Market performance is being driven by a very small number of stocks; i.e. performance concentration is extreme. We are not…

Revisiting our quantitative approach to style bias prediction, we continue to find strong support for a value bias in Asian…

In a selloff, investors are vexed by the question of when to buy. We measure historic Asian market draw-downs and…

Unrealized gains in Alibaba’s portfolio investments repre-sent a substantial proportion of the company’s reported earnings. The performance of its portfolio…

Structural and cyclical changes in industry benchmarks can mean these evolve into poor metrics for assessing active manager skill. We…

Recent concentration in market breadth, extremes in factor bias and signals from our systematic portfolio’s automatic market risk stabilizer all…

Historically, Fed tightening, combined with a range of other key factors evident in current market conditions, presages a 12 month…

Benchmarking can encourage sub-optimal behavior in the medium to long term. This is particularly topical given just 4 stocks represent…

Despite much suspicion regarding the “quality” of analysts’ earnings forecasts, there is valuable information in these. An unintended consequence of…

Firm management can actively seek to avoid losses by manipulating earnings. However, if a loss is unavoidable, then there is…