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Why Worry About Survivorship Bias?
For actively managed US equity mutual funds over the period from 1991 to 2020, survivorship bias overstates the median fund alpha by 0.60% per year: The median fund alpha … Read More
An Exceptional Value Premium
It’s probably not news to most value investors that the value premium has struggled over the past decade. What might be news is just how extreme an outlier recent value … Read More
The Sleeping Giant: Value’s Dormant not Dead
In contrast to literary tales of sleeping giants who awaken and immediately unleash their power, things are often less predictable in the real world. When it comes to investing, sometimes … Read More
What History Tells Us About Elections and the Market
Investors often wonder whether the market will rise or fall based on who is elected president. The data show that capturing the long-term returns of the capital markets does not … Read More
Why Average Investors Earn Below Average Market Returns
Trust me, it’s not “different this time.” No one could have predicted COVID-19 in a specific sense. Yet, what we can 100% count on is that there will always be … Read More
Finke, Blanchett on 4% Rule: Retirement Success Is Flexibility, Not Fixation
A major shortcoming of the traditional four percent retirement rule is that you are subject to sequence of return risk. A major market correction at an inopportune time drastically increases … Read More
How The Fundamental Attribution Error And Hindsight Bias Can Lead To Poor Investing
We all know that we have biases—ways that we choose to filter the world so we can make sense of it. Learn how these biases can lead to poor investing … Read More