U.S. Treasury Inflation-Protected Securities (TIPS)
An introduction to U.S. TIPS, their performance and correlations to other assets classes, as well as the various rationales for a TIPS allocation and investing strategies.
Research Publications Archive
Behavioral Finance
An evaluation of common mistakes made by investment committees including overrating the importance of recent information, oversimplification of complex issues, extrapolation of past results into the future, and diffusion of responsibility.
Enhanced U.S. Equity Indexing
Investors index to achieve portfolio diversification at the lowest possible cost, but abandon any chance of outperforming the chosen benchmark. In contrast, active investors pay higher fees and incur the risk of underperforming the benchmark because they believe their managers will add value over time. With lower fees than active management, close benchmark tracking, but…
Equity Market Timing, Valuations and Momentum Investing
This brief report argues against several popular market-timing strategies and examines the potential risks and rewards of momentum investing for short- and long-term investors.
Equity Portfolio Protection – The Cost of ‘Costless’ Collars
This brief report examines various portfolio protection products, their risks, cost, and effectiveness.
Unitization: An Introduction
A primer on unitized accounting including information on creating and withdrawing units, appreciation/depreciation, and income allocation and distribution.
Managing Post–Venture Distributions
This short paper examines the relative merits of four distinct options for managing in-kind distributions. Also included is contact information for seven representative post-venture and distribution managers.
European Venture Capital
An assessment of the opportunities and risks in the venture capital industry in the U.K. and continental Europe using the following criteria: economic environment, cultural attitudes, deal flow, investment skill, management pool, regulatory environment, capital availability, technology breakthroughs, and availability/liquidity of IPO markets.
Firing Managers: Should Performance Be Your Guide
A demonstration that short-term performance is a poor criterion on which to base manager hiring decisions.
U.S. Equity Indexing
This guide to indexing addresses methods (replication, sampling, optimization), benchmarks, transactions costs, fees, and client servicing.