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April 2007
Volatility's down, correlations are up and capital's flowing to foreign stocks
By James Picerno
When it comes to analyzing the capital markets, performance
is king. But while returns are often the first number under scrutiny,
veteran wealth managers know that it shouldn’t be the last.
May 2007
The ETF revolution is looking more speculative by the day
By James Picerno
The outook for the capital markets and the economy may
be clouded, but the climate for launching exchange traded funds
looks bright and clear! In 2006, the ETF population exploded by 75
percent, reaching 357 funds, according to the Investment Company
Institute (ICI). This year looks poised for more of the same. On one
day in February alone, for example, ProShares Trust rolled out 22
new funds on the New York Stock Exchange—a new daily record
for ETF productivity.
May 2007
A progenitor of indexing discusses updates and revisions to his groundbreaking book
By James PIcerno
Endorsing indexing required something of a leap of faith
(and perhaps a bit of ego) in the days when Nixon was in the White
House, gasoline was 40 cents a gallon, and active management was
universally perceived as the accepted wisdom for running investment
portfolios. The finance establishment wasn’t ready for passive
money management when Burton Malkiel’s A Random Walk Down
Wall Street debuted in 1973. But it’s a very different story today.
To say that things have changed since the book’s first edition
is understatement in the extreme. Indexing is now widely embraced—
or so it appears, based on the trillions of dollars sitting
in funds that seek no greater performance glory beyond reducing
tracking error relative to an appointed benchmark.
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