Portfolio

Millions of retail investors opened up brokerage accounts this past year and many took to trading throughout the day as a way to pass the time, keep themselves entertained, and…

The following analysis is based on “Tax-Smart Portfolio Valuation and Performance Measurement,” Andrew Kalotay’s forthcoming article in the Journal of Portfolio Management, and Kalotay’s “Tax-Efficient Trading of Municipal Bonds,” from…

Perhaps the biggest tradeoff for equity portfolio managers is between specialization and risk reduction. The fewer stocks they research and include in their portfolios, the better their understanding of the…

In “The True Value of Your Muni Portfolio,” I considered alternative ways of quantifying the investor-specific value of a taxable portfolio. The market value is not suitable, because liquidating the…

Accurate performance readings of public pension funds, endowments, and other institutional investors are critical to their trustees and stakeholders. Fund performance is usually evaluated by comparing the portfolio rate of…

Eric Sim, CFA, does not have a “neat” career trajectory. His professional path has had more than its share of forks, pivots, failures, and rebirths. And that idiosyncratic track may…

In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest. 2021. Andrew W. Lo and Stephen R. Foerster. Princeton…

“One of the most vexing problems in investment management is that diversification seems to disappear when investors need it the most.” — Sébastien Page , CFA, and Robert A. Panariello, CFA, “When…

The following is excerpted from Goals-Based Portfolio Theory by Franklin J. Parker, CFA, published this year by Wiley. “I’ve heard people compare knowledge of a topic to a tree. If…

A portfolio manager’s job is to make decisions — all day, every day. Some of those decisions result in trades, but many more do not. So, an important question for…