Is This Normal?

Is This Normal?

Last week’s volatility was higher than a typical week in the market, but it wasn’t all that unusual from a historical standpoint. Perhaps it felt scarier because 2017 was extremely unusual in that there was essentially no volatility. The chart below groups...
Why Alternatives are Bad for Your Portfolio

Why Alternatives are Bad for Your Portfolio

It’s never been easier for investors to add exposure to alternative investments into their portfolios. Liquid alternatives offering exposure to hedge-fund strategies and nontraditional asset classes through a mutual fund or ETF wrapper are becoming increasingly...
Active vs. Passive: The Wrong Debate

Active vs. Passive: The Wrong Debate

Are you an active or passive investor? This question gained prevalence in the last decade among investors and frequently invokes furious debate among financial professionals. The S&P Indices Versus Active (SPIVA) Scorecard serves as a de facto measure of who’s...
Thinking About Markets Like Piles of Sand

Thinking About Markets Like Piles of Sand

The idea of complex adaptive systems might sound overwhelming, but an experiment conducted by physicist Per Bak makes the concept easier to understand. If you drop one grain of sand at a time onto an empty table, a small, cone-shaped pile begins to form. As the pile...
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