Is the S&P 500 a Value Trap in 2019?

Thoughts on why the next value trap may be a passive investment in the S&P 500. #2019outlook  

The Best Defense is a Good Offense

This past quarter, the S&P 500 returned its best performing quarter since Q4 2013 with a 7.7% return.  Large cap stocks were the clear winners as investors sought the relative safety of higher cap stocks.  The Dow did even better at 9.63%.  Reinforcing investors’ flight to quality, the S&P 500 Quality Factor returned 9.87%, edging […]

Clone Score – How We Pick Managers

If you’ve followed us for any amount of time, you ’know that our Clone Score methodology is at the heart of our manager selection process.   Our process is very straight forward and not difficult to understand: We run multiple simulations (clones) that simulate investing in a manager’s disclosed holdings (e.g., largest 1, 3, 5, 10, […]

The Market Gamble – It Doesn’t Look Good for Today’s Investor

The S&P 500 has returned 10% annualized over the five years ended 6/30/2018 (13% if you include dividends). Those are great returns especially when you put them into context. The number of 5-year investment windows between 12/1949 and 6/2018 that returned an average of 10% annualized or more is 290 out of a total of […]

A New Approach to Active Investing

It’s been easy to argue against active management lately, too many funds to choose from, most of them underperform.  In an environment where the S&P 500 has returned 15% annually over the past five years (double its historical average), it’s no surprise investors are fleeing active funds for passive ETFs.   In that sense, investors […]

Investment Case: How Active Indexing Can Improve Portfolio Returns

  Image credit:  AlphaClone, proud to sponsor Paul Holton and Matt Plumb and the C360R Team in the AlphaClone McLaren 570S GT4 competing in the Continental Tire SportsCar Challenge.

The Fast Money Takes It Slow

We take a definitive look at hedge fund holding periods. We analyze holding periods for all Form 13F disclosed securities as well as for those held with high conviction. We also look at whether the length of a manager’s holding period is predictive in any way to the efficacy of following their holdings.

Active v Passive – A False Choice

The active vs passive debate continues unabated in the financial media. Passive strategies continue to accumulate assets while active strategies lose them causing many to proclaim that active investing is dead. Let’s take a step back and try to separate reality from hype.

A New Way to Unlock Investment Success

The very nature of making investment decisions is difficult – an investor can only evaluate an investment based on historical returns and/or credibility. Yet both of these attributes are poor predictors of what the investor is actually paying for – future performance. Combine this with the fact that there are nearly 30,000 investment products to […]

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