Meb Faber Research – Stock Market and Investing Blog

People often get attached to their investments.  You will hear people described as a goldbug, or a stock guy, or perhaps a dividend income loving retiree.  I've never really seen the wisdom in falling in love with one asset class or another.  It seems to me from history that every asset class is great sometimes, and horrible other times....

iShares and an AZ pension fund are teaming up.  First, since iShares is launching their first active funds.  But more importantly, a real money fund is basically launching their own ETFs.  I am surprised this hasn't happened sooner.  If I was a family office that pursued active management, why wouldn't I just launch my own ETF to optimize my...

Even though I left (and later sold) my car in Paso Robles on the way up, it was worth it to connect with some friends in Sonoma.  Here is a link to the presentations from a number of speakers, and I'll link to the videos as they come online.  Highly recommend going next year!   "If you like and appreciate hearing...

Glad to hear that another blog reader won another big prize this year, the $10k Wagner Award.  Going to download it and the other interesting papers from the NAAIM website (they also have a conference coming up in Denver).:   Click here to view and download all submitted Wagner Award papers from 2009, 2010, 2011, 2012 Download a copy of all of...

I updated our 2006 paper "A Quantitative Approach to Tactical Asset Allocation".  I am going to send it to The Idea  Farm list this Friday so make sure to signup!     This 70 page new update includes: 1.  Results are extended out-of-sample to include the years 2009-2012. 2.  Additional asset classes are included (from 5 to 13). 3.  Alternative cash management strategies are included. 4.  Additional...

Below is a dump of CAPE data from the subscription product.  Going forward these will only be on the Idea Farm so signup there if you want the CAPE updates.  First up is the CAPE values for countries around the world: The difficulty I have with a lot of indicators is just that, they are difficult.  If I can’t understand...

I do this post every year...let me know if you find anything! Old post below for background: Since it is tax time make sure to make your way over to the NAUPA site here and start your search for any unclaimed property.  As always I’ll post if anyone finds anything big and juicy, last year we had the largest single claim so far...

This looks good - unfortunately will not still be in NYC...   Inefficiencies in the Pricing of Exchange-traded Funds   MONDAY, April 15, 2013 (5:30 PM - 7:30 PM)The Cornell Club of New York (Fall Creek Room)6 West 44th Street, New York  NY 10017  Antti Petajisto, Ph.D. BlackRock Multi-Asset Strategy Group   The prices of exchange-traded funds can deviate significantly from their net asset values, on average fluctuating within a band of 260...

That is a great John Templeton quote (that I plan to use as the title for an upcoming piece.)  I was stuck in the Philly airport during the NYC ground stop on Wednesday, and started, then finished, the book The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success by Thorndike.  Buffett mentioned the book recently so I had ordered...

One of the things that makes me really queasy as a portfolio manager is when people make "adjustments" to historical price data.  The classic example is excluding 1987 from the analysis as an outlier.  Why would you exclude something that actually happened? My friend John Bollinger often says (paraphrase), "all of the interesting information is in the tails".  A friend...