In an efficient market, your expected losses are whatever fees you pay. In an inefficient market, your expected losses include returns you give up to faster and better investors.
Fidelity follows PIMCO's footsteps in launching actively managed bond ETFs.
The exchange-traded fund universe is as vast and absurd as a Las Vegas buffet. Here's how to pick the best factor funds.
A look at the true drivers of commodity futures returns shows that popular indexes like the GSCI are lacking.
With a few exceptions, it's a terrible mistake to own a passive fund that tracks an illiquid market, writes Morningstar’s Sam Lee.
A look at finance professor Wesley Gray's new exchange-traded fund.
The style box is a simple representation of a complicated reality.
An analysis of PIMCO Total Return ETF.
These web-based advisors are more hype than substance for now.
A cheap, rules-based, quantitative approach that minimizes behavioral biases is a better bet over time than overly complex strategies, says Alpha Architect founder and Drexel professor Wes Gray.
Given how expensive dividend stocks have become today, it's even more important for yield-seeking investors to also consider buybacks in order to maximize their returns, says Cambria's Mebane Faber.
A deep dive into the inner workings of iShares Core High Dividend.
It's all about low costs, a sensible strategy, and sound ethics.
Picking the right discount rate is harder than many think.
Vanguard's Total International Bond exchange-traded fund is a poor investment today.
State Street's newly launched MSCI Quality Mix exchange-traded funds offer good value.
And when to make big bets.
High-yield bonds are expensive, but if you absolutely demand high income, here's a closed-end fund to consider.
Cambria founder Mebane Faber talks to Morningstar’s Sam Lee about his fund’s global value strategies and what he is buying in his personal portfolio.
Don't buy it for its dividends or perceived safety; buy it because you think value and quality strategies work.
Bank CDs, not funds, currently offer a better bang for your buck.
Finance professor Wesley Gray discusses his upcoming actively managed value ETF.
How you value the market depends on your time horizon.
Focus on expected returns from conservatively forecast cash flows and not on the false precision of academic models, writes Morningstar’s Sam Lee.
Don't buy it.
Getting out of level one.
Using the latest factor research to identify the drivers of PowerShares Buyback Achiever's outperformance.
Eugene Fama and Kenneth French's new five-factor model buries the value factor. What does it suggest about market efficiency?
A look at the biggest exchange-traded fund of closed-end funds.
The most important idea in investing.
Eugene Fama and Kenneth French's study on the distribution of manager skill.
Using the latest factor research to identify the drivers of Vanguard Dividend Appreciation's outperformance.
Despite the criticisms, high-frequency traders make the market more efficient, allowing for the viability of vehicles such as ETFs, says Morningstar's Sam Lee.
A look at mortgage REITs.
After three consecutive years of negative returns, it might be gold miners' time to shine.
Schwab's newest fundamental-index exchange-traded funds.
A hodgepodge of my thoughts on Buffett's shareholder letter.
Another look at Shiller P/E.
Investors need to take caution with public offerings and monitor CEF pricing inefficiencies, says ETFInvestor editor Sam Lee.
The best and worst new ETFs of 2013.
A primer on how linear factor models are used to look at fund manager performance.
A short primer on risk and return.
Myriad strategy ETFs have come to market, but investors' allocations to these vehicles should depend on comfort level, says ETFInvestor editor Sam Lee.
Lessons from the world's greatest macro investor.
No, with few exceptions, says Morningstar's Sam Lee.
Why it might be better to imitate the pros rather than rely on original research.
A look at Van Eck's Wide Moat Focus exchange-traded fund.
Ray Dalio's five-stage model on the birth and death of empires.
How to avoid them.