Buybacks have usurped dividends as the main way listed US firms give money back to their owners, accounting for 60% of cash returns last year….
The repurchase revolution, The Economist, 12 Sep 2014
Tag: mb5
CAPE of Good Hope
As stock markets break new ground it’s only to be expected that arguments resurface about CAPE (cyclically-adjusted price-earnings ratios)…
Comments on Bob Shiller and CAPE, Marginal Revolution, 20 Aug 2014
Why is the Shiller CAPE So High? Philosophical Economics, 30 Aug 2014
Efficient Markets
Clifford Asness and David Liew present a review of where things stand on the Efficient Markets Hypothesis…
The Great Divide over Market Efficiency, Institutional Investor, 3 Mar 2014
While Tim Harford presents an overview of why “informed” investors may be in short supply…
How investors get it wrong, Financial Times, 28 Mar 2014
Money For Nothing
The costs of actively managed funds are higher than most investors realise…
Against the odds, The Economist, 22 Feb 2014
2013 Nobel Thoughts
Trendspotting in asset markets…
Official Announcement from the Swedish Academy of Sciences, 14 Oct 2013
Americans Fama, Hansen, Shiller Win Nobel Prize In Economics For Stock Price Analysis, Forbes, 14 Oct 2013 Continue reading 2013 Nobel Thoughts
Equity Market Valuation
Tobin’s q and the cyclically-adjusted price-earnings ratio (CAPE) are back in the news. The tentative conclusion is that US stocks are overvalued…
Measuring the gauges of US stock valuations, Financial Times, 1 Sep 2013
Clash of the Cape crusaders, Financial Times, 2 Sep 2013
Shiller P/E update, Gurufocus website
Reshaping Risk-Return Expectations
How the aftermath of the financial crisis has inverted capital structures…
Enter the sci-fi world of central bank action, El-Erian, Financial Times, 10 Jul 2013
Buying High, Selling Low
A new paper suggests that investors do the opposite of what rational expectations models suggest they should do…
Irrationality, trend-following, and cats, The Economist, 14 Jan 2013
Equity Markets & Demography
Ageing populations spell danger for long-term equity returns…
The population conundrum, Financial Times, 23 Nov 2012
Boomer Retirement: Headwinds for US Equity Markets? FRBSF Economic Letter, 22 Aug 2011
Getting an Edge
Price discrimination in the financial data markets…
Artificial dissemination, The Economist, 21 Sep 2012