Inflation this year has been running at more than four times the Federal Reserve’s target of 2%, forcing the central bank to raise interest rates multiple times. As a result, both the stock market and the bond market have been struggling. This has investors searching for alternatives. At the top [...]
All Duration Investing
Insurance companies are disproportionately represented among the oldest companies in the world. John Hancock was founded in the 1860s. Cigna dates to the 1700s. Some are even older. Why is that? In my opinion, it’s because they employ a strategy called asset-liability matching. In simple terms, [...]
Book smart
James Choi is a professor. But in a recent paper titled “Popular Personal Financial Advice versus the Professors,” Choi played the role of (somewhat) neutral arbiter. The question he sought to answer: Do popular—that is, non-academic—personal finance books offer advice consistent with the academic [...]
ESG investing: four questions
You may be familiar with the term ESG. This is an investment approach that–in addition to traditional financial metrics–also weighs environmental, social and corporate governance considerations in making investment decisions. ESG isn’t new, but it’s stirred up a fair amount of controversy [...]
ETFs: The most frequently asked question
Exchange-traded funds (ETFs) are popular, but their structure is complex. That can make them difficult to understand. The question I hear most frequently is: Are ETFs more tax-efficient than traditional mutual funds? The evidence suggests they are. One recent study, for example, found that ETFs [...]
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