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Sep
2020
By Matthew Lui, CFA, CAIA
The United States elections will be taking place this November, capping off an event-filled year, to say the least. All 435 seats in the House of Representatives, 35 of the 100 seats in the Senate, and the office of President will be contested. Among several potential changes under a Biden/Democratic regime are modific…

Sep
2020
By Matthew Lui, CFA, CAIA
Not all indexes are weighted equally. Some are more “equal” than others. As we have discussed in Investing in the S&P 500 at All-Time Highs, the popular S&P 500 is a capitalization-weighted index. This means that it includes companies in proportion to their size. In times when the largest companies grow disproportionat…

Aug
2020
By Emmett Shiras, CFA, CAIA
Active management has faced challenges over the recent decade. In particular, the U.S. large-cap space has proven to be a difficult area for active managers to add value. Apple, Microsoft, Amazon, and Google have dominated returns and make up a significant weight in the Russell 1000 Index. The companies’ combined $6.2 …