The Stingy News Weekly: 03/06/2022
The evidence mounts against active share
"Since the initial publication of research documenting active share, its advocates have clung to the belief that the metric could identify funds that would outperform. But the academic evidence has all but disproven that thesis." [Funds]
Sector neutral or not?
"But for long only investors - and that is pretty much every traditional fund out there - their research finds that it is highly unlikely that a sector-neutral strategy will perform better than a strategy that incorporate sector bets." [Value Investing]
Will the optimists triumph yet again?
"Despite the wars, depressions, and sicknesses of the last 100 years, we somehow pulled through. The optimists triumphed. As we face similar challenges in the days and years ahead, the question is: will the optimists triumph yet again?" [World]
Surprise, shock, and uncertainty
"The world breaks every decade or so. There are so few exceptions to this it's astounding." [World]
Momentum in emerging markets
"Perhaps investors should be skeptical of implementing the strategy in certain markets and heavily discount theoretical returns, but there is still an overwhelming amount of financial research that supports the factor across developed stock markets, where trading stocks has become very cheap, and asset classes, where futures can be used." [Momentum Investing]
The politics of passive investing
"Most of us in the finance world are well aware of the evolution of 'passive' equity investing over the years, and have witnessed its tremendous growth. And some of us have asked questions about it. We've asked is it all good? Is it mostly good? Are some aspects perhaps bad? Are some really bad? It is a subject that has kindled fierce deliberation." [Indexing]
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