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The Sapient Investor

Value vs Growth Thumbnail

Value vs Growth

For the past couple of weeks, the prices of beaten-up value stocks (particularly financials, energy, and cyclicals) have been bouncing up well ahead of the former leaders, growth stocks (particularly technology). Is the “value effect” back? We look at the evidence.

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Don't Fight the Fed Thumbnail

Don't Fight the Fed

The Fed is pulling out all the stops to provide ample liquidity. Stocks have responded. That is likely to continue.

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Is Your IRA a Ticking Tax Bomb? Thumbnail

Is Your IRA a Ticking Tax Bomb?

Many investors may be surprised to learn just how much tax they will owe during their retirement years. Roth conversions can help reduce the tax bills.

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Don't Let Emotions Cloud Your Judgment Thumbnail

Don't Let Emotions Cloud Your Judgment

It’s tempting to let emotions influence your investment decisions. There is a lot of panicking going on right now. It’s times like these that allow those with sound investment disciplines to flourish.

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Should I Invest in a Global Macro Fund? Thumbnail

Should I Invest in a Global Macro Fund?

It’s difficult to find real-world assets that do a good job of diversifying basic stock and bond risks and still provide an attractive level of return. Global macro funds seem to offer at least the potential to fit the bill. This article graphically illustrates the potential benefit of adding a global macro fund to a typical 60/40 stock/bond portfolio: an ending wealth level that is 33% higher after 20 years with no increase in risk (volatility).

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SPHQ for Quality Thumbnail

SPHQ for Quality

The “quality” factor is one of the most common among the various “smart beta” factors popular today. This factor is very well-documented in the literature, and its long-term performance has been quite strong. Our research on tactical timing of factor exposures indicates that quality is likely to add considerably more return than average in the near term. Our favorite way to gain exposure to quality is through Invesco S&P 500 Quality ETF (SPHQ).

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A Quantitative Return Model for Bitcoin Thumbnail

A Quantitative Return Model for Bitcoin

The model described in this article was designed to help a client time the selling down of his bitcoin position. Bitcoin is extremely volatile, highly speculative, and impossible to value in a traditional way, since it does not provide any cash flows (dividend or interest) or have any intrinsic value. However, there are a few factors that seem to have some predictive content over a one-month holding period.

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Should I Invest in International Small Caps? Thumbnail

Should I Invest in International Small Caps?

Two international small cap ETFs have had their expected returns rise to the top of our 500-ETF universe: one focused on Europe and the other on Japan. We consider the long-term case for international small cap and then dig into why we believe now is the time to buy these two ETFs.

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