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White Paper
Tactical Tilts and Foregone Diversification
April 2, 2014
Investors tend to forget that tactical timing may incur a penalty: forgone diversification. We discuss that hurdle here, as well as the situations in which we would consider employing tactical timing.
White Paper
It's Alpha to You
October 1, 2009
Many investors think of alpha as excess returns from active management accessed through manager skill in security selection. We discuss a different, more systematic method of increasing expected returns.
White Paper
Diversification Revisited
March 1, 2009
Many investors argue that diversification failed them during the market turmoil of 2007 and 2008. We challenge that line of thinking by examining the performance of different asset allocations through that market downturn.
White Paper
Portable Beta?
January 1, 2008
We believe investors are not optimally diversified across betas. We suggest greater exposure to low-volatility betas (such as fixed income risk premia) and levering this optimal combination of betas to the desired risk level.