A Sea Change: Howard Marks, CFA, on the End of Easy Money
The financial markets are experiencing a sea change marking the end of a long period of accommodative central bank monetary policy, and there is little hope of ultra-low interest rates…
Rethinking the Economic Reality of Non-Cash Charges
The Art in Fundamental Analysis Financial statement analysis represents the art in fundamental equity valuation and helps creditors and investors make better economic decisions. For reporting purposes, corporations prepare statutory…
A US GDP-Weighted Index? | CFA Institute Enterprising Investor
Index fund investors have various choices when selecting the weighting style of the funds they hold. There are market cap-weighted indices like the S&P 500 and the Russell 2000/3000, stock…
Mindy Lubber: A Sustainability Story
After a long hiatus, The Sustainability Story podcast from CFA Institute is back. In the first new episode, Paul Andrews, head of Research, Advocacy, and Standards at CFA Institute, speaks…
Quant Screening: Three Questions for Investment Managers
Evaluating investment managers is a challenging endeavor. Why else would asset owners expend so much time and resources, often with the aid of consultants, to conduct manager searches? Proper manager…
Public Debt: Four Ways to Deleverage
“There are these people who think we don’t have to take all these tough decisions to deal with our debt. . . . It’s as if they think there’s some…
Active vs. Passive Revisited: Six Observations
Two institutional managers I know — one at a Fortune 500 defined benefit pension fund and another at a municipal pension fund and later an endowment — believe in going…
ChatGPT and Large Language Models: Six Evolutionary Steps
The evolution of language models is nothing less than a super-charged industrial revolution. Google lit the spark in 2017 with the development of transformer models, which enable language models to…
Do Sentiment Metrics Matter to the Markets?
Consumer spending accounts for almost 70% of nominal US GDP. As such, consumer sentiment ought to have some correlation with market performance. Financial journalists certainly act as though it does.…
Digital Asset Markets: Five Important Themes
Digital assets have had a wild ride over the last year. Several centralized crypto companies, from the hedge fund Three Arrows Capital to the crypto exchange FTX, have failed, while…
