Oakmark Funds’ Bill Nygren in this quarterly commentary describes in detail how his team responded to tariff-induced market perturbations in April that led to “the shortest bear market ever.” Read Now
RBA Advisors in this Monthly Insight article examines the investment virtues of dividends at a time when “investors’ guidelines regarding the basics of building wealth seem distorted by the current speculative period.” Read Now
Freddie Lait of Latitude Investment Management in this investor letter examines his experiences in sticking with three stocks – AutoZone, Dollar Tree and Diageo – when investors en masse were selling. Read Now
Arguing that “water technology – encompassing solutions for water management, purification, conservation, reuse and generation – is a cornerstone of sustainable industrial development worldwide,” this report from Massif Capital takes an in-depth look at the global investing opportunities that might present. Read Now
This article from UCLA Anderson Review highlights research into how “social media ramps up the size and speed of asset bubble formations, as well as their takedowns, by supercharging a narrative process as old as investing itself.” Read Now
Noting that “governments sometimes want outcomes different than those a free-functioning economy will produce [and] to that end, they enact rules and regulations designed to override the laws of economics,” Oaktree Capital’s Howard Marks in his latest investor memo examines some problematic second-order effects of such efforts. Read Now
This podcast interview with portfolio manager Stephanie Niven of investment firm Ninety One takes a deep dive into health insurer UnitedHealth Group, whose stock has more than halved over the past eight months. Listen Now
Latitude Investment Management in this recent report examines what it considers the overlooked global utility sector and how it looks to separate potential investment winners and losers in it. Read Now
Copper is critical to enabling the increased electrification of energy systems, but demand for it is widely expected to outpace supply be the end of this decade. This UBS Asset Management report examines some key reasons behind that and how they might be addressed. Read Now
This report in UCLA Anderson Review highlights a recent academic study into how artificial intelligence can be used to enhance finance-related research and notes one significant catch: “It won’t always be clear if researchers can rely on these AI-enabled results.” Read Now
Massive government intervention to “manage” economies around the world has become commonplace, if not a particularly good idea, writes Rob Arnott of Research Affiliates: “Time and again, across decades and borders, more government spending and public debt correlate with slower real per capita GDP growth. Far from fueling sustained prosperity, aggressive government intervention appears to systematically undermine it.” Read Now
This issue of Oxford Energy Forum, the quarterly journal of the Oxford Institute for Energy Studies, is devoted fully to the weighty topic of global electric-vehicle and battery supply chains, “specifically how countries are responding to the need to diversify EV supply chains away from China, while also navigating new geopolitical challenges and trade barriers being erected by the Trump administration in the U.S.” Read Now
Will Thomson of Massif Capital in this white paper argues that portfolio managers should make distinctions between uncertainty and unpredictability in order to best manage risk. Read Now
In the second of a series on “Understanding Return Expectations,” this paper from AQR Capital Management examines the different roles of fundamentals and valuations in driving investment performance across geographic regions. Read Now
This article in UCLA Anderson Review describes a recent academic study into what causes sharp share-price reversals that are then followed by quick rebounds, what the authors call “the mirror image of the so-called ‘dead-cat bounce.’” Read Now
The ever-increasing prevalence of passive capitalization-weighted index funds is undermining diversification efforts and exacerbating momentum-driven price distortions, writes Research Affiliates, which offers suggestions for mitigating such problems and enhancing long-term returns. Read Now
Massif Capital’s Will Thomson in this report argues that “The global investment landscape is undergoing a paradigm shift as geopolitical risks evolve from transient shocks to structural forces reshaping market efficiency,” and offer suggestions for how investors can adapt. Read Now
Freddie Lait and Jacopo di Nardo of Latitude Investment Management in this “Business Breakdowns” podcast describe their in-depth investment thesis for global brokerage powerhouse Interactive Brokers. Listen Now
In the first of a series, this paper from AQR Capital Management’s Antti Ilmanen examines how investors in plying their trade form long-run return expectations. Read Now
This research article from London School of Economics Professor Alexander Pepper argues that the conventional design of executive compensation plans is faulty and should take better account of the “psychology of incentives.” Read Now
A representative example in an historical series of what it calls “big market delusions,” Research Affiliates in this report examines investor behavior in recent years related to electric vehicles. Read Now
Seeing, as he often does, investment insight in popular music lyrics, David Iben of Kopernik Global Investors devotes his latest investor letter to answering the question in today’s market, “Where might one look for rust-resistant bargains?” Read Now
Latitude Investment Management’s Freddie Lait in this quarterly commentary offers an in-depth look at one of his long-held stocks, U.K. grocer Tesco, “one of many examples of stocks we find attractive today. Read Now
“The similarity between the growth prospects of the Mag 7 and the growth prospects of the remainder of the global equity market that investors have ignored has now started to favor the remainder of the market,” writes Richard Bernstein Advisors in this Monthly Insight note for clients that discusses the investment implications thereof. Read Now
This study by Morgan Stanley Investment Management’s Michael Mauboussin and Dan Callahan takes a historical look at what happens to stocks and mutual funds after maximum drawdowns in their prices. Read Now