NO ROCKET SCIENCE HERE
Archive
Category: Quaero Journal
28 Jun
2019

NO ROCKET SCIENCE HERE

Volume 4 / Issue 1 HERE’S THE THING! Creating a sophisticated portfolio to meet your unique investment needs is considerably simpler, and cheaper today, than at anytime in the history of investing. You don’t need to choose, or even think about choosing, securities. And you don’t need to pay huge fees to retain someone to..

15 Apr
2019

SMART BETA FOR DUMMIES

Volume 3 / Issue 4 HERE’S THE THING! A good part of your active manager’s return is a function of the broad market in which she invests; we call that “Beta”. Another portion of your active manager’s return derives from her unique investment “Style”. Broad market “Index Funds” can capture the Beta portion of your..

01 Apr
2019

ERRATUM IN THE DATUM – NO FOOLING!

Volume 3 / Issue 3 HERE’S THE THING! SPIVA has reported corrections to some data I used in January’s Quaero JOURNAL . Corrected here, with the help of Professor Amin Rajan, I expand on the active/passive issue in an investment world radically disrupted over the past decade. Back in January, “In the bleak midwinter, Frosty..

13 Feb
2019

OUR CLIENTS’ INTERESTS COME FIRST

Volume 3 / Issue 2 HERE’S THE THING! Everybody says their clients’ interests come first, but how many investment managers actually put their money where their mouth is? And how do you measure an investment manager’s client service ethic, anyway? Alright, let’s get to it . . . in prior issues of Quaero JOURNAL I promised to..

14 Jan
2019

“EXCELLENT!” I CRIED . . . “ELEMENTARY,” SAID HE.

Volume 3 / Issue 1 HERE’S THE THING! Look . . . if you think stock picking is tough, try picking investment managers! Past performance is no guarantee of future results and sophisticated statistical analysis lends little more assurance. No one knows how a manager’s investment style will hold up in changing market conditions, nor..

14 Dec
2018

FEES AND SOCIAL INEQUALITY

Volume 2 / Issue 4    HERE’S THE THING! “This is not just an individual investor issue; this is really a social issue.” Larry Bates As I patiently await the launch of my brand-new website (https://quaeroinvest.com/) it strikes me that a posting to Quaero JOURNAL is long overdue. I should be more disciplined about writing—the best..

31 May
2018

FEES, FEES, FEES

Volume 2 / Issue 3 HERE’S THE THING! Ask an investor friend of yours to tell you how much she is paying in fees and costs for services provided by her asset manager. And if she gives you a sensible answer, ask her to distinguish between custody, transaction costs, investment management and other fees and..

12 Nov
2016

LOCKER ROOM TALK!

Volume 2 / Issue 2 HERE’S THE THING! There is a populist revolution underway worldwide. It is a largely peaceful revolution with some very surprising twists and turns and a sense of foreboding and uncertainty in the minds of many. We should not be intimidated by what we heard and saw through two years of..

17 Jun
2016

GIMME MORE!

Volume 2 / Issue 1 HERE’S THE THING! Witness the investment world’s “new normal” – product proliferation! Witness the innocent casualty – product integrity. Investors are accosted by a Paradox of Choice. – Investment decisions are more complicated, and available information harder to grasp, than ever before. We consider whether “More Is Less”. It all..

15 Mar
2016

PART 3 OF OUR FEE TRANSPARENCY TRILOGY

Volume 1 / Issue 4 HERE’S THE THING! Does it bother you that dealing commissions are used to pay for investment research? Fifteen years ago, Paul Myners challenged the UK investment industry at several different levels on its lack of transparency. His work yielded some positive regulatory change across Europe, most immediately in the form..