Tax Matters

Elm News

Active Index Investing: A contradiction in terms? Victor Haghani on Bloomberg TV

October 11, 2016 — Victor recently appeared on BloombergTV to discuss our blog post, "What's all the hoopla? Passive indexers are still a rare breed."


Are Market Capitalization Weighted Indexes Too Concentrated in the Biggest Stocks?

July 14, 2021 — We're often asked if the concentration of a few companies at the top of the S&P500 is something to worry about. For us, it's a "no" on three counts...

How Elm Works

Back to the Future: Reviving a 19th Century Perspective on Financial Well-Being

May 13, 2020 — We tend to assess our net worth by the market value of our assets - but it might be more natural to think of it as a stream over time.

Investment Theory

Bitcoin is Nothing Either Good or Bad, but Sizing Makes It So

July 7, 2022 — Bitcoin isn't an inherently good or bad investment - but said investment can turn sour quickly if you're not paying attention to sizing.

Investment Theory

Discussions on Risk Parity and the Sharpe Ratio

December 11, 2017 — In our ongoing writing on investment sizing and portfolio choice, we recently published two articles that discuss the Sharpe Ratio in building portfolios.


Do Index Buyers Make Over-Valued Stocks More Over-Valued?

December 2, 2016 — It's time to dispel a myth about indexing: investing in index funds or ETFs will unintentionally increased the market's aggregate mis-valuation.


Do Options Belong in the Portfolios of Individual Investors?

March 23, 2022 — In a recently-published article in the Journal of Derivatives, we ask whether or not options make sense for a broad class of investors.


Do US Industry-Sector Weights Explain the Higher Valuation of US vs non-US Equities?

August 20, 2019 — US equities have consistently outperformed non-US equities over the past decade - so, what exactly does this mean for investors?

Elm News

Elm coin-flipping Research discussed in Economist Buttonwood article

September 26, 2017 — From The Economist: "Who wants mediocrity?"


Victor Haghani & Richard Dewey — 2016

Clifford Asness, Antti Ilmanen & Thomas Maloney — 2015

Victor Haghani & James White — 2018

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