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With 2018 upon us, CFA Society Chicago hopes its members, partners and other industry professionals had an enjoyable and profitable 2017. As we reflect on the past 12 months, we would like to provide readers of the CFA Society Chicago NewsBrief a look at the most read articles from CFA Institute's Enterprising Investor. Our regular publication will resume Jan. 9.
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CFA Institute's Enterprising Investor
From Feb. 28: It’s hard to beat some indexes. That doesn’t mean it’s hard to beat an index. Ignore the knowing rhetoric from newspapers that come free with hotel rooms. So beating an index is at least not as hard as it seems. And as experienced investors know, there are markets where capital is better spent than indexed.
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CFA Institute Enterprising Investor
From Aug. 22: It only decreases trust and credibility. Why did I lead with this bold title and subheading? Because a large investment firm recently made bold assertions that I found quite intriguing: “Contrary to popular belief, some [active] mutual funds do beat the index on a consistent basis,” and its “select” group of funds, in particular, “beat the index ... 93 percent of the time.”
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CFA Institute's Enterprising Investor
From March 7: “There are about 8,000 planes in the air and 100 really good pilots.” A number of years ago, Ray Dalio of Bridgewater Associates was asked how many hedge funds are worth investing in. That quote was his response. And Dalio should know. One of the all-time great hedge funds, Bridgewater manages around $150 billion for many of the largest institutional investors in the world.
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CFA Institute Enterprising Investor
From July 18: “I want you to remember this: Whenever you see something with the phrase ‘new valuation paradigm,’ run.” That was some of the earliest investment advice from my dad that I can remember. It was easy to adhere to back then: I was managing a portfolio of Pokemon cards. Later, in 2007, my boss at Oppenheimer & Company turned me on to the writings of Jeremy Grantham. After reading how Grantham’s investors abandoned him in 2000 and again in 2007, I promised myself the next time Grantham, Mayo, Van Otterloo & Co. (GMO) experienced comparable outflows, I would reevaluate my strategy.
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CFA Institute's Enterprising Investor
From March 21: What will the client base of the future look like? As investment firms chart their paths going forward, that is a key question. And millennials are an important group to consider. As they gain wealth, their preferences for investment services may well be different than those of previous generations. Part of the reason for the focus on millennials, at least in the United States, is the sheer size of this demographic.
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CFA Institute Enterprising Investor
From Oct. 17: Robert S. Kaplan, president and CEO of the Dallas Federal Reserve Bank, outlined four factors impeding the U.S. and global economies during his “fireside chat” with PIMCO’s Marc P. Seidner, CFA, at the 2017 CFA Institute Fixed-Income Management Conference. What they all amount to, according to Kaplan are, “sluggish expectations for future growth.”
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CFA Institute's Enterprising Investor
From May 9: We have questioned many orthodoxies of modern portfolio theory (MPT) in this series, challenging currently accepted models of financial markets and exploring the decline of MPT and the folly of using volatility as a measure of investment risk. But in undermining the foundations of MPT, what do we propose to take its place?
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CFA Institute's Enterprising Investor
From May 23: What can we do to inspire the renaissance in active equity portfolio management? Over the course of The Active Equity Renaissance series, we have dismissed the broken 1970s model of portfolio management and the cult of emotion. We also charted the rise and fall of modern portfolio theory, considered new frontiers of risk assessment, and discussed behavioral portfolio management concepts. But how do we revive and sustain active equity?
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CFA Institute Enterprising Investor
From Oct. 3: Investors and their advisers should accept that there is life after modern portfolio theory (MPT), C. Thomas Howard said in his discussion on behavioral finance at the 70th CFA Institute Annual Conference. His presentation and the Active Equity Renaissance series he co-authored with Jason Voss, CFA, call for the demise of MPT and the capital asset pricing model (CAPM).
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CFA Institute's Enterprising Investor
From Feb. 21: A lot changes in a year. Twelve months ago, stocks welcomed 2016 with a double-digit decline. Fears of recession took hold as oil spiraled downward to $26 per barrel and the specter of deflationary collapse gripped the market. There is a common Wall Street adage about investor psychology: “Nothing changes sentiment quite like price,” and many sentiment measures registered levels unseen since the financial crisis.
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