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Active Management Can’t Crack Inefficient Markets

Larry Swedroe unpacks the newly released year-end 2017 SPIVA report and its look at active management’s underwhelming performance. Since 2002, S&P Dow Jones Indices has published its S&P Indices Versus Active (SPIVA) scorecards, which compare the performance of actively managed equity mutual funds to their appropriate index benchmarks. The 2017 report includes 15 years of data. Following …Read More.

Fixed Income Quick Take: What Is a Bond Ladder?

Fixed Income Advisor Blerina Hysi talks through some of the benefits of well-structured bond ladders, including the ability to customize them to meet an investor’s unique needs and their implications for fixed income risk. Laddered bond portfolios can be customized to meet each investor’s unique needs. Plus, they help reduce the risk associated with investing …Read More.

Active Management Fails in Fixed Income

Larry Swedroe explains why active bond fund managers not only fail to outperform, but may also offer investors only the illusion of portfolio diversification. There is a myth that active bond fund managers want and need you to believe. It goes something like this: “Sure, active stock picking isn’t likely to work, but in fixed …Read More.

Does Active Management Pay in Bond Markets?

Does it pay to be active in fixed-income markets? To help answer that question, Martin Rohleder, chair of Finance and Banking at the University of Augsburg, examined the performance of active fund managers in his December 2017 study, “Bond Fund Performance: Does Management Activity Pay?” Study Results His data set included more than 600 corporate …Read More.

Expect Volatility

Dips in the stock market over the last few days jolted a lot of investors. But, volatility is normal, and the best course of action right now is simply to do nothing. The past two years have seen an unusually low level of volatility in the stock market. That can lead to complacency. Last week, …Read More.

Persistence Among Active Managers Remains Elusive

The latest SPIVA scorecard is out, and results show that persistence in mutual fund performance beyond the randomly expected remains out of reach for active managers. Since 2002, S&P Dow Jones Indices has published its biannual Indices Versus Active (SPIVA) reports, which compare the performance of actively managed equity funds to their appropriate index benchmarks. It …Read More.

Gurus’ Grim Tally in 2017

With 2017 now done and gone, Larry Swedroe tallies how many of last year’s “sure thing” financial predictions actually came to pass. At the start of 2017, I compiled a list of predictions that gurus had made for the upcoming year, along with some items I heard frequently from investors, for a sort of consensus …Read More.




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