a tax-free conversion of a mutual fund into an ETF?
- Can you do a tax-free conversion of SMAs (separately managed accounts) into an ETF?
- Can you do a tax-free conversion of a hedge fund into an ETF?
Long story short, yes, yes, and yes...but it's complicated!
The Explanatory Power of Factor Momentum
Momentum is the tendency for assets that have performed well (poorly) in the recent past to continue to perform well (poorly) in the future, at [...]
Value and Momentum Investing: Combine or Separate?
When it comes to Value and Momentum investing we often get asked the following set of questions: Should I use value and momentum, in one [...]
Using Satellite Images to Study Local Information Advantage
The Firm Next Door: Using Satellite Images to Study Local Information Advantage Kang, Stice-Lawrence, Wong Journal of Accounting Research, 2021A version of this paper can [...]
Predictability of the Value Premium Across Asset Classes
The value spread is the difference between the value signal in the long versus the short portfolio. This isn’t the first time we have hit [...]
Are Ben Graham’s Disciples Value and Quality Factor Investors?
I examine the performance records of performance of Ben Graham's well-known disciples: Walter Schloss, Tom Knapp, Warren Buffett, Bill Ruane, Charlie Munger, Rick Guerin, and [...]
ESG Performance Breakdown by E, S, and G
Deconstructing ESG Ratings Performance: Risk and Return for E, S, and G by Time Horizon, Sector, and Weighting Guido Giese, Zoltán Nagy, and Linda-Eling LeeJournal [...]
Bond Ladders and Income Annuities: Simple is Beautiful
I spent some time on Google, but could not ascertain the origins of the term fixed income. Presumably, it was created to describe investments where [...]
Fixed income when you’re between a rock and a hard place — Part 2/2
Part 2: From understanding factors to solving investor problems In Part 1, we defined fixed income factors. But factors alone will not solve each investor’s [...]
Value Investing Still Beats Growth Investing, Historically
In the past, I've seen comments on Twitter regarding the Russell 3,000 Value and Growth indices having approximately the same returns since inception. Let's talk [...]
Where Are The Women in Finance? More Clues.
The Family Origin of the Math Gender Gap is a White Affluent Phenomenon Dossi, Figlio, Giuliano and SapienzaNBER working paper, 2020A version of this paper [...]
Global Factor Performance: May 2021
The following factor performance modules have been updated on our Index website.[ref]free access for financial professionals[/ref] Standardized PerformanceFactor PerformanceFactor ExposuresFactor PremiumsFactor AttributionFactor Data Downloads
Text-Based Factor Investing
Part 1: The End of Accounting This is the first part of a series of guest posts by Kai Wu, the CIO & Founder of [...]
Resurrecting the Value Premium
The dramatic underperformance of value stocks as defined by the HmL (the return on high book-to-market stocks minus the return on low book-to-market stocks) since [...]