Investment Lessons from 2019

Every year, the markets provide us with lessons on prudent investment strategies. Many times, markets offer investors remedial courses, covering lessons it had taught in previous years. That’s why one of my favorite sayings is that there’s nothing new in investing, only investment history you don’t yet know. Q4 2019...

Accountability Proves the Incompetence of Market Forecasters

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Q4 2019 hedge fund letters, conferences and more Goumbik / Pixabay Market forecasters know their fallibility, which is why they rarely offer predictions with specific timeframes – it would make it too easy for fact-checkers...

Assessing the Damage Done by the SECURE Act

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Q3 2019 hedge fund letters, conferences and more Pavlofox / Pixabay The Grinch who stole Christmas is alive and well this year – in the U.S. Congress. Our representatives and senators passed a bill that...

Some Cliches are So Bad They Should Never be Used

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives Q3 2019 hedge fund letters, conferences and more nickgesell / Pixabay Click here to watch a video and learn more about Evidence Based Advisor Marketing. As an advisor, your most valuable trait is sincerity. But most...

Why Banks are Undervalued

David Ellison manages the Hennessy Large Cap Financial Fund - HLFNX and the Small Cap Financial Fund – HSFNX. As of 11/30/19, since their inception on 1/3/97, HLFNX has outperformed the Russell 1000® Financial Services Index by 75 basis points annually, and HSFNX has outperformed the Russell 2000® Financial...

Is Tesla Apple? Is Elon Musk Steve Jobs?

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Q3 2019 hedge fund letters, conferences and more This article is Part 11 of an 11-part series analysis of Tesla, Elon Musk and EV Revolution. You can read other parts here. Throughout my analysis, I...

A Historical Lesson for Investors in China

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Q3 2019 hedge fund letters, conferences and more The growth of personal savings and investment in China of the last few years has a parallel in the boom in the “old Northwest” of the...

The Mystery Behind the Trade War

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. skeeze / Pixabay The recent revival of import tariffs by the U.S. has created a puzzle. Why, in the midst of this “trade war,” has China not used the weakness in its exchange rate...

The Myth of Overdiversification

Owning a large number of stocks reduces risk. Less widely known is that it also increases expected returns. Q3 2019 hedge fund letters, conferences and more There is a tendency to think that owning a handful of stocks may be a bit riskier but have an equal likelihood of outperforming the...

Avoiding the Cost of Panic

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Q3 2019 hedge fund letters, conferences and more Investors lose massive amounts due to panic selling in down markets. More can be done about this perennial problem. This article identifies one critical action that can...

Are Electric Cars Good for the Environment?

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Q3 2019 hedge fund letters, conferences and more mmurphy / Pixabay This article is Part 5 of an 11-part series analysis of Tesla, Elon Musk and EV Revolution. You can read other parts here. My wife...

Resilient Private Income in Late-Cycle Markets

Investors have increasingly embraced private income-producing assets amid a “lower for longer” outlook for rates and credit spreads, which has reduced the perceived opportunity cost for giving up liquidity. Yet most also recognize that the sheer volume of capital being allocated can compress the very illiquidity premium they are...

The Surprising Results from S&P’s Latest SPIVA Analysis

S&P’s SPIVA scorecard provides persuasive evidence of the futility of active management. But its most recent scorecard illustrates something else – why active managers underperform even in the best performing asset class. Q3 2019 hedge fund letters, conferences and more rawpixel / Pixabay Since 2002, S&P Dow Jones Indices has published its...

Is The Shift To Passive Investing Increasing Risks?

Earlier this year, passive management was attacked in two high-profile articles. Those criticisms were proven to be false – and driven by active managers seeking to protect their livelihoods. But that still left the question, which I now examine, of whether flows to passive funds have increased certain risks. Q3...

The 60/40 Portfolio Will Outlive Us All

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives Q3 2019 hedge fund letters, conferences and more As two recent commentaries demonstrate, in their zeal to promote their agendas, asset managers are claiming that the humble 60/40 portfolio is doomed to the dustbin....

Advice and Resources for Getting Started with ESG/SRI Investing

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives Q3 2019 hedge fund letters, conferences and more rawpixel / Pixabay Every investment has an impact, whether intended or not. That’s the exciting reality. There’s a paradigm shift in the world of business and the investment...

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