Articles
DeepSeek Changes the Narrative
Humans thrive on stories. Psychological experiments document their effectiveness in communicating information and changing behavior. Neurologists measure the actual changes in brain chemistry that they trigger. It is no surprise then that stories drive equity markets. A compelling narrative about a technological revolution or, alternatively, a dying industry triggers investors
Election Commentary
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Third Quarter 2024 Commentary
After the NVIDIA-driven first half of the year, equity markets broadened during the third quarter. Small cap stocks, emerging and developed non-US markets posted double-digit year-to-date gains. Large cap US growth stocks still retain the lead due to their strong performance during the first half of the year.
Don’t forget about small caps!
The Importance of Small Cap Stocks in a Diversified Portfolio Small cap stocks, as defined by the popular, but flawed, Russell 2000 Index comprise approximately 6% of the total US market today. The record outperformance of large cap names over the past decade led many to neglect the role these
Active Investors in Small-cap and non-US Markets Outperformed Popular Index Funds
Over the past decade many investors abandoned actively traded mutual funds and separately managed accounts in favor of lower cost passive strategies. Morningstar recently estimated that passive funds make up 38% of the global market. The motivation for this shift stems from the belief that most active strategies do not
A tough run for the Ivys?
University endowments report their investment performance on a June 30 fiscal year-end. With the market declines last year, the 2022 performance, which tracked July 1, 2021 through June 30, 2022, reflected the double-digit declines of both the equity and bond markets. The largest university endowments posted negative returns, but outperformed