Wes Crill, PhD, Senior Investment Director and Vice President The first half of 2023 marks the tenth time since 1926 that value stocks have underperformed growth stocks by more than 20 percentage points over a two-quarter period. More often than not, value has responded like the hero in an action movie, beating growth over the…
One of the most hotly contested presidential elections in US history is now just around the corner. Hopefully we will soon know who will be sworn into office in January 2021. The results of the election will surely have wide ranging effects on all Americans on vital matters such as healthcare, foreign policy, judicial appointments,…
Large and In Charge? Giant Firms atop Market Is Nothing New. A top-heavy stock market with the largest 10 stocks accounting for over 20% of market capitalization and a marquee technology firm perched at No. 1? This sounds like a description of the current US stock market, dominated by Apple and the other FAANG stocks,1 but…
Modern Portfolio Theory, Two Decades of Real Life Investing, and the 2020 Bear Market Summary: Modern Portfolio Theory (MPT) was emerging as the leading scientific investment approach in the 1980s. A small number of firms started implementing the academic strategies of MPT over the course of the 1990s, of which Navigoe was one. Navigoe’s approach…
Following is a letter that was sent to all Navigoe clients on the evening of Thursday, March 12, 2020. Good evening, I hope this email finds you and your family healthy and doing well. For all of us, staying healthy through this current coronavirus outbreak is very important. I want to provide you with an…
The real cause of yesterday’s vote by the British electorate to end its membership in the European Union was actually a well-executed plot by the BBC. With the BBC hit, Downton Abbey, ending after six seasons, the executives were searching for another multi-season blockbuster to help justify their special status as a quasi-public broadcaster. Add…
Please enjoy some of the articles that I read this month, starting with my top five: A Conversation with DFA’s David Booth This is an interesting conversation with David Booth, co-founder of Dimensional Fund Advisors. They touched on the DFA edge over index funds: “Some DFA funds have historically earned small increments over their indices…
The Second Quarter Navigoe Newsletter is complete! Here is a summary of some of the articles in this quarter’s newsletter: The Long Term Fiscal Status of the U.S. In the depths of the financial crisis in 2009, the U.S. Government deficit reached nearly 10% of GDP. Fears that the U.S. was headed down the same…
2013 was a year in which all eyes were on our nation’s capital. We began the year on the cusp of going over the fiscal cliff. We endured the sequester, the beginning of the Fed QE taper, and even a government shutdown. Through it all, the markets continued their ascent up the proverbial “wall of…
NPR recently interviewed Eugene Fama and Robert Shiller, two of the three winners of this year’s Nobel Prize in Economics. As NPR notes, they are an odd couple to be honored together. Shiller gained fame by identifying two recent major bubbles, the stock market in the late 90s and the housing market in the mid…
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