“When the game starts, no one cares what university you went to, or what size you are. You have to make the play if the play comes to you and it’s your play to make. In this business, you have to deliver, and if you don’t deliver...
What can go wrong? With exchange-traded funds and notes, particularly leveraged ones, the mechanics aren’t as straightforward as they seem. Yet there is little excuse for not knowing what you are getting your clients into.
Adjusting a portfolio’s beta creates value—either positive or negative—on top of any produced by the managers’ stock-picking skills.
Individual and institutional investors alike have been shifting their capital from stocks to cash and bonds at a rapid rate in recent years, despite extraordinarily low interest rates. We think that 10 years from now, investors will wish they had...
