The McKinsey Global Institute has just released a new report with the following gloomy prognostication: Our analysis suggests that over...
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We all know that indexing is cheaper than active management, in which a fund manager selects specific assets for investment. But the...
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The Poverty of the Wealth Effect Higher asset prices don’t cause faster economic growth. They reflect it. Bloomberg, April 25, 2016...
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Many traders and investors acts as if markets are efficient, meaning that asset prices fully reflect all available information. We see...
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Before the Great Recession, almost two-thirds of Americans owned stocks. That number has since fallen to a little more than half, as you...
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Today is the New York state primary. Regardless of the outcome, the election offers an opportunity to explore why two...
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“Romanticizing that you are a contrarian when you are indistinguishable from consensus can’t be good.” The...
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A Forecast About GDP Nowcasts Predictions are difficult, especially about the future. Bloomberg, April 14, 2016 For some...
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By many measures, the U.S. economy has spent most of the past six-plus years getting better: Unemployment has fallen by half to 5...
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Take Dividends Over Buybacks One puts cash in the hands of investors; the other assumes management is a great market timer. Bloomberg,...
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