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Sunday, August 25, 2019
Financial markets have become increasingly efficient, making it harder to beat them using conventional methods. While we are still in the early days, some professionals are already using the wealth of available data to apply sophisticated quantitative techniques such as […]
A barrel of oil, West Texas Intermediate, currently fetches $65 per barrel, that is a fairly decent price looking back over the past three years. Brent is closer to $70. Still a far cry from $100+ price prior to mid-2014 […]
Sacrilege, right? Over the years, have we not been taught that actively managed funds simply don’t stand a chance against the index? Well something happened last year. According to the U.S. SPIVA report, 63% of domestic funds underperformed the index […]
If you believe most marketing material, it would be easy to come to the conclusion that great ideas are the primary driver of investment performance. Examples of how a manager uncovered great companies trading at a discount or ones who […]
In the past three Market Ethos instalments, we covered the market correction and its most likely culprit, namely rising bond yields and inflation expectations. Turning points in the market are extremely hard to identify without the benefit of hindsight. But […]
The U.S. Federal Reserve has a dual mandate of targeting 2% inflation and maximum employment. They are doing a great job of achieving their employment goal with only 4.1% of Americans looking for a job and not being able to […]
Last week we wrote a piece titled “Hey Equity Markets, Bond Yields Toll for Thee.” Well, bond yields tolled alright, and equity markets found their bell rung in terms of handling rising bond yields. The U.S. ten-year topped out twice […]
The TSX has dropped over 4% this past week, the S&P 500 is down almost 4%, about the same for global equities. Could the long hiatus of supressed volatility be coming to an end? Suppose it had to at some […]
The S&P 500 is rocking new high after new high. Since the end of November, it is up 7.9% in under two months. But translate that back in to Canadian dollars and your return is a meagre 3.1%. Today the […]
It should not be lost on investors that in 2017 the S&P 500 Growth Index outperformed the S&P 500 Value Index by 13% (+25.4% vs +12.6%). These two style indices essentially break down the S&P 500 constituents based on either […]
