Archive

My previous posts:

26 April 2022: What is the Point of Owning Bonds in a Rising Yield Environment?

19 April 2022: The Myth of Consistent Outperformance

12 April 2022: All Active Investment Decisions Are About Valuation or Price

22 March 2022: Via Negativa (What Should Fund Investors Not Do?)

15 March 2022: Extremely Bad Decisions

8 March 2022: Why Can’t We Stop Making Short-Term Market Forecasts?

22 February 2022: There Has Never Been a Better (Or Worse) Time to Be an Investor

15 February 2022: Most Investors Should Ignore the Risk of Major Macro Events

8 February 2022: 10 Lessons Investors Can Learn from Wordle

1 February 2022: What Are Your Investment Beliefs?

25 January 2022: How (Not) to Talk About the Benefits of ESG Investing

18 January 2022: Why Do Investors Keep Buying the Most Expensive Assets 

12 January 2022: Should Passive Investors Be Happy Buying Equities at 100x Earnings?

21 December 2021: The Dog and the Frisbee – Why Investors Should Prefer a Simple Approach to Complex Markets

14 December 2021: Mark Twain, Framing and Scarcity

23 November 2021: Betting Against Warren Buffett

9 November 2021: Long-Term Investors Must Make a Ulysses Pact

1 November 2021: Should Investors Care About an Asset Managers Culture and Brand?

19 October 2021: Investors Should Prefer Camels to Horses

29 September 2021: What is Your Investment Edge?

14 September 2021: Nobody Really Thinks About Behaviour 

17 August 2021: What is More Difficult, Asset Allocation or Security Selection?

21 July 2021: What Happens if the 60/40 Portfolio Underperforms for a Decade?

6 July 2021: Only Invest in an Active Manager If You Can Withstand Prolonged Periods of Underperformance

30 June 2021: How Should We Judge The Quality of a Sell Decision?

22 June 2021: All Active Managers Should Run Systematic Replicas of their Portfolios?

2 June 2021: What are the Ten Biggest Mistakes Made by Fund Investors?

6 May 2021: Why Do Fund Investors Neglect Base Rates?

20 April 2021: Why Should Equities Be Fairly Valued?

25 March 2021: Does Sustainable Investing Change What Investors Want?

2 March 2021: The Inflation Story

9 February 2021: It is Difficult Being a Skilful Investor

27 January 2021: The Three Elements of an Investment Time Horizon

12 January 2021: When and How Should Investors Make Forecasts?

22 December 2020: Behavioural lessons from 2020

8 December 2020: 10 (More Questions) ESG Investors Must Consider

24 November 2020: Vaccines, Emotions and Investment Decisions

27 October 2020: What is the Attraction of Star Fund Managers?

6th October 2020: A Fund Manager’s Time Horizon is the Shortest Common Denominator

22nd September 2020: Good Investors Make Decisions That They Hope Will Cost Money

3rd September 2020: A Little Bit of Friction Can Make Us Better Long-Term Investors

12th August 2020: How Much Conviction Do You Hold in Your Investment Views?

21st July 2020: Active Management has Become a Game of Musical Chairs

30th June 2020: Financial Markets are No More Uncertain Today Than They Were Last Year

17th June 2020: Do Fund Investors Prefer Lower Fees or Stronger Past Performance?

3rd June 2020: Why is Extrapolation So Dangerous for Investors?

27th May 2020: Investment Risk is About the Extreme and the Unseen

13th May 2020: We Need to Talk About Ergodicity

21st April 2020: What Lessons Should Investors Learn from the Coronavirus Bear Market? (Part One)

7th April 2020: 10 Questions ESG Investors Must Consider

26th March 2020: Long Toilet Paper / Short Equities: Why do we Panic Buy and Sell?

16th March 2020: How to Deal with the Behavioural Challenges of Bear Markets

5th March 2020: Why Are We More Worried About Coronavirus than Climate Change?

3rd March 2020: Investors Should Not be Making Forecasts About Coronavirus

18th February 2020: Avalanche Accidents and Investment Risk

21st January 2020: Why Do We Chase Past Performance and What Can We Do About It?

31st December 2019: Five Behavioural Resolutions for Fund Managers in 2020

4th December 2019: 10 Things Fund Managers Say and What They Actually Mean

26th November 2019: Are You Sticking to Your Investment Principles or Suffering From Escalating Commitment?

29th October 2019: Stale Pricing Does Not Equal Low Risk or Low Correlation

15th October 2019: How Probabilities are Expressed Can Impact Our Investment Decision Making

1st October 2019: Active Management is Reliant on the Inside View

11th September 2019: Why Are So Many Fund Managers Men?

21st August 2019: Your Investment Time Horizon Might Be Shorter Than You Think

13th August 2019: Why Are So Many Investment Decisions Based on Biased and Contrived Stories?

30th July 2019: When to Ignore a Fund Manager

23rd July 2019: Investment Risk is a Behavioural Phenomenon Not Just a Number 

17th July 2019: The Cricket World Cup, Outcome Bias and Outrageous Fortune

9th July 2019: What Will Investors be Saying in Ten Years Time?

26th June 2019: The Placebo Effect in Investment

12th June 2019: What Are the Chances of Finding an Active Manager with Skill?

28th May 2019: How Do You identify Skill?

22nd May 2019: Why Are Other Investors So Biased? 

30th April 2019: Manchester United, Poor Decision Making and the Problem of Small Sample Sizes

23rd April 2019: Why Are Stories So Important to Investors?

16th April 2019: Ten Behavioural Advantages Amateur Investors Hold Over Professionals

10th April 2019: A Behavioural Finance Toolkit: Six Steps to Better Investment Decision Making

19th March 2019: Is There a Behavioural Explanation for the Quality Premium in Equities? 

7th March 2019: Most Investors Should be Satisficers not Maximisers

19th February 2019: Is an Obsession with Outcomes the Most Damaging Investor Bias? 

5th February 2019: Why Do We Make Stupid Investment Decisions?

23rd January 2019: Owning Quant Funds is Not Easy

9th January 2019: Can More Information Lead to Worse Investment Decisions?

18th December 2018: 50 Reasons Why We Don’t Invest for the Long Term

12th December 2018: Is There A Behavioural Premium for Illiquid Investments?

18th November 2018: What Can Investors Do About Overconfidence?

14th November 2018: Twelve Investment Contradictions

24th October 2018: Don’t Avoid the Simple Questions

2nd October 2018: The Worst Time to Buy an Active Manager

11th September 2018: Investors Should Assume That They Are No Better Than Average

28th August: Few Things Destroy Long-Term Investment Returns Like Short-Term Measurement

14th August 2018: Are Index Fund Investors More Vulnerable to Bubbles?

30 July 2018: The (Other) Problem with Active Management

16 July 2018:  The Death of Diversification

10 July 2018: Things to Remember When Selecting an Active Fund Manager

3 July 2018: Is Volatility Risk?

12 June 2018: Why Do Investors Focus on the Wrong Things?

29 May 2018: Noise Destroys Investments Returns as Much as Any Behavioural Bias

15 May 2018: Why Can’t Fund Managers Admit Mistakes?

1 May 2018: Is Loss Aversion a Myth?

17 April 2018: The Unspoken Behavioural Biases of Professional Fund Investors

27 March 2018:  Things That Fund Managers Don’t Say Enough

20 March 2018: How Can You Tell When a Factor Stops Working? 

7 March 2018: Investors Should Embrace Probabilities to Improve Decision Making

12 February 2018: Five Simple Heuristics to Make Us Smarter Investors

16 January 2018: Is Active Fund Management a Market for Lemons? 

8 January 2018: MIRRORS: Creating a Behavioural Checklist for Investment Decision Making

4 December 2017: When Will You Participate in an Asset Price Bubble? 

23 November 2017:  Five Simple Behavioural Tips for Better Long-Term Investment Decision Making

1 November 2017: The Asset Management Industry Must Confront Biases to Address its Diversity Problem

3 October 2017:  The Perils of Past Performance

14 September 2017:  Why is Value Investing So Difficult?

29 August 2017: Why Don’t Fund Investors Sell Winners and Hold Losers?

20 August 2017: Why Do Investors Ignore Certain Risks And What Is A Probability Threshold?

7 August 2017: Does Control and Transparency Increase the Behaviour Gap?