Article: Active Equity Value Managers Require Style Benchmarks

From the beginning of the year through September 2020, the FTSE All-World Growth Index has outperformed the FTSE All-World Value index by 32.9%. Unfortunately, this has been the trend for the past decade, COVID-19 pandemic included. On an annualized basis, the 10-year...

Article: Momentum and Bubbles

What’s Your Prior? When a behavior leads to a positive outcome we are more likely to repeat that behavior, a phenomenon known in psychology as ‘positive reinforcement.’ Momentum trading fits this description rather well: if your winners keep winning, it’s probably a...