Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at the role of gold in a diversified portfolio.
Quote of the Day
"Market timing requires a model and although it is already hard enough to discover one that is robust over time, it is far from a sufficient condition for profitability. Profitability also requires adhering to strict risk management rules."
(Michael Harris)
Inflation
- Hedging inflation is harder than it looks. (insights.factorresearch.com)
- Can Twitter be used to forecast inflation? (alphaarchitect.com)
Performance
- The performance of tactical asset allocation mutual funds has been no great shakes. (morningstar.com)
- How have multi-factor portfolios performed in practice. (papers.ssrn.com)
Individual behavior
- Individual investors boosted their trading activity during the pandemic. (papers.ssrn.com)
- It's hard to find much evidence in favor of individual investor outperformance. (alphaarchitect.com)
- Some evidence that investors get smarter as they age. (evidenceinvestor.com)
Research
- The accounting treatment of intangible investments is too conservative. (morganstanley.com)
- Broad value indices are really not that value-y. (institutionalinvestor.com)
- The shift into hedge funds has been a good one for pension funds. (klementoninvesting.substack.com)
- The research shows that short sellers are informed investors. (alphaarchitect.com)
- Analysts are rapidly integrating insights from social media. (evidenceinvestor.com)
- The stock market seems to undervalue employee satisfaction. (cfainstitute.org)
- When CEOs stop gifting shares, take note. (papers.ssrn.com)
