Smart Beta: No Alpha Here!

“Smart Beta” is all the rage right now, and is being relentlessly promoted by virtually every firm on Wall Street.  Unfortunately, as Elisabeth Kashner points out, “Whether you look at one-, three- or five-year performance, these 11 U.S. large-cap smart-beta funds have produced returns in line with their risks. No more, no less. Whether you Read more about Smart Beta: No Alpha Here![…]

Charles Ellis: We Can Do Better

“It’s really hard work, and it’s gotten harder and harder and harder every year for the last 50 years because of all those wonderful people who have come into the business. . . . Think of how many people have gotten really good educations that come in to be practitioners and have been provided with Read more about Charles Ellis: We Can Do Better[…]

No Silver Bullets in Investing, There’s Just Snake Oil in New Bottles

This is a brilliant piece from James Montier of GMO. “Modern day investment management resembles, sadly, another old profession – and I’m not thinking of the oldest one, although there may be parallels there as well. Rather, I’m thinking of ancient alchemy with its near constant promises to turn lead into gold, just as investment managers repeatedly offer Read more about No Silver Bullets in Investing, There’s Just Snake Oil in New Bottles[…]