Market Research Raymond Kerzérho Is Factor Investing Active Management in Disguise? PWL Capital 2019-12-9T15:45:31 December 9, 2019 There seems to be confusion, among the public in general but also among professionals, about what smart beta (or “factor”) funds really are. Are they passive? Are they active?
Market Research Raymond Kerzérho Straight Talk on Passive Investing 2019-10-23T09:23:23 October 23, 2019 Michael Burry’s words reported in a Bloomberg article caused a good deal of commotion and may even have shaken some investors’ confidence in passive funds. In my opinion, the article delivers three negative messages about index funds without offering the slightest proof. Let’s take a closer look.
Market Research Raymond Kerzérho It’s Wrong to Compare ETFs with CDOs 2019-09-9T12:00:36 September 9, 2019 According to this Bloomberg article, Michael Burry (a hedge fund manager and the main character of the novel and movie The Big Short) draws a parallel between Collateralized Debt Obligations (CDOs), whose disastrous flaws were partly responsible for the 2008 financial crisis, and exchange-traded funds (ETFs), and concludes that there is potential for a potential similar outcome in this market as well.
Market Research Raymond Kerzérho Spotlight on high-yield bond ETFs 2019-06-11T11:40:39 June 11, 2019 Given the meagre interest rates paid by investment-grade bonds and GICs, it is only normal that people are interested in investments with a higher return. That includes advisors, as high-yield bond (HYB) exchange traded funds (ETFs) offered by BMO and iShares alone hold over $2 billion in assets.That’s not chicken feed.
Market Research Raymond Kerzérho Is your portfolio sufficiently diversified? 2019-05-2T09:44:29 May 2, 2019 We have recently learned of the death of British mathematician Edward H. Simpson (1922-2019). Simpson first distinguished himself during World War II as a code breaker for the Royal Navy, when he enabled the interception of numerous ships carrying supplies for the troops led by Germany’s General Rommel.
Raymond Kerzérho CFA, Director of Research Raymond contributes to PWL with his thirty years of experience in investment strategy and fixed income portfolio management.
Market Statistics – December 2019 Published: January 8, 2020 Looking for reliable data on recent market performance? Here you’ll find a PDF document of the monthly statistics for the month of December for the various Canadian, U.S. and international markets that we follow.
