Do the Best Equity Fund Managers Follow the Bond Market?
There is an old adage on Wall Street: To succeed as an equity fund manager, follow interest rates and the bond markets. We decided to put that theory to the test: So, how do ...
Drivers of Value
Partnering for Impact: Institutional Investors and the Net-Zero Transition
Brian Minns, CFA, will speak at the Climate Risk and Returns Conference from CFA Institute, held 20–21 April 2023 in New York City. Partnerships among institutional investors ...
ChatGPT: Copilot Today, Autopilot Tomorrow?
For more on artificial intelligence (AI) applications in investment management, read The Handbook of Artificial Intelligence and Big Data Applications in Investments, by Larry Cao, ...
Private Credit’s Surge Has Investors Excited and Regulators Concerned
Private credit has rapidly evolved from a niche asset class into a dominant force in the global lending ecosystem, now representing an estimated $2.5 trillion industry rivaling ...
The 10 Greatest US Investors and the Virtues That Made Them
“There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is ...
ChatGPT and Generative AI: What They Mean for Investment Professionals
For more on artificial intelligence (AI) applications in investment management, read The Handbook of Artificial Intelligence and Big Data Applications in Investments, by Larry Cao, ...
Regret and Optimal Portfolio Allocations
How is risk defined in portfolio optimization objective functions? Usually with a volatility metric, and often one that places a particular emphasis on downside risk, or losing ...
Distress Investing: A Tale of Two Case Studies
With recession forecasted in many economies this year or next, distressed situations will be an important source of deals for prospective investors. But what will matter is ...
Digital Asset Markets: Five Important Themes
Digital assets have had a wild ride over the last year. Several centralized crypto companies, from the hedge fund Three Arrows Capital to the crypto exchange FTX, have failed, while ...
Currency Coordination Looks Riskier Today
The Taiwan dollar’s rapid appreciation in the second quarter led to speculation of a “Plaza Accord 2.0” — a coordinated effort to weaken the US dollar — echoing the historic 1985 ...
Do Sentiment Metrics Matter to the Markets?
Consumer spending accounts for almost 70% of nominal US GDP. As such, consumer sentiment ought to have some correlation with market performance. Financial journalists certainly ...
ChatGPT and Large Language Models: Six Evolutionary Steps
The evolution of language models is nothing less than a super-charged industrial revolution. Google lit the spark in 2017 with the development of transformer models, which enable ...
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