Drivers of equity returns vary depending on the time horizon we study. The impact of valuation changes diminishes as the time period is increased.
Bull markets come in all shapes and sizes. We analyze historical market cycles on criteria such as duration, magnitude, velocity, and source of return.
Embracing conflict in asset allocation by using multiple approaches can help investors harvest the sizable benefits of process diversification.
Is it possible to perform market timing with value indicators? We explore a recently published AQR paper on the subject and highlight the salient points.
Modern portfolio theory helps us create a Sharpe optimal portfolio, but it also tells us that less risky portfolios should hold significant amounts of cash.