Article List

2011       2010       2009       2008       2007       2006       2005       2004      

2011

• January
  • Emotional Regulation, Resilience, Intuition and Investment Decision Making
  • Investor Herding Risk Analysis
  • January 2011 Issue: Key Points
  • This Month's Letters to the Editor: Fundamental Indexing Approach - II's Opinion; II Looking Back Over 2010
  • Global Asset Class Valuation Updates Detail through December 31, 2010
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Overview of Our Valuation Methodology
  • Advisors' Corner: Talking to Clients Who Are (or Want to Be) Entrepreneurs
  • Global Asset Class Returns
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
• September
  • Investor Herding Risk Analysis
  • This Month's Letters to the Editor: Why the Swings in the Equity Market? What do You Think Causes this Volatility? What do You View as a Risk Free Asset Today?
  • Global Asset Class Valuation Updates Detail through August 31, 2011
  • September 2011 Issue: Key Points
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Global Asset Class Returns
  • Uncorrelated Alpha Strategies Detail
  • Overview of Our Valuation Methodology
  • Economic Situation Analysis: The Gordian Knot and Its Implications for Asset Class Returns
• October
  • Investor Herding Risk Analysis: Through September 30, 2011
  • This Month's Letters to the Editor: Reponse to Criticism of ETFs and Rhode Island - The Canary in the Coal Mine
  • Global Asset Class Valuation Updates Detail through September 30, 2011
  • October 2011 Issue: Key Points
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Global Asset Class Returns
  • The IMF's Gloomy Outlook
  • Uncorrelated Alpha Strategies Detail
  • Overview of Our Valuation Methodology

2010

• January
  • Investor Herding Risk Analysis
  • January 2010 Economic Update
  • Product and Strategy Notes: New Research Papers; Analysts' Recommendations
  • Financial Advisors' Corner
  • This Month's Letters to the Editor: Investing for Different Time Horizons; Uncorrelated Alpha Strategies- Beneficial?; Why Didn't the Three-Year Return Forecast Change?; Equally Weighted vs Model Portfolios; Why Don't You Include Emerging Bonds as an Asset Class?
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • January 2010 Issue: Key Points
  • Global Asset Class Valuation Updates Detail through December 31 2009
  • Global Asset Class Returns
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Overview of Our Valuation Methodology
  • Uncorrelated Alpha Strategies Detail
  • Feature Article: What is the Proper Role of Gold
• February
  • Investor Herding Risk Analysis
  • February 2010 Economic Update
  • This Month's Letters to the Editor: Shift from Long-Only ETF to LSC for Commodities; Your 2007 Call Was Correct - How do You Guide Readers Back Into the Market?; Why Do You Not Place More Emphasis on Risk Tolerance?
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • February 2010 Issue: Key Points
  • Product and Strategy Notes: New Research Papers: Benchmark Bias; Investment Horizon; Value Weighted Approach; Active Management Bias; Residential Property; and Commodities for Diversity
  • Feature Article: Norway Debates Factor Based Allocation and Active vs. Passive Investing
  • Global Asset Class Returns
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Global Asset Class Valuation Updates Detail through January 31, 2010
  • Overview of Our Valuation Methodology
  • Uncorrelated Alpha Strategies Detail
• March
  • Product and Strategy Notes: Investment Strategies; MSCI Barra - What Drives Long Term Equity Returns; Implications of Algorithmic Trading to Active Management Strategies; and New Products - Longevity Risk Indexes, Disturbing Trends in the ETF Market
  • Global Asset Class Returns
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Overview of Our Valuation Methodology
  • Global Asset Class Valuation Updates Detail through February 26, 2010
  • Uncorrelated Alpha Strategies Detail
  • March 2010 Economic Update: Do We Still "Have the Bubble"?
  • Investor Herding Risk Analysis
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • March 2010 Issue: Key Points
  • Advisers' Corner: What Makes Clients Tick?
  • This Month's Letters to the Editor: Changes to Attitutudes About Investing - Mad for Alpha; Does Index/Retired Have a "Black Box" Toward Your Asset Allocation Strategy?
• April
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Global Asset Class Returns
  • Product and Strategy Notes: State Street's Filed -US ETF "IBND", Claymore's "WFVK"; Investing in Bond Indexes; New Paper - Sharing Longevity Risk - A Must Read
  • Uncorrelated Alpha Strategies Detail
  • Overview of Our Valuation Methodology
  • Global Asset Class Valuation Updates Detail through March 31, 2010
  • Investor Herding Risk Analysis
  • Feature Article: What Lies Ahead for China?
  • This Month's Letters to the Editor: How Can a Retail Investor Access Volatility? Clarification of "Return Momentum"
  • April 2010 Issue: Key Points
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
• May
  • This Month's Letters to the Editor: New Advocacy of Dynamic Asset Allocation; How to Limit Volatility While Still Achieving the Goal of Hedging Inflation Risk? Many Asset Classes Overvalued Today, Would it be Prudent to Reduce One's Exposure to Them?
  • May 2010 Issue: Key Points
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • Investor Herding Risk Analysis
  • Feature Article: The Critical Challenges Posed by Leverage and Legitimacy
  • Product and Strategy Notes: "The $100 Billion Question" by Andrew Haldane; Confirmation of Diversification in Portfolios; Growing Concerns of Credit Quality; Inflation Risk and the Inflation Risk Premium; Windham Capital's Mark Kritzman - Principla Components as a Meausre of Systemic Risk; Timber; and Algorithmic Trading Programs - the Crash
  • Uncorrelated Alpha Strategies Detail
  • Overview of Our Valuation Methodology
  • Global Asset Class Valuation Updates Detail through April 30, 2010
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Global Asset Class Returns
• June
  • Global Asset Class Valuation Updates Detail through May 31, 2010
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • Global Asset Class Returns
  • Product and Strategy Notes: Developing an Agile Mindset; Good News in the U.S. Financial Regulation Bill; Impact of High Frequency Trading; Common Sense and Value Investing; Two Excellent Papers on Risk Management
  • Overview of Our Valuation Methodology
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • This Month's Letters to the Editor: How can a UK Investor Access Volatility as an Asset Class? and II Uses Crystal Ball for some of its Monte Carlo Simulation and Calculations. Do you have a preference for CB over @Risk?
  • Feature Article: Understanding and Predicting Uncertainty Shocks, Part 1
  • June 2010 Economic Update: The Joint Operating Environment
  • June 2010 Issue: Key Points
  • Investor Herding Risk Analysis
• July
  • July 2010 Economic Update
  • Investor Herding Risk Analysis
  • July 2010 Issue: Key Points
  • This Month's Letters to the Editor: Why the mix of .70 Plum Creek Timber and .30 Rayonier to Implement Your Allocation to Timber, instead of CUT ETF; How Do I Use Your Global Asset Class Valuation Analysis?; and Could you please clarify what you mean in your monthly Equity Valuation Analysis by "Low Demanded Return" and "High Demanded Return"?
  • Feature Article: Understanding and Predicting Uncertainty Shocks, Part 2
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Overview of Our Valuation Methodology
  • Product and Strategy Notes: New Analyses on Gold as an Asset Class and Financial Advisers' Corner
  • Global Asset Class Returns
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • Global Asset Class Valuation Updates Detail through June 30, 2010
• August
  • Global Asset Class Valuation Updates Detail through July 30, 2010
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Overview of Our Valuation Methodology
  • Product and Strategy Notes: New Products (CBOE - Skew Index), Citi's CLX, UK JP Morgan UCITS; New Research for Advisers and Investors; Implications of the Borg
  • Global Asset Class Returns
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • Investor Herding Risk Analysis
  • August 2010 Issue: Key Points
  • August 2010 Economic Update: Too Much Leverage and Too Little Demand
  • Feature Article: The Risk of Deflation and Its Impact on Asset Class Returns
  • This Month's Letters to the Editor: Who Would You Invite to Dinner?; How Should One Evaluate RI's Asset Class Valuation and Economic Updates?; How Did You Identify the Three Regimes You Use in Your Analysis - High Inflation, High Uncertainty and Normal Times?
• September
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • Global Asset Class Returns
  • Product and Strategy Notes: Recent Papers- Jean-Philippe Bouchaud's "The Endogenous Dynamics of Markets: Price Impact and Feedback Loops; Taming Manias: On the Origins, Inevitability, Prediction and Regulation of Bubbles and Crashes; Human Judgement is Heavy Tailed....and Are You Smarter than a CFA'er? Manager Qualificaitons and Portfolio Performance
  • Overview of Our Valuation Methodology
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Global Asset Class Valuation Updates Detail through August 31, 2010
  • This Month's Letters to the Editor: Contradictions of Low Bond Yields, High Gold Prices and High Equity Market Valuations; Very Different Market Conditions Are RI's Portfolios Invalidated? If Yes, Where Do We Go From Here?; Sovereign Debt in Question, are Real Return Bonds Truly the Risk Free Asset or is it Gold?; Government Methodolgies to Understate True Levels of Inflation and the Impact on RI's Portfolios' Allocations
  • September 2010 Issue: Key Points
  • Investor Herding Risk Analysis
  • Feature Article: The Growing Political Legitimacy Crisis
• November
  • Feature Article: Active Versus Passive Investing: A Synthesis of Recent Research
  • October/November 2010 Double Issue: Key Points
  • Investor Herding Risk Analysis
  • This Month's Letters to the Editor: Criteria Used to Reach Conclusions About Asset Class Over and Under Valuations?; What Publications Do You Find Most Useful?
  • Financial Advisors' Corner: Personality, Risk Tolerance, and Adaptation to Loss
  • Global Asset Class Valuation Updates Detail through October 31, 2010
  • Overview of Our Valuation Methodology
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • Global Asset Class Returns
  • Product and Strategy Notes: Savings Rates in US and Comparison; Influenza; Illiquidity Risk and Return Premium
• December
  • Global Asset Class Valuation Updates Detail through November 30, 2010
  • This Month's Letters to the Editor: Criteria Used to Reach Conclusions About Asset Class Over and Under Valuations?; Value of Academic Research and Application to Practitioners
  • December 2010 Issue: Key Point
  • Investor Herding Risk Analysis
  • Five Year Economic Forecast and Implications for Asset Class Returns
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • Global Asset Class Returns
  • Overview of Our Valuation Methodology
  • Table: Market Implied Regime Expectations and Three Year Return Forecast

2009

• January
  • Product and Strategy Notes: How to Deal with Real Debt Burden; Why He Madoff with Their Money; Great Writing Not to be Missed; Interesting Data Returns; Thought Provoking Research; and New Products
  • 2008 Year End Double Issue: Key Points
  • 2008 Year End Situation and Methodology Update
  • What Will We Tell The Clients?
  • This Month's Letters to the Editor: Commodies: Supply, Demand and Equilibrium; Construct of DJAIG; Benefits of ENM in Model Portfolios; Liquidity Reserves; and the Purpose of our Monthly Asset Valuation Update
  • Global Asset Class Returns
  • Asset Class Valuation Update
• February
  • February 2009 Issue: Key Points
  • Keeping an Eye on Long Term Trends
  • Product and Strategy Notes: Carbon Update; Will This Crisis Finally Change Investor Behavior?; Private Equity Update; Interesting Research; Product Reviews: JBGOUA.SW, ZGLD.SW, USO, USL, ADANX, BWZ, ISHG, IGov, PSAIX; Changes to Index Investor's Uncorrelated Alpha Allocation
  • Economic Situation Update
  • Global Asset Class Returns
  • Uncorrelated Alpha Strategies Detail
  • Asset Class Valuation Update
  • This Month's Letters to the Editor: oanda.com Currency Valuation and 2008 Crisis - Do You Still Believe in Diversification?
• March
  • March 2009 Issue: Key Points
  • Uncorrelated Alpha Strategies Detail
  • Global Asset Class Returns
  • This Month's Letters to the Editor: Why Academic Research? and Why Not More Frequent Updates on Where Markets are Headed?; Why Not Currencies as an Asset Class? Is Your Use of Uncorrelated Alpha Strategies in some of your Models Inconsistent with Your Belief in Passive Investing?
  • Economic Update: Situation, Scenarios, and Asset Allocation Implications
  • Product and Strategy Notes: Two Interesting Papers on Commodities; News of Note for Advisors; Two Interesting Hedge Fund Papers; On the Product Front and Foreign Currency Bonds....Again
  • Asset Class Valuation Update
  • Letter from the Publisher
• April
  • April 2009 Issue: Key Points
  • Economic Update: Situation, Scenarios, and Asset Allocation Implications
  • Product and Strategy Notes: Closer Look at Asset Class Returns (2006 - 2008); Bank Stress Tests; More Bad News for Active Funds; New Products and Research Papers
  • Global Asset Class Returns
  • Uncorrelated Alpha Strategies Detail
  • Asset Class Valuation Update
  • This Month's Letters to the Editor: Further Discussion About Carbon Credits as an Asset Class and Model Portfolio Performance 2004 - 2008
• May
  • May 2009 Economic Update
  • Product and Strategy Notes: Which Asset Classes are the Best Inflation Hedges?; Gold Funds in Canada; IndexIQ New Products, Other News of Note and Pandemic Briefing
  • Grounding Risk Management in Neuroscience
  • May 2009 Issue: Key Points
  • This Month's Letters to the Editor: Why Not Shorter Articles?, CUT ETF and Economic Methodology
  • Asset Class Valuation Update
  • Uncorrelated Alpha Strategies Detail
  • Global Asset Class Returns
• June
  • This Month's Letters to the Editor: Fidelity vs Schwab vs TD Ameritrade - Opinion?; Retired Investor'sAllocation Models vs MVO Models - Superior? Yes; Asset Class Valuation Updates: Possible, Likely and Probable - What They Mean; and Commodity Valuations Long/Short (LSC) or Long-only Fund?
  • Asset Class Valuation Update
  • Uncorrelated Alpha Strategies Detail
  • Global Asset Class Returns
  • June 2009 Economic Update
  • Product and Strategy Notes: Powerful Impact of Regret; More Research - Why Successful Actively Managed Funds are Rare; Did the Media Do a Good Job Predicting the 2008 Crisis?; and Rigor of Investor's Logic
  • The Role of Property in a Portfolio, Given Recent Experience
• July
  • The Outlook for Venture Capital Returns
  • July 2009 Issue: Key Points
  • July 2009 Economic and H1N1 Influenza Update
  • Product and Strategy Notes: Developing Better Foresight; Interesting New Research; Big Changes Underway for Financial Advisors; and New Products - Canada (XEM and XWD): US Leveraged and Inverse ETF Performance, UMM and DMM and UK Longevity Bonds
  • Asset Class Valuation Update
  • This Month's Letters to the Editor: LSC or GCC; VXX and VXZ ETFs; Regency Bias - Balance With New Information
  • Global Asset Class Returns
  • Uncorrelated Alpha Strategies Detail
• August
  • August 2009 Economic Update
  • Feature Article: A Letter to the New Graduate
  • Global Asset Class Valuation Updates Detail
  • August 2009 Issue: Key Points
  • This Month's Letters to the Editor: Country vs Industry Factors; Management of Client Expectations; Sold in 2007/08 What Now?
  • Product and Strategy Notes: Analysis Risk/Return AUD,CAD,CHF and GBP Based Investors; Trends, Momentum, Inefficient Markets' Argument for Index Investing, AQR Capital Products; Private Equity - Again and Four New Research Papers
  • Table: Asset Class Valuation Conclusions and 3 Month Return Momentum
  • Global Asset Class Returns
  • Uncorrelated Alpha Strategies Detail
  • Table: Market Implied Expectation of Most Likely Economic Regime
• September
  • This Month's Letters to the Editor: Retired's Position on Timber; Right Question to Ask a Fund Manager; Why not 7 Year Forecasts?'; Credit Beyond HYG
  • September 2009 Issue: Key Points
  • Global Asset Class Valuation Updates Detail
  • Product and Strategy Notes: Interesting Commodity Research; The Coming U.S. Muni Market Train Wreck; New Volatility Research; Harvard and Yale Endowment Results; and More Interesting Research
  • Feature Article: What Causes Failure?
  • September 2009 Economic Update
  • Table: Market Implied Regime Expectations
  • Uncorrelated Alpha Strategies Detail
  • Global Asset Class Returns
  • Table: One Year Asset Class Valuation Conclusions and Recent Momentum
• October
  • Product and Strategy Notes: Challenges Facing Investors in Venture Capital Funds; Improving Warning of Future Financial Crises; A New View on the Fundamental Drivers of Equity Market Returns; and The Long-Term Impact of the 2007-2008 Crisis on Financial Advisers' Compensation
  • This Month's Letters to the Editor: Oil and Gas Partnerships - Do they fit in your portfolio?; What's the best Asset Allocation Today; Is it Possible to Over-diversify a Portfolio?; PIMCO Heavy Weighting for Emerging Markets, II's thoughts?; Timber Followup
  • Global Asset Class Valuation Updates Detail
  • October 2009 Economic Update
  • Market Phase Change Risk Analysis
  • Feature Article: Equal Risk Weighted Portfolios in 2007 and 2008
  • October 2009 Issue: Key Points
  • Global Asset Class Returns
  • Table: One Year Asset Class Valuation Conclusions and Recent Momentum
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Uncorrelated Alpha Strategies Detail
• November
  • November 2009 Issue: Key Points
  • Market Phase Change Risk Analysis
  • November 2009 Economic Update
  • Global Asset Class Valuation Updates Detail
  • This Month's Letters to the Editor: What is II/RI's Perspective on Risk-based Factor Modeling? and II/RI's Definition of Alpha and Beta
  • Feature Article: Predicting Changes in Investor Behavior
  • Uncorrelated Alpha Strategies Detail
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Product and Strategy Notes: H1N1 Update, November 2009; Corporate Management Success: Luck Versus Skill; New Products; and Who Knew?
  • Table: One Year Asset Class Valuation Conclusions and Recent Momentum
  • Global Asset Class Returns
• December
  • Feature Article: End of 2009 Review: Learning From the Past, Anticipating the Future, and Adapting Quickly in the Present
  • December 2009 Economic Update
  • Investor Herding Risk Analysis
  • Global Asset Class Valuation Updates Detail
  • December 2009 Issue: Key Points
  • Table: Fundamental Asset Class Valuation and Recent Return Momentum
  • This Month's Letters to the Editor: Followup on Luck, How Does One Get Lucky?; Deloitte's Study - Skill versus Luck; Vanguard's New ETFs
  • Table: Market Implied Regime Expectations and Three Year Return Forecast
  • Global Asset Class Returns
  • A Year-End Overview of Major Asset Class Valuation Drivers and Best Regimes
  • Uncorrelated Alpha Strategies Detail
  • Overview of Our Valuation Methodology
  • Product and Strategy Notes: Four Gift Book Ideas, Muni Market Update; Commodity Futures vs. Direct Oil and Gas Investments; New Research on Alpha/Beta Allocation; and Highlights from Research Studies

2008

• January
• February
  • What's Not in Our Model Portfolios, and Why
  • 2007-2008 Model Portfolios Update
  • Product and Strategy Notes: To Time Markets, or Not?; Two of Our Favorite Writers; Research of Note and ETFs Claymore Shut Down
  • Economic Update
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Why Not Cleantech?; PTF for UK Investors?; Beinhocker's The Origin of Wealth
  • Asset Class Valuation Update
  • Global Asset Class Returns
  • A Note from the Publisher
• March
  • Product and Strategy Notes: Alpha Fees for Beta Returns; Those Who Fail to Learn from History and New ETFs (IFGL,WPS, IFAS, IFEU and IFNA)
  • This Month's Issue: Key Points
  • Market Capitalization versus Fundamental Indexing: An Update
  • The Supply of Alpha and the Returns from Active Management
  • This Month's Letters to the Editor: Value of Commodities in a Portfolio and Explaining Retired Investor's Model Portfolio Generator
  • Global Asset Class Returns
  • Asset Class Valuation Update
• April
  • Asset Class Valuation Update
  • Global Asset Class Returns
  • This Month's Letters to the Editor: Legg Mason's Bill Miller and How Do We Treat Inflation in Our Portfolios?
  • Investing in the Anglosphere: Who is the Fairest of Them All?
  • Product and Strategy Notes: New Products ICI, DBV, RYFOX, WIP, and WCWI; More Criticism of Private Equity and Search for Alpha
  • This Month's Issue: Key Points
• May
  • Product and Strategy Notes: Interesting New Research; New ETF Products - RWO, GRI, FFR, CYB, ICN, UHN and DYY/DEE; Canadian Asset Allocation ETFs; Vanguard & Russell Retirement Products; and New Research Investing After Retirement
  • This Month's Issue: Key Points
  • Asset Class Valuation Update
  • Global Asset Class Returns
  • This Month's Letters to the Editor: Nominal vs Real Calculations, Canadian Oil Trusts - Claymore's ENY and Omega Function in Optimization
  • May 2008 Economic Update
• June
  • This Month's Issue: Key Points
  • Product and Strategy Notes: Criminalizing Doubt? GARTX; Interesting Research; Some Perspective on the Housing Crisis and New iPath Carbon Index Exchange Traded Note
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • The Quants' Failure, and the Metaphysics of Financial Markets
  • This Month's Letters to the Editor: iShares' WOOD; Commodity Index Funds and Oil Prices and Pimco's Bill Gross' June Letter
• July
  • This Month's Letters to the Editor: II's/RI's Investment Philosopy and Perspective on Fund Management Companies' Classification of Products
  • Making Sense of Rapidly Changing and Highly Uncertain Financial Markets
  • This Month's Letters to the Editor: iShares' WOOD; Commodity Index Funds and Oil Prices and Pimco's Bill Gross' June Letter
  • Asset Class Valuation Update
  • Global Asset Class Returns
  • This Month's Issue: Key Points
  • Product and Strategy Notes: CO2 Developments; Sector Rotation: Marketers vs. Academics; Research of Interest to Advisors and What Drives the Madness of Crowds?
  • This Month's Issue: Key Points
• September
  • Product and Strategy Notes: Profitability of Active Managers and Other News from the Private Equity Front
  • Possible Implications of Some Trends that Cannot Continue
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: How is II/RI Sleeping These Days? US Presidential Election, Weighted Portfolio Research and Pure Alpha Strategies
  • Looking Back on the 2007 Credit Crisis
  • Asset Class Valuation Update
  • Global Asset Class Returns
• October
  • This Month's Letters to the Editor: Australian and Canadian Real Return Bonds - How Can Non Residents Invest? and Thoughts on how Financial Service Industry Will Evolve
  • This Month's Issue: Key Points
  • Economic and Asset Allocation Update
  • Asset Class Valuation Update
  • Global Asset Class Returns
  • Product and Strategy Notes: Is a Financial Crisis a Normal Accident?; New Products and Studies; and The Supply of and Demand for Commodity Index Returns
  • This Month's Letters to the Editor: Australian and Canadian Real Return Bonds - How Can Non Residents Invest? and Thoughts on how Financial Service Industry Will Evolve
  • This Month's Issue: Key Points
• November
  • This Month's Issue: Key Points
  • Product and Strategy Notes: Interesting New Papers and Products; Debt, Deflation - and Depression?
  • Are Emerging Market Equities Undervalued?
  • This Month's Letters to the Editor: Where Do We as Investors Go Now?
  • Global Asset Class Returns
  • Asset Class Valuation Update

2007

• January
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • The Joys of Equal Weighting
  • This Month's Letters to the Editor: Commodities - Diversification Yield and Commodities Future Prices vs Commodities
  • This Month's Issue: Key Points
  • January 2007 Economic Early Warning Indicators Update
  • Product and Strategy Notes: Four More "Active Indexes" from Claymore Securities; SEC Raises Bar for Investing in Hedge Funds; Financial Planning and Investor Behavior; and World Wealth Distribution
• February
  • Product and Strategy Notes: Equity Risk Premium; More Bad News for Hedge Funds Managers; Mutual Fund Performance; and One More Example Why Active Management is So Hard
  • Economic Inequality in Western Countries: Causes and Consequences
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Carry Trade; Research Links; ETF Based on Credit Derivative Index; Correlation of Asset Classes and Australia vs US Debt Levels
  • Equity Based Compensation Plans and Asset Allocation
  • Asset Class Valuation Update
  • Global Asset Class Returns
• March
  • This Month's Letters to the Editor: FT Articles: Commodity Index Funds' Future Contract Rollovers and VIX and Barclays' Water iShare
  • Implementing Withdrawal and Savings Strategies
  • Asset Class Valuation Update
  • Global Asset Class Returns
  • Style Rotation With REITS
  • Product and Strategy Notes: Recent Research Reports and STILL more ETF Products
  • The Potential Benefits from MacroShares
  • This Month's Issue: Key Points
• April
  • This Month's Issue: Key Points
  • Becoming a Better Alpha Investor
  • Product and Strategy Notes: Global Capital Markets Portfolio, New Research on Asset Pricing Models and All Aboard the Private Equity Express!
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • April 2007 Economic Update
  • This Month's Letters to the Editor: Challenges of UK Investing and Differences in Retired Investor and Index Investor Model Portfolios
• May
  • Why We Do Not Sleep Well These Days
  • This Month's Letters to the Editor: Model Portfolio Parameters and Transition Issues from Accumulation to Decummulation
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • This Month's Issue: Key Points
  • Global Market Cap vs Equally Weighted Portfolios; Gee, What a Clever Idea!; Other Articles You Shouldn't Miss; New Planning Software from Windham and Interesting Research for Retirees
• June
  • Currency Exposure: A Risk to Be Hedged, a Source of Uncorrelated Returns, or Both?
  • This Month's Letters to the Editor: Responses and Inquiries to "Why We Don't Sleep Well at Night?"
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • Product and Strategy Notes: Interesting Research Papers and New Products (VEU and RYMFX)
  • This Month's Issue: Key Points
  • Whole Life Insurance As a Source of Uncorrelated Returns
• July
  • Product and Strategy Notes: Sovereign Wealth Funds; Alternative Beta Funds; New Paper on Commodities; and Sustainable Portfolio Withdrawal Rates
  • Asset Allocation and the Limits to Our Knowledge
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Shortcomings of Academic Research; "Black Swan" Event; and Taxable vs Tax-exempt Considerations to Whole Life Insurance
  • Economic Update, June 2007
  • Asset Class Valuation Update
  • Global Asset Class Returns
• September
  • Comments on the Recent Market Excitement
  • Jeremy Grantham's Case Against Private Equity
  • This Month's Issue: Key Points
  • Estimating the Future Real Risk Free Interest Rate
  • Product and Strategy Notes: Bad News for Technical Trading Rules; Investing in Emissions Certificates: An Update; More Evidence on Why Active Managers' Success is So Often Self-Defeating; Interesting New Products - For a Variety of Reasons; and Pension Plan Design and Retirement Saving Adequacy
  • Asset Class Valuation Update
  • Global Asset Class Returns
  • This Month's Letters to the Editor: How Do You Value Indexes?; How Does One Invest Now?; and Currency Overlay Strategies
  • Should We Treat Art as a Separate Asset Class?
• October
  • How to Raise Your Chances of Beating the Index
  • This Month's Issue: Key Points
  • 2006-2007 Model Portfolios Update
  • Product and Strategy Notes:An International Bond ETF for US Investors; New Research on Commercial Property as an Asset Class; A New Comparison of DFA and Vanguard; Learning From Our Mistakes; and New Research - Challenges Facing Retired Investors
  • Asset Class Valuation Update
  • Global Asset Class Returns
  • This Month's Letters to the Editor: Why Plum Creek and Rayonier for the Timber Asset Class?
  • September 2007 Economic Update
• November
  • This Month's Issue: Key Points
  • Thinking Clearly About Risk
  • 2006-2007 Model Portfolios Update
  • Product and Strategy Notes: The US Housing Market; Three New Technical Papers; "Perform or Perish" - CEOs; and To CUT or Not to CUT
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • New Research on Investor Behavior
  • This Month's Letters to the Editor: What About 130/30 Funds? and Retired Investor and Tactical Trading
• December

2006

• January
  • Product and Strategy Notes: Another Look at Avian Flu, Mervyn King's Speech (Governor Bank of England), New US Commodity ETF (DBC) and and Yale/Harvard
  • 2006-2007 Model Portfolios Year-to-Date Nominal Returns
  • A Note from the Publisher
  • Forecasting
  • Equity Market Valuation Update
  • This Month's Issue: Key Points
  • This Month's Zero Percent Trigger for Rebalancing Strategy and How to Position Portfolios Under Different Crises Situations
  • Global Asset Class Returns
• February
  • 2006-2007 Model Portfolios Year-to-Date Nominal Returns
  • This Month's Issue: Key Points
  • Are Commercial Property Funds Overvalued?
  • Are Commodities Index Funds Overvalued?
  • This Month's Letters to the Editor: What Caused Changes to Weights in Model Portfolios and Are Real Return Bonds Overvalued?
  • Global Asset Class Returns
  • Equity Market Valuation Update
• March
  • March 2006 Economic Update
  • This Month's Letters to the Editor: Definitions of Return; Correlation of Commodities with other Asset Classes; Rebalancing vs. Winners/Losers; How Fall of Dollar Affects Different Currencies and Investments; and I'm Retired How do I Maximize My Return?
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • This Month's Issue: Key Points
  • Rogers Int'l Comm Index TRAKRS; Active vs. Indexing (S&P and Morningstar) and US Residential Property Indexes
• April
  • New Lyxor ETF (Jeffries CRB Commodities Index); KKR's Private Equity LLP; Asset Risk Premiums; Windham Capital's Asset Allocation Software and Paper from Bank of International Settlements
  • Do Sector Index Funds Make Sense?
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Indexing vs Active Management; Stop-Loss Orders; Commodities Feb Issue vs March Issue; MLM Commodity Index and Gold Tilt in Commodities and UBS Research on Commodities
  • Is Timber Overvalued?
  • Asset Class Valuation Update
  • Global Asset Class Returns
• May
  • Product and Strategy Notes: Technology and Active Management; Hedge Funds Update; and Update on H5N1
  • What Happened to the Financial Markets in May?
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Convergent/Divergent Investment Strategy; EMN Funds vs Long/Short Equity Funds; Equity Market Neutral in Portfolios; YTD PCRDX Performance; Japan Overvalued?; Forecasting Volatility; Portfolios During Economic Downturn; Timber and Residential Property; Concentration of Swiss Equities in Swiss Portfolios; Changing Asset Allocations; and Index Investor vs. Retired Investor's Portfolios
  • To Annuitize or Not to Annuitize. That is the Question
  • Asset Class Valuation Update
  • Global Asset Class Returns
• June
  • Another Month, Another Crop of New Commodity Products
  • This Month's Issue: Key Points
  • Volatility is Up: So What?
  • Economic Warning Indicators Update
  • When And How Should You Rebalance?
  • What Do Bond Spreads Tell Us?
  • Product and Strategy Notes: Depressing Dalbar Study; More 401(k) Fund Choice; Residential Propert: Is a Crash on the Horizon; Poor Man's Alpha; New RYDEX Foreign Currency ETF
  • Asset Class Valuation Update - Revised - Includes Property, Commodities and Volatility and Updates to Sector Rotation Watch
  • Global Asset Class Returns
  • This Month's Letters to the Editor: Investing in Commodities/Legg Mason and Index Investor's Opinion on Leveraged Index Products
  • Fundamental and Dividend Weighted Indexes
• July
  • The Exchange Traded Fund Market
  • This Month's Letters to the Editor: Products to Protect Principal - tied to an Equity Index
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • Product and Strategy Notes: Why is the IMF Worried?; Asset Classes and Return Generating Process; It's Time for a Canadian Revolt; and How are Benchmark Indexes Chosen?
  • This Month's Issue: Key Points
  • Active Management and Risk Budgeting
• August
  • Product and Strategy Notes: New Commodity ETFs; Why is the Distribution in Retirement Wealth So Wide?; Jackson Hole and Globalization; and On Money and Meaning
  • Value Premium, R.I.P.?
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Economic Impact on Retired Investor Portfolios
  • Uncertainty, Information and Active Management
  • Asset Class Valuation Update
  • Global Asset Class Returns
• September
  • Key Conclusions from the IMF World Economic Outlook
  • This Month's Letters to the Editor: Comparison of Equity Market Neutral Funds: HSGFX, JAMNX, ANGLX, OGNAX and RYMQX
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • Product and Strategy Notes: Private Equity Index Fund Registered; 3 Hedge Fund Studies; New Actively Managed ETFs; www.flexibleretirementplanner.com; and IMF - Future Commodity Prices
  • This Month's Issue: Key Points
  • Volatility: A Primer
• November
  • Asset Class Valuation Update
  • Global Asset Class Returns
  • This Month's Letters to the Editor: "What is a Market Index? - GCMI?"
  • Climate Change and Asset Allocation
  • Other Sources of Deep Systemic Risk
  • This Month's Issue: Key Points
  • Recent Research on Investor Decision Making
  • Product and Strategy Notes: BIS Endorses Euro as Reserve Currency, Canadian Income Trusts, "Infrastructure", and US Investors - International Commercial Property Exposure Option
  • Market Microstructure: A Key to Volatility, Liquidity and Correlation Risk
• December
  • Asset Class Valuation Update
  • Global Asset Class Returns
  • This Month's Letters to the Editor: How do you Invest in Australian and Canadian Real Return Bonds? and Index Investors' vs Efficient Frontier's Position on Commodities
  • Longevity Risk
  • Private Equity Update
  • This Month's Issue: Key Points
  • Product and Strategy Notes: Harry Kat's Papers; Energy Master Limited Partnerships; Momentum Investing; Concentrated Portfolio - Skilled Active Management?; Residential Rent/Price Ratio; and the Right Ex-Ante Equity Risk Premium

2005

• January
  • This Month's Letter(s) to the Editor: Dollar Cost Averaging and Use of Benchmarks
  • Product and Strategy Notes: Fund Changes; SPIVA; Human Aging, US Housing Bubble?; Art as an Asset Class; Annuities
  • Equity Market Valuation Update
  • Socially Responsible Investing
  • Global Asset Class Returns
  • This Month's Issue: Key Points
• February
  • This Month's Letters to the Editor: Variable Annuities and Correlation of Investment Returns to GDPs
  • Consumer Reports is Wrong
  • Equity Market Valuation Update
  • Academic Research Review: Should You be a Momentum Investor?
  • Global Asset Class Returns
  • This Month's Issue: Key Points
• March
  • This Month's Letter(s) to the Editor: Market Timing with Asset Classes Overvalused, Use of Real Return Bonds vs. Stocks in Retirement Portfolios and MITTS
  • Economic Update: Semi-Annual March 2005
  • Model Portfolios Year-to-Date Nominal Returns
  • Global Asset Class Returns
  • Commodity Index Returns: A Deeper Look
  • Equity Market Valuation Update
  • The Equally Weighted Portfolio: Pros and Cons
  • Readers' Forum: Follow Up to Last Month's Consumer Reports Article
  • This Month's Issue: Key Points
• April
  • Global Asset Class Returns
  • This Month's Issue: Key Points
  • A Closer Look at Social Security Reform in the United States
  • Product and Strategy Notes: Lifecycle Funds, MSCI's New Global Capital Market Index, Regulatory Action, On the Commercial Property Front
  • Equity Market Valuation Update
  • This Month's Letter(s) to the Editor: Index Certificates of Depost from Evergreen, Index Linked Bonds Options, TIPs vs Short-term Nominal Return Bonds and Life Expectancy Variable
• May
  • This Month's Letter(s) to the Editor: Investor Strategies Different Currencies and Index / ETF Correct Pricing
  • Equity Market Valuation Update
  • Are Equity Markets Overvalued Today?
  • Global Asset Class Returns
  • This Month's Issue: Key Points
• June
  • This Month's Letter to the Editor: Separating Alpha from Beta
  • Equity Market Valuation Update
  • Equity Volatility as an Asset Class
  • Timber as an Asset Class
  • Product and Strategy Notes: Retirement: Income, Spending and Satisfaction, US MICRO ETFs on the Way, New Real Return Product for Eurozone and US, New PIMCO Fund Linked to Arnott Index, Bad News for Active UK and Eurozone Investors
  • Economic Warning Indicators: An Update
  • This Month's Issue: Key Points
  • Global Asset Class Returns
• July
  • Product and Strategy Notes: New Commodity Index Product, Competition for DFA, New Rydex Hedge-Type Fund, Cost of Active Management, Latest S&P SPIVA's Report and New Bridgewater "All Weather Funds" in Australia
  • This Month's Issue: Key Points
  • This Month's Letter to the Editor: Rise in Real Interest Rates -Impact on Real Return Bond Allocations and T.Rowe Price and Oppenheimer International Bond Funds (Alternatives)
  • Should You Be in Hedge Funds and Private Equity?
  • Equity Market Valuation Update
  • Global Asset Class Returns
• August
  • This Month's Letter to the Editor: Foreign Currency CDs from Everbank and Equity Market Neutral Hedge Funds vs Index Investing
  • Investing in Foreign Currency Bonds
  • Equity Market Valuation Update
  • Global Asset Class Returns
  • What are "Portable Alpha" and "Enhanced Indexing"?
  • Does Foreign Commercial Property Belong in Your Portfolio?
  • This Month's Issue: Key Points
• September
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • Economic Update: Semi-Annual September 2005
  • This Month's Letter to the Editor: Foreign Equity-Separate Asset Classes?; Couch Potato vs. US Dollar Asset Allocation YTD Returns, and Phil Coggan (FT) / Cash
  • This Month's Issue: Key Points
  • Product and Strategy Notes: Oil ETF vs. Commodity Indexes, Reader Comments: Everbank Minimums, USDX, VSTOXX vs. VIX, IPOX-30; and Canada (Active vs. Passive)
• October
  • This Month's Issue: Key Points
  • Updated Asset Class Assumptions and Evaluations
  • Uncertainty
  • This Month's Letters to the Editor: Fed Chairman Bernanke and Is My FA Generating Alpha?
  • Global Asset Class Returns
  • Equity Market Valuation Update
• November
  • This Month's Letters to the Editor:What Constitutes High Inflation? and YTD Return on Real Return Bonds vs. Current Real Rate of Interest?
  • New Model Portfolios for 2006 - 2007
  • Equity Market Valuation Update
  • Global Asset Class Returns
  • This Month's Issue: Key Points
• December
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • Asset Allocation: The Impact of Adding Equity Market Neutral and Volatility
  • This Month's Letters to the Editor:MVO-Geometric Return, II's Rebalancing Method, Broad Hedge Fund to Equity Market Neutral, Funds for Foreign Commerical Property, Correction to Oct 05 Issue, and Clarification of New Asset Weights
  • And What's Up with Canadian Income Trusts?
  • The Financial Times Shares Our Skepticism About Private Equity
  • This Month's Issue: Key Points
  • The Uses and Misuses of Subsector Index ETFs
  • Did the IRS Just Kill Commodity Index Funds?
  • New Products Based on Bob Arnott's Fundamental Indexing Theory
  • December, 2005 Quarterly Warning Indicators Update

2004

• January
  • Delivering Superior Returns: the CEO's Perspective
  • Equity Market Valuation Update
  • This Month's Letter to the Editor
  • Global Asset Class Returns
  • This Month's Issue - Key Points
  • The Case for Active Management
• February
  • Annual Research Review Part One: Has the Death of Efficient Markets Theory Killed Indexing Too?
  • This Month's Issue - Key Points
  • Global Asset Class Returns
  • This Month's Letter to the Editor
  • Equity Market Valuation Update
  • Annual Research Review Part Two: Product and Strategy Implications
• March
  • This Month's Letter to the Editor
  • Equity Market Valuation Update
  • Product and Strategy Notes
  • Economic Update
  • This Month's Issue - Key Points
  • Global Asset Class Returns
• April
  • Saving for College - Choosing the Best Vehicle
  • This Month's Issue - Key Points
  • Global Asset Class Returns
  • This Month's Letter to the Editor
  • Equity Market Valuation Update
  • 529 Plan Asset Allocation Issues
• May
  • Equity Market Valuation Update
  • Product and Strategy Notes
  • This Month's Letter to the Editor
  • This Month's Issue - Key Points
  • Global Asset Class Returns
  • Global Aging and Asset Class Returns
• June
  • Should You Tilt Toward Small Cap Equities?
  • Global Asset Class Returns
  • This Month's Issue - Key Points
  • This Month's Letter to the Editor
  • Product and Strategy Notes
  • Equity Market Valuation Update
• July
  • The Summer Financial Humor Column: "Irreconcilable Differences"
  • Equity Market Valuation Update
  • This Month's Letters to the Editor
  • Global Asset Class Returns
  • This Month's Issue - Key Points
  • Product and Strategy Notes
  • Who Is the Real Fool?
• August
  • Equity Market Valuation Update
  • Product and Strategy Notes
  • This Month's Letter to the Editor
  • This Month's Issue - Key Points
  • Global Asset Class Returns
  • Research Roundup: Making the Case for Active Management
• September
  • Semi-Annual Global Economic Update
  • This Month's Issue - Key Points
  • Global Asset Class Returns
  • This Month's Letter to the Editor
  • Equity Market Valuation Update
  • Hesh Reinfeld: Forecasting Marital Compatibility
• October
  • Tax-tips: Long Term Strategies
  • Should You Tilt Toward Mid-Cap Equities?
  • Global Asset Class Returns
  • This Month's Issue: Key Points
  • This Month's Letter to the Editor
  • How Big is the Global Market Portfolio?
  • Equity Market Valuation Update
• November
  • Global Asset Class Returns
  • This Month's Issue: Key Points
  • DFA versus Vanguard: The All-Stars Compared
  • Product and Strategy Notes: ETF Tracking Error, Bequest Motives, Source of Commodities Index Returns, New Gold ETF and Econ Update
  • Equity Market Valuation Update
  • This Month's Letter to the Editor: Inflation Assumptions
• December
  • Global Asset Class Returns
  • This Month's Issue: Key Points
  • Investing in Debt Markets
  • Financial Humor From Hesh: The Ultimate Collectible
  • Equity Market Valuation Update
  • This Month's Letter(s) to the Editor: Rogers Raw Materials, Global Comm Prop Index and DFA/Vanguard Comments