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  • “ESG, Motherhood, and Apple Pie”? Seven ESG Policy Questions

    “ESG, Motherhood, and Apple Pie”? Seven ESG Policy Questions

    “Motherhood and apple pie” is an idiom commonly used to “represent things that most Americans consider to be very good and important.” Over time, other words like “the flag” and “baseball” have been appended to this phrase but none have really stuck. Now there is another contender: ESG. Who would argue that nothing’s wrong with […] More

  • 2021 US Wealth Management Outlook: Becoming “Essential” Financial Advisers

    2021 US Wealth Management Outlook: Becoming “Essential” Financial Advisers

    The COVID-19 pandemic has drastically changed many people’s financial circumstances — causing everything from job losses to increased health care expenses — and those affected have been turning to the wealth management industry for help during this difficult time. In fact, a survey by The College for Financial Planning found that 71% of advisers report […] More

  • Are Cheaper Funds Really Better Bets?

    Are Cheaper Funds Really Better Bets?

    No matter what we’re shopping for, there’s nearly always a positive relation between quality and price. So why, on Wall Street of all places, would the best managers charge less?  Study after study concludes that on average, the lower an active fund’s fees, the higher its net performance. As a result, it’s now common for […] More

  • The End of Accounting? Sustaining Financial Reporting

    The End of Accounting? Sustaining Financial Reporting

    As this rather extraordinary year draws to its very welcome close, it’s time to reflect on the promise financial and other reporting might hold for the near future. But first let’s look at where we are. The explanatory power of the financial information reported to investors for market valuation has plummeted in recent decades. That […] More

  • Dollar-Cost Averaging (DCA): A Reappraisal

    Dollar-Cost Averaging (DCA): A Reappraisal

    After the 2020 market plunge and subsequent recovery, now is a good time to revisit the logic of dollar-cost averaging (DCA) in investing.  Benjamin Graham first popularized DCA in his seminal 1949 book The Intelligent Investor. He writes: “Dollar-cost averaging [ . . . ] means simply that the practitioner invests in common stocks the […] More

  • Top 10 Posts from 2020: COVID-19, The Silent Depression, Damodaran

    Top 10 Posts from 2020: COVID-19, The Silent Depression, Damodaran

    Posted In: Alternative Investments, Best Of, Coronavirus, Drivers of Value, Economics, Equity Investments, Fixed Income, History & Geopolitics, Leadership, Management & Communication Skills, Performance Measurement & Evaluation, Portfolio Management, Standards, Ethics & Regulations (SER) 1. Aswath Damodaran on Valuations amid COVID-19: “Go Back to Basics” Don’t abandon valuation fundamentals during the COVID-19 crisis, says Aswath […] More

  • Book Review: Active Investing in the Age of Disruption

    Book Review: Active Investing in the Age of Disruption

    Active Investing in the Age of Disruption. 2020. Evan L. Jones. John Wiley & Sons. Aggressive central bank intervention and accelerating innovation have increased the difficulty of generating alpha from value-oriented, fundamentally driven investing. The author offers well-supported solutions from the advantageous perspective of overseeing direct investments at a major university endowment. He also explains […] More

  • The COVID Catapult: Four Trends Upending the Status Quo for Women

    The COVID Catapult: Four Trends Upending the Status Quo for Women

    Women have been making progress for years, but at a glacial pace. Year after year, I see the same old bleak numbers: The more or less stagnant percentages of women in senior management, women on boards, women in finance, women in tech, women in investing. The list goes on, and while not all of these […] More

  • The Truthiness of ESG Criticism

    The Truthiness of ESG Criticism

    Joachim Klement, CFA, is the author most recently of Geo-Economics: The Interplay between Geopolitics, Economics, and Investments from the CFA Institute Research Foundation. There are two often-repeated critiques of environmental, social, and governance (ESG) investing that I really can’t stand. They have the quality of truthiness about them and are what academics sometimes call “as […] More

  • Myths of Private Equity Performance: Part III

    Myths of Private Equity Performance: Part III

    Private equity (PE) investment returns are neither reliable nor predictable. Many of my clients are prepared to accept these as facts. But one private equity myth is harder to dispel, that of the PE sector’s resilience. Unlike other asset classes, the legend goes, private equity can weather the vagaries of the economic cycle. Myth III: […] More