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Personal Goodwill: Surprising AUM Opportunities?
Paul built his funeral parlor business over 44 years. Years ago, on his accountant’s advice, he incorporated and made an S-election, as do so many small businesses. Forty-four years later, Paul was…
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Should Gold Be in Your Portfolio?
Many well-respected investors and finance writers—from Warren Buffett to Burton Malkiel (author of Random Walk Down Wall Street)—do not believe that investors should own gold as part of their investment portfolios. However,…
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Don’t Be Fooled by the Boom: Real Estate’s Real Return Story
In previous posts, we saw that real estate has had volatility similar to that of stocks, with correlation low enough to make it a useful portfolio diversifier. But we also want to…
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How Much Real Estate Should I Own? Examining Real Estate Volatility
In a previous post, we saw that real estate is by market value the largest asset class in the world. According to most interpretations of the efficient market hypothesis, this fact suggests…
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The World’s Largest Asset Class, and How to Think About It
In previous blogs, we looked at bonds and stocks as asset classes. We developed an approach based on return factors and return correlations to decide which asset classes should be considered by…
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Should Country Be an Explanatory Factor in Investing?
In previous posts, we looked at a number of explanatory “factors” which may explain the returns on stocks. But there’s one variable we didn’t discuss. For some reason, in the factor literature,…
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How Should We Define Stock Asset Classes?
In a previous set of posts, we looked at how to think about and define asset classes – as they relate to bonds. Now let’s apply the idea of defining an asset…
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Are Bonds One Asset Class, or Multiple?
Theory and history suggest that for bonds, changes in interest rates are the dominant risk factor. Most of the rest of the risk is explained by credit risk. History also shows that…
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What makes an Asset Class? Bonds as a Case Study
In a previous post, we observed that while seemingly everyone talks about “asset classes,” there is little detail on what an asset class actually is. We offered the following definition: An asset…
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What Is an Asset Class? A Closer Look at a Common but Vague Term
How would you answer the question, “What is an asset class?” This sounds like a simple question, but it turns out that even large institutions struggle to provide a well-defined answer. In…
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