High Yield Bond ETFs: Liquidity Time Bombs?

This blog post is available as a PDF here. Summary Many articles expounding upon the risks of ETFs that invest in illiquid assets ...

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High Capital Gains, Low Expected Returns: A Frustrating Combination

This blog post is available as a PDF here.  Summary When carried through a traditional mean-variance optimization process, J.P. Mo...

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Optimizing for Anxiety

This blog post is available as a PDF here. Summary When carried through a traditional mean-variance optimization process, J.P. Mor...

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J.P. Morgan Outlook Implies Satellite Bonds Are King

This blog post is available as a PDF here. Summary It is common for large asset management firms to publish their capital market a...

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Uncertain Alpha

This blog post is available as a PDF here. SUMMARY We have previously discussed many problems associated with the measurement of a...

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