June 28, 2018

Why Would Anyone Own a Mutual Fund?

I don’t understand why anyone would own a mutual fund.  I sent out slides on this already but here’s the publication too….taxes matter friends! Quote then download: —- “An ETF’s tax efficiency remains after considering the taxation of dividend income. […]
June 19, 2018

How Long?

How long until you know if that smart beta ETF you bought is delivering alpha?  Oh, I dunno, 67 years or so? Chart and download: —- —- Download Factor Fimbulwinter Website https://blog.thinknewfound.com/2018/06/factor-fimbulwinter/ Good investing, Meb Faber theideafarm.com
May 28, 2018

Will it Blend?

Age old question:  Do you rank factors individually then combine the portfolios, or average the rankings?  Which works best? Chart and download: —- —- Downloads Food for Thought: Integrating vs. Mixing Website https://www.researchaffiliates.com/ Good investing, Meb Faber theideafarm.com
February 12, 2017

Factors are not Commodities

This is from a new-ish writer and now blogger on the OSAM team.  He’s been cranking out some great research.  Below on thinking about factors… Chart then download: —- —- Downloads Factors are not Commodities Website http://www.osam.com/
January 26, 2017

It may not be my money, but it is my job.

—Charles Ellis in Investment Policy: How to Win the Loser’s Game Fun one on career risk from Research Affiliates… —- —- Downloads How Not to Get Fired with Smart Beta Investing Website https://www.researchaffiliates.com
October 1, 2016

Commercial Property and Timing Beta

Two very good recent pieces from Research Affiliates.  One on commercial real estate (I learned a lot in this one) and the second on….factor timing! Chart then download: —- —- Link to articles: Next Season’s Meager Harvest in Commercial Real […]
June 24, 2016

The Price is Right

Part II in Research Affiliates series on smart beta and valuations.  And Cliff’s response. Chart then download: —- —- Download “To Win With “Smart Beta” Ask If the Price Is Right” “My Factor Philippic” Website http://www.researchaffiliates.com/ https://www.aqr.com/ Get a Free Subscription! […]
April 21, 2016


If you’re going to allocate to an active manager, they better be different. Bonus piece on microcap factors that work. Chart then download: —- —- Download PDF Alpha or Assets A True Microcap Strategy Website http://www.osam.com/ Get a Free Subscription! […]
February 26, 2016

Flows Change Factors!

The last few times my quant friends and I have gotten together and they’ve asked what I’ve been thinking about, my answer has been “factor rotation”.  Meaning, while we all know certain factors work over time, there are times when […]
January 13, 2016

Three rules

Below are three papers and presentations on indexes and some modern applications, which sounds boring, but is actually pretty interesting. First, we have Prof Lo with a white paper on indexes. Next up is a short piece by Vanguard on smart […]
November 14, 2014

Mo Fundy Value

I haven’t read much of interest lately (if you see anything great pass along as always!). We’ve featured a lot of Research Affiliates though, and this email they look at some very simple factors back to 1960s.  Nothing you probably […]
October 6, 2013

Reducing Turnover with Smart Beta

I saw an analysis a few months ago on rebalancing portfolios sorted on CAPE monthly, which really didn’t make a lot of sense to me.  Many long term valuation metrics need a little time to work out.  Brightman talks about […]