December 11, 2019
Understanding the origins of wealth inequality is critical in the debate over what, if anything, to do about it. Are investment fees and taxes really to blame, or is there something else at play?
January 14, 2019
Investing is arguably about making predictions and placing bets accordingly – but there are some strategies where your predictions are correct, but you lose money anyway!
December 18, 2018
By Victor Haghani and James White Most of us working in the finance industry are used to being regularly called on to predict where different assets are heading. We figure […]
October 31, 2018
By Victor Haghani and James White Last week two of our favorite financial journalists – the WSJ’s Jason Zweig and Bloomberg’s Matt Levine – covered the Mega Millions lottery featuring […]
August 30, 2018
By Victor Haghani and James White We are often asked for our estimate of the long-term return of the equity market. Our framework currently indicates 5.3% above inflation for global […]
April 6, 2018
By Victor Haghani and James White Most of us associate the maxim “A penny saved is a penny earned” with Benjamin Franklin, but what he actually said is far more […]
February 26, 2018
By Victor Haghani and James White The ongoing attack on stock-picking waged over the past 65 years now clearly has the upper hand. Early combatants included Markowitz, Samuelson, Sharpe, Fama, […]
November 26, 2017
By James White and Victor Haghani Early in the 1950s, academics and investors started proposing in earnest a variety of summary statistics to capture in a single number the quality […]
November 20, 2017
By Victor Haghani and James White The 12-month winning streak of the stock market through the end of October reminded me of a Friday afternoon on the Salomon trading floor […]
November 9, 2017
By Victor Haghani A few nights ago at the dinner table, I was ritually lamenting my unsuccessful efforts to lose a few pounds. My son Mark, now a high school […]
October 17, 2017
By Victor Haghani “I don’t know.” That was the only answer I had to each of my dad’s questions. It was very dark as we wandered the streets near my […]
October 2, 2017
By Victor Haghani and James White This post was first published on Bloomberg Prophets. There may be many reasons to worry about the current record price levels of U.S. equities, […]
August 7, 2017
By Victor Haghani and James White A few weeks ago, one of our investors told us she had some cash that she wanted to add to her account with us, […]
March 8, 2017
By Victor Haghani and James White A few friends recently asked me how to go about putting more of their savings into the stock market. Is it better to jump […]
February 14, 2017
By Victor Haghani and James White The key issue in investments is estimating expected return. – Fischer Black Introduction You’re probably familiar, at least in passing, with the ‘convexity’ of […]
January 24, 2017
By Victor Haghani and James White In a world of low rates and high stock prices, it’s natural that many investors are looking for ways to earn a good return […]
December 9, 2016
By Victor Haghani and Andrew Morton A thought experiment: You can invest your wealth in only two assets: a risk-free one and a market portfolio of all public equities. Your […]
October 26, 2016
By Victor Haghani and Richard Dewey Introduction You’re invited to a talk by a former hedge fund manager who was a partner at a fund that famously flopped about twenty […]
March 23, 2016
It seems just about everyone I talk to these days is underwhelmed by the long-term expected return of the global stock market. I too am more worried than normal about […]
August 21, 2015
In this short video, we’ll discuss the five perspectives on stock market risk – and, more importantly, which is the most relevant for you and your various investing objectives.
August 21, 2015
The Wall Street Journal publishes 10,000 different numbers every day…but you won’t find the one that’ll help you decide how much to save or how to invest your savings. In […]
August 19, 2015
A few months ago we posted a short video, titled ‘The Most Important Number You Won’t Find in the Wall Street Journal,’ which described a simple way to forecast the […]