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Gold has jumped from sleepy sideshow to dominant market narrative in a short span of time. For years, owning gold did not move the needle, and only introduced unnecessary noise to investors’ portfolios. Then, in 2023, things started silently shifting in the background. Today, after a parabolic mid-summer move followed by a short correction, investors are now asking themselves...
Momentum, the tendency for recent winners to keep outperforming and losers to keep lagging, has been one of the most persistent puzzles in finance. This new paper revisits the factor with the largest and most comprehensive dataset ever assembled, spanning more than 150 years and 40 countries. The verdict is clear. Momentum works, across markets, time periods, and portfolio de...
Historically, the finance community (both academics and investment firms) has divided stocks into two categories: cheap and expensive. Initially, the book-to-price ratio was used to allocate stocks into growth (expensive) or value (cheap) indices. Other metrics, such as price-to-earnings, price-to-sales, and price-to-cash flow, are now also commonly used. What was not value w...
Over the past two decades, middle-class Americans have quietly changed how they invest. Using detailed account-level data from millions of workers between 2006 and 2018, this paper shows that the share of investable wealth held in stocks has risen—and become systematically linked to age. The driving force? The Pension Protection Act (PPA), which made ...
The guest article below was submitted via a friend who develops software that helps investors analyze data. We have no affiliation/connection to the firm, but the founder’s son is currently serving in the military, and we like to support veterans and their families. What is interesting about this case study/tool is that it highlights—at a practical level—how AI can make analy...
