Article List

2008       2007       2006       2005       2004      

2008

• January
• February
  • 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
  • A Note from the Publisher
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • Economic Update
  • What's Not in Our Model Portfolios, and Why
  • Product and Strategy Notes: To Time Markets, or Not?; Two of Our Favorite Writers; Research of Note and ETFs Claymore Shut Down
  • 2007-2008 Model Portfolios Update
• March
  • This Month's Issue: Key Points
  • 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
  • The Supply of Alpha and the Returns from Active Management
  • Market Capitalization versus Fundamental Indexing: An Update
  • 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)
• April
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Legg Mason's Bill Miller and How Do We Treat Inflation in Our Portfolios?
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • 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
• May
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Nominal vs Real Calculations, Canadian Oil Trusts - Claymore's ENY and Omega Function in Optimization
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • May 2008 Economic Update
  • 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
• June
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: iShares' WOOD; Commodity Index Funds and Oil Prices and Pimco's Bill Gross' June Letter
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • The Quants' Failure, and the Metaphysics of Financial Markets
  • Product and Strategy Notes: Criminalizing Doubt? GARTX; Interesting Research; Some Perspective on the Housing Crisis and New iPath Carbon Index Exchange Traded Note
• July
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: iShares' WOOD; Commodity Index Funds and Oil Prices and Pimco's Bill Gross' June Letter
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: II's/RI's Investment Philosopy and Perspective on Fund Management Companies' Classification of Products
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • Making Sense of Rapidly Changing and Highly Uncertain Financial Markets
  • Product and Strategy Notes: CO2 Developments; Sector Rotation: Marketers vs. Academics; Research of Interest to Advisors and What Drives the Madness of Crowds?

2007

• January
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Commodities - Diversification Yield and Commodities Future Prices vs Commodities
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • The Joys of Equal Weighting
  • 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
  • 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
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • Equity Based Compensation Plans and Asset Allocation
  • Economic Inequality in Western Countries: Causes and Consequences
  • 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
• March
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: FT Articles: Commodity Index Funds' Future Contract Rollovers and VIX and Barclays' Water iShare
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • Implementing Withdrawal and Savings Strategies
  • The Potential Benefits from MacroShares
  • Style Rotation With REITS
  • Product and Strategy Notes: Recent Research Reports and STILL more ETF Products
• April
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Challenges of UK Investing and Differences in Retired Investor and Index Investor Model Portfolios
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • April 2007 Economic Update
  • 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!
• May
  • This Month's Issue: Key Points
  • 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
  • Why We Do Not Sleep Well These Days
  • 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
  • This Month's Issue: Key Points
  • 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
  • Currency Exposure: A Risk to Be Hedged, a Source of Uncorrelated Returns, or Both?
  • Whole Life Insurance As a Source of Uncorrelated Returns
  • Product and Strategy Notes: Interesting Research Papers and New Products (VEU and RYMFX)
• July
  • 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
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • Economic Update, June 2007
  • Asset Allocation and the Limits to Our Knowledge
  • Product and Strategy Notes: Sovereign Wealth Funds; Alternative Beta Funds; New Paper on Commodities; and Sustainable Portfolio Withdrawal Rates
• September
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: How Do You Value Indexes?; How Does One Invest Now?; and Currency Overlay Strategies
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • Should We Treat Art as a Separate Asset Class?
  • Jeremy Grantham's Case Against Private Equity
  • Estimating the Future Real Risk Free Interest Rate
  • Comments on the Recent Market Excitement
  • 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
• October
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Why Plum Creek and Rayonier for the Timber Asset Class?
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • September 2007 Economic Update
  • How to Raise Your Chances of Beating the Index
  • 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
  • 2006-2007 Model Portfolios Update
• November
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: What About 130/30 Funds? and Retired Investor and Tactical Trading
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • New Research on Investor Behavior
  • Thinking Clearly About Risk
  • Product and Strategy Notes: The US Housing Market; Three New Technical Papers; "Perform or Perish" - CEOs; and To CUT or Not to CUT
  • 2006-2007 Model Portfolios Update
• December

2006

• January
  • A Note from the Publisher
  • 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
  • Equity Market Valuation Update
  • Forecasting
  • 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
• February
  • This Month's Issue: Key Points
  • 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
  • Are Commodities Index Funds Overvalued?
  • Are Commercial Property Funds Overvalued?
  • 2006-2007 Model Portfolios Year-to-Date Nominal Returns
• March
  • This Month's Issue: Key Points
  • 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
  • March 2006 Economic Update
  • Rogers Int'l Comm Index TRAKRS; Active vs. Indexing (S&P and Morningstar) and US Residential Property Indexes
• April
  • 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
  • Global Asset Class Returns
  • Is Timber Overvalued?
  • Do Sector Index Funds Make Sense?
  • 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
  • Asset Class Valuation Update
• 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
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • To Annuitize or Not to Annuitize. That is the Question
  • What Happened to the Financial Markets in May?
  • Product and Strategy Notes: Technology and Active Management; Hedge Funds Update; and Update on H5N1
• June
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Investing in Commodities/Legg Mason and Index Investor's Opinion on Leveraged Index Products
  • Global Asset Class Returns
  • Asset Class Valuation Update - Revised - Includes Property, Commodities and Volatility and Updates to Sector Rotation Watch
  • Fundamental and Dividend Weighted Indexes
  • Another Month, Another Crop of New Commodity Products
  • What Do Bond Spreads Tell Us?
  • Volatility is Up: So What?
  • When And How Should You Rebalance?
  • Economic Warning Indicators Update
  • 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
• July
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Products to Protect Principal - tied to an Equity Index
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • The Exchange Traded Fund Market
  • Active Management and Risk Budgeting
  • 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?
• August
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Economic Impact on Retired Investor Portfolios
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • Uncertainty, Information and Active Management
  • Value Premium, R.I.P.?
  • 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
• September
  • This Month's Issue: Key Points
  • 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
  • Key Conclusions from the IMF World Economic Outlook
  • Volatility: A Primer
  • 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
• November
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: "What is a Market Index? - GCMI?"
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • Climate Change and Asset Allocation
  • Other Sources of Deep Systemic Risk
  • Market Microstructure: A Key to Volatility, Liquidity and Correlation Risk
  • 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
• December
  • This Month's Issue: Key Points
  • 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
  • Global Asset Class Returns
  • Asset Class Valuation Update
  • Longevity Risk
  • Private Equity Update
  • 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 Issue: Key Points
  • This Month's Letter(s) to the Editor: Dollar Cost Averaging and Use of Benchmarks
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • Socially Responsible Investing
  • Product and Strategy Notes: Fund Changes; SPIVA; Human Aging, US Housing Bubble?; Art as an Asset Class; Annuities
• February
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor: Variable Annuities and Correlation of Investment Returns to GDPs
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • Academic Research Review: Should You be a Momentum Investor?
  • Consumer Reports is Wrong
• March
  • This Month's Issue: Key Points
  • 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
  • Readers' Forum: Follow Up to Last Month's Consumer Reports Article
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • Economic Update: Semi-Annual March 2005
  • Commodity Index Returns: A Deeper Look
  • The Equally Weighted Portfolio: Pros and Cons
  • Model Portfolios Year-to-Date Nominal Returns
• April
  • This Month's Issue: Key Points
  • 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
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • 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
• May
  • This Month's Issue: Key Points
  • This Month's Letter(s) to the Editor: Investor Strategies Different Currencies and Index / ETF Correct Pricing
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • Are Equity Markets Overvalued Today?
• June
  • This Month's Issue: Key Points
  • This Month's Letter to the Editor: Separating Alpha from Beta
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • Timber as an Asset Class
  • Equity Volatility as an Asset Class
  • Economic Warning Indicators: An Update
  • 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
• July
  • 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)
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • Should You Be in Hedge Funds and Private Equity?
  • 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
• August
  • Investing in Foreign Currency Bonds
  • What are "Portable Alpha" and "Enhanced Indexing"?
  • This Month's Letter to the Editor: Foreign Currency CDs from Everbank and Equity Market Neutral Hedge Funds vs Index Investing
  • Does Foreign Commercial Property Belong in Your Portfolio?
  • Equity Market Valuation Update
  • This Month's Issue: Key Points
  • Global Asset Class Returns
• September
  • Economic Update: Semi-Annual September 2005
  • This Month's Issue: Key Points
  • Global Asset Class Returns
  • 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
  • Equity Market Valuation Update
  • 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 Letters to the Editor: Fed Chairman Bernanke and Is My FA Generating Alpha?
  • This Month's Issue: Key Points
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • Uncertainty
  • Updated Asset Class Assumptions and Evaluations
• November
  • This Month's Issue: Key Points
  • This Month's Letters to the Editor:What Constitutes High Inflation? and YTD Return on Real Return Bonds vs. Current Real Rate of Interest?
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • New Model Portfolios for 2006 - 2007
• December
  • This Month's Issue: Key Points
  • 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
  • Global Asset Class Returns
  • Equity Market Valuation Update
  • Asset Allocation: The Impact of Adding Equity Market Neutral and Volatility
  • The Uses and Misuses of Subsector Index ETFs
  • Did the IRS Just Kill Commodity Index Funds?
  • And What's Up with Canadian Income Trusts?
  • New Products Based on Bob Arnott's Fundamental Indexing Theory
  • The Financial Times Shares Our Skepticism About Private Equity
  • December, 2005 Quarterly Warning Indicators Update

2004

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