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![…]

Smart Betas and Tourist Investors

Rick Ferri correctly notes: “Wall Street is always coming up with cunning new marketing techniques to attract tourist investors. These are less-sophisticated individual investors and advisors who are easily wowed by glitzy industry trends, only to abandon them when the strategy falls short of expectations.”  Read the full article >>

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[…]