Feb 8, 2019 | CKW's Blog |
Both passive and active are here to stay. The correct answer to which is better? As always is, “It depends.” It depends on what is passive and what is active. And in the end, people will disagree anyway. An index based on screening for different variables used by...
Nov 1, 2018 | CKW's Blog |
4/11/16 – We asked for an $18 trillion loan. No one responded. At the time the market PE was approximately 16x current earnings or an E/P earnings yield of 6.25% plus a dividend of 2%. 8/12/16 – The DOW was at 18,473 – 450 times its original value of 40.94 in 1896....
Sep 19, 2018 | CKW's Blog |
An OCIO is the natural evolution of investment advice. Our industry has gone from calling each client and getting permission to buy individual securities to calling each client to hire and fire a manager or mutual fund to being an OCIO with discretion. Institutions,...
Sep 11, 2018 | CKW's Blog |
To obtain a higher Rate of Growth is easier when you have less. Growing $1,000 by 25% is much easier, less risky, and more certain if you contribute $250 to get to $1,250 rather than trying to find a rate of return of 25%. Growing $1,000,000 by 25% becomes harder if...
Jul 23, 2018 | CKW's Blog |
We humans looking for an investment job need to remember: the computer is quicker, faster, and cheaper at math than we will ever be. Understanding math and using the math to invest the way science proved works is still not art because AI can remember and recognize...
Jun 13, 2018 | CKW's Blog |
The benchmark is the benchmark. We sold it, had the client immortalize it in writing (IPS) and put a spotlight on it at every quarterly meeting (performance report). The benchmark is now something to beat (relative, absolute, or adjusted). The benchmarks humble...
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