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Active Managers Stink? Blame These All-Too-Common Fund Flaws By Brendan Conway For more information go to www.barrons.com. The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.
Each year we are reminded of the fact that active management systemically underperforms the benchmark. The scorecards come in, and the tally is drilled back into our consciousness. But has the now long-tenured debate of active versus passive offered us much in the way of new perspective over the last several decades?
Bloomberg Surveillance Hosted by Tom Keene & Michael McKee
The US stock market gained 452 points from 1229 at the start of 1999 to now. This gain of slightly more than 39% is less than a 3% annualized average gain and combined with dividend payments gave investors an average annual return of 4.09%. The stock market in the US has historically returned closer to 10% with dividends reinvested and for this reason, we contend, these recent returns have been very unattractive to both institutional and individual investors. What have we learned in these last 15 years which can help us to succeed going forward?
Wells Fargo Record Earnings Loom, but Growth Stays Tied to Economy By Antoine Gara For more information go to www.thestreet.com. The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is no guarantee
On the Move Hosted by Francine Lacqua For more information go to www.bloomberg.com. The information contained in this tv appearance represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results. The securities identified
A venerable sage once said, “The markets do whatever they have to do to frustrate the most people.” For the long-duration investor, this means that you need to look at what people are invested in to determine where the frustration will come from. Thanks to the Associated Press, we know what the masses have done with their investments in the last five years:
Merck Revamp Should Lift Stock By Johanna Bennett For more information go to www.barrons.com. The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results. The securities identified
At Smead Capital Management, we believe the interest on September 18th in emerging markets, oil and gold are the last gasps of a dying trend. Our discipline demands that you must avoid popular investments and completely avoid investments attached to a perceived “new era.” We argue that the international investment markets reaction to Bernanke’s reprieve on September 18th is proof of a vision we have of the future. We believe that the easy money policies practiced by the Fed have both laid the groundwork for the US to rebound and have simultaneously allowed a dramatically over-cooked trend to continue long after it should have ended. We believe that our easy money in the US has allowed the day of reckoning for the “global synchronized trade” to be pushed back in the same way that the Y2k rollover date elongated the tech bubble in 1999-2000.
Do As the Dow Does? No Thanks, Says Smead By Brendan Conway For more information go to www.barrons.com. The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future
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