The persistent disparity among valuations across different sectors indicates the likelihood that high P/E stocks will continue to disappoint; while overlooked issues at the other end of the valuation spectrum should outperform. The proportion of lofty P/E stocks within the overall market is gradually shrinking. Despite value’s trouncing of growth last year, we suspect this…
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.
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.
This paper advises investors to carefully examine the risk, return, and correlation characteristics of their portfolios against those on which policy allocations are based; and rebalance from equities to bonds, from growth to value, and from financial to real assets.
A summary of manager selection and evaluation.
An in-depth look at endowment risk, return, and spending.