November 15, 2022
Who Wants Protection Like This?
The S&P 500 is down 15% over the past year, so you’d think it’d be a great time to own some portfolio protection. Unfortunately, that’s not the case.
December 18, 2018
When They Won’t Accept That You Really Don’t Know, Tell Them About Mo
By Victor Haghani and James White Most of us working in the finance industry are used to being regularly called on to predict where different assets are heading. We figure […]
October 15, 2018
The Annuity Puzzle: How Big is the Free Lunch Being Left on the Table?
The Savings Crisis is attributed to people not saving enough and making poor investments. We believe there’s another major culprit…
September 4, 2018
Tax Efficiency and Dynamic Asset Allocation: Can We Have Our Cake and Eat It Too?
We’re often asked about the tax efficiency of our dynamic investment approach, especially in regards to the tax-efficiency of our returns.
August 30, 2018
The Most Important Number Not Printed in the WSJ
When it comes to the long-term return of the equity market, our framework strikes many investors as high (at 5.3% above inflation) compared to the most popular valuation ratio.
February 26, 2018
What Gamblers Can Teach the Buy-and-Hold Crowd
The ongoing attack on stock-picking waged over the past 65 years now has the upper hand – it’s become part of the conventional wisdom that investors should invest primarily in index funds.
May 8, 2017
Financial Times full page article about Elm (and Victor)
“Mr. Haghani has been on an intellectual journey that, in many ways, mirrors the evolution and central debates of the modern investment industry.”
December 9, 2016
How much of a good thing is best for you?
You can invest in only two assets: a risk-free asset and public equities. Your choices are: A) 100% risk-free, or B) 10% risk-free and 90% equities. What sort of returns would make you choose B?
October 18, 2016
Fees or Performance?
In a recent interview, I was asked: “Should investors focus on fees or performance?” Later, I realized that implies we need to make a choice between fees and performance, but we don’t – we can enjoy low fees AND good performance.
June 29, 2016
How to invest with Elm – Fidelity SMAs vs Fund
We offer US taxable investors a choice: a separately managed account at Fidelity, or the Delaware private Fund. In this note, we’ll discuss the main differences between the two.
May 27, 2016
Elm’s strategy in The Journal of Portfolio Management
Our research paper, “A Case Study for Using Value and Momentum at the Asset Class Level”, was recently published in The Journal of
Portfolio Management!
January 26, 2016
Return chasing can be hazardous to your wealth
“Before I tell you what I do, I’m going to ask and answer the most important question you should put to me: Who is losing the money that I’m going to make for you?”
December 4, 2015
In The News: Elm Launches Robo Portfolio Solution
Elm has officially launched its online Robo portfolio, based on the Active Index Investing strategy. Investor accounts, via Separately Managed Accounts at Fidelity, are now available.
September 22, 2015
How well do global market-cap weighted indexes represent the true “market portfolio”?
The global equity market is a lot like a map: it’s a compromise. It’s system that’s worked for decades, but could we do better?
July 18, 2015
ETFs: Better Than Mutual Funds for Long Term Investors too?
We invest with a long-term horizon, and believe that ETFs have three advantages for long-term investors like us: 1) insulation from trading costs, 2) tax efficiency, and 3) cost structure.
July 15, 2015
Our Asset Allocation Methodology
In this note, we’ll describe the three main components of our Active Index Investing approach: the construction of the Baseline portfolio, as well as the value and momentum overlays that lead to a responsive portfolio.
March 8, 2013
Vic’s TEDx talk: Where are all the Billionaires?
In this TEDx talk, we detail the basics of Active Index Investing® and how it combines the best features of low-cost index funds with the most successful aspects of active management.