One of my favorite events each year is the “CFA Annual Forecast Dinner” that takes place every January. At this dinner, there is an array of professionals in the money management business who get the chance to “talk shop” and reflect on what happened in the previous year and how they navigated that environment. In addition, they usually have a few high-profile guests that are invited to... READ MORE

As 2020 winds to a close, you will notice the typical barrage of articles being sent out explaining what happened this year and predicting what’s going to happen next year. Typically, it’s best to ignore these as just noise (Spoiler alert: none of the end of year 2019 articles had pandemic on the prediction list). However, the end of the year does provide a good opportunity to reflect on what... READ MORE

Timing the market is the holy grail of investing. On one hand, traders try to time the market opportunistically to achieve higher returns. On the other, many portfolio managers try to sidestep bad market conditions to lower the risk of the portfolio. The effect of compounding can make this a worthwhile practice, as seen in the table below: When you lose 50% on an investment, you need 100% gain to... READ MORE