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September 1, 2014

Nails In The Hedge Fund Coffin

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The combination of the S&P 500 Index losing about 1 percent per year during the decade from 2000-2009 and a rising tide of obligations caused a “perfect storm” for public workers’ pension funds across the country. These funds increasingly began...

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Why Care What Hussman Forecasts?

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In my book, “Think, Act, and Invest Like Warren Buffett,” I noted that the Oracle of Omaha advised investors: “We have long felt that the only value of stock forecasters is to make fortune-tellers look good. Even now, Charlie (Munger)...

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Understanding Small Value ETFs

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As a continuation of our previous discussion earlier this month on small value mutual funds, today I’d like to review the metrics of some popular small value ETFs. As a reminder, the smaller and more “valuey” the stocks that a...

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The Algorithm Scam

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An algorithm is defined as a set of detailed instructions that result in a predictable end-state from a known beginning. The discovery of an algorithm that would consistently generate outsized returns would be the holy grail of investing. The individual...

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Quick Take on Fixed Income

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Q: Can you capture higher returns on a municipal portfolio by lowering its credit quality? A: Investors generally demand a higher yield when purchasing lower-credit-quality municipal bonds due to their greater risk. The assumption is the greater the risk, the...

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