George Athanassakos – Benefits Canada.com

Expert panel: What are some CEO red flags for institutional investors to consider?

bmcgovern — Tue, 29 Oct 2024 15:00:11 +0000

According to an old adage, the fish rots from the head down. With the chief executive officer being the head of a corporation, are there any red flags to make institutional investors anticipate the rot when considering investee companies? Notable American businessman Charlie Munger was once asked what advice he would give to young investment […]

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Expert panel: Defining risk depends on investing horizon

Gideon Scanlon — Tue, 07 Mar 2023 15:15:37 +0000

What’s the right definition of risk in financial markets? Finding the answer to this question has become even more important because the number of retail traders is at a record high. Over the past 10 years, between 10 per cent and 15 per cent of all U.S. trades have come from retail accounts. So far […]

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Do cryptocurrencies have a place for value-oriented investors?

Jennifer Paterson — Thu, 07 Apr 2022 15:00:27 +0000

What’s the value of Bitcoin? Or better, what makes it valuable? Is it because many people think it’s valuable? Is it valuable because it’s cool and we expect other people, especially those in the online community, to believe it’s valuable? Does the dynamics of investor demand matter as much as fundamentals? In a recent paper, […]

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Rising interest rates, value investing, war in Europe: key questions answered

Gideon Scanlon — Tue, 05 Apr 2022 15:00:07 +0000

It’s a chaotic time for institutional investors. Between rising inflation and interest rates, war in Europe and an ongoing global pandemic, stock market volatility is on the rise. For those concerned about the long-term implications of these developments, here are my answers to a couple of common questions. Stock markets have risen in past interest […]

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Expert panel: A look at commodity price behaviour over the business cycles

Gideon Scanlon — Tue, 02 Nov 2021 16:35:04 +0000

With gas and oil prices reaching new heights last week, panicking both politicians and consumers, we must ask ourselves if this behaviour is typical of commodity prices in every business cycle or if we’re at the threshold of a major economic disaster? In the 1930s, Nicholas Kaldor analyzed commodity prices and their behaviour over the […]

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Expert panel: The concept of risk and risk management in value investing and modern portfolio theory

Gideon Scanlon — Thu, 14 Oct 2021 17:15:20 +0000

Between mixed signals about inflation, signs of structural weakness in China’s over-leveraged real estate sector and September’s low returns on global equities, institutional investors have just been through a volatile quarter. And the fourth quarter is likely to be filled with hidden hazards, both known unknowns and unknown unknowns. Most portfolio managers will try to […]

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There’s more pandemic-era punches to come for institutional investors

alessandrob — Thu, 01 Apr 2021 17:00:37 +0000

Mike Tyson’s one liner “Everyone has a plan until they get punched in the mouth” comes to mind when I think of the predicament central banks must confront these days. The plan is, and has been, to keep interest rates low for an extended period. While the punch in the mouth is the building up […]

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Moving beyond a naive definition of value investing

mschmit — Wed, 25 Mar 2020 04:38:20 +0000

Stock picking with the right process and the right temperament works. And, contrary to popular claims, value investing is not dead. Those who claim it is dead, substantiate this by providing evidence that picking cheap stocks, meaning stocks with low price-to-earnings or price-to-book ratios, has been ineffective since the onset of the great recession. What […]

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Is value investing dead? And what does this have to do with low or negative interest rates?

mschmit — Fri, 13 Dec 2019 03:26:34 +0000

Two questions seem to occupy pundits and popular media these days. One is why interest rates are negative and what this means. The other is whether value investing is dead. Answering the first question provides useful insights in dealing with the second question. Negative interest rates on government bonds are observed in Europe and Japan, […]

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What does the yield curve say?

mschmit — Wed, 25 Sep 2019 05:10:41 +0000

A lot of ink has poured into the discussion of an inverted yield curve, and what it means, yet I am still unsure if people understand whether an inverted yield curve is a precursor of a recession or not. The fear of an inverted yield curve relates to historical evidence, which shows that an inverted […]

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