Investor

The golden age of fixed income is over. The days when investors could rely on traditional bonds as safe, income-producing securities that hedge equity risk and deliver returns that keep…

Smart(er) Investing: How Academic Insights Propel the Savvy Investor. 2019. Elisabetta Basilico, PhD, CFA, and Tommi Johnsen, PhD, Palgrave Macmillan. Editor’s Note: The reviewer and the primary author of the…

Long or Short Volatility? I once worked as an equity derivatives intern at Credit Suisse First Boston in London. As at other investment banks, the team had three distinct types…

Franklin J. Parker, CFA, is the author of Goals-Based Portfolio Theory, published by Wiley. Imagine for a moment that you owe a violent loan shark $10,000 by tomorrow morning. But today you…

Accounting decisions involve significant judgment. After all, US GAAP gives firms the discretion to choose among alternative accounting methods when it comes to inventory valuation, depreciation calculation, derivative accounting, etc….

The US Department of Labor’s recent actions have cast a spotlight on the curious logic underpinning the case for environmental, social, and governance (ESG) investing. More than 8,700 commenters wrote…

It is sometimes quipped that Europe is built on crises. And, yes, the COVID-19 pandemic, following on the heels of Brexit, proved powerful enough to break the taboo on the…

Gold is perhaps the world’s oldest store of value still in widespread use. Yet it is impossible to determine its intrinsic value. Why? Since gold doesn’t generate any income, it…

Natural resources are often seen as free inputs that any company may use to produce an output. The exploitation cost alone is how firms assess a natural asset’s monetary value….

“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any…