Investment managers have a better chance of adding alpha if they have a clear philosophy of how they generate it, according to research on the importance of a robust investment philosophy.

I have a sense of a secular bull market ending with a whimper, not a bang. Only the timing is in doubt. Because of this, I have increasingly a great unrest. You should too.

This week's Fodder has an equities theme with Woody Brock, Cliff Asness, Michael Kitces, GaveKal and JP Morgan

This week's Fodder has an equities theme with Woody Brock, Cliff Asness, Michael Kitces, GaveKal and JP Morgan

In recent years, academics have been at war over whether the small cap premium exists. This recent paper finds it does - if you control for quality - and that it is significant, and not time or market specific.

To maintain "no taxation, no representation" deal with its people, China's leadership seems to be going down a path that'd see index funds as forced buyers of Chinese equities.

A surprise rate cut in November 2014 and investor expectations of further easing measures have triggered a strong rally in China equities - both A shares, and in the last three weeks, H shares. Can it last?

Is it time to start thinking more about E/P ratios than P/E ratios? After all, predicting that returns may be higher or lower with a low (or high) earnings yield (and a corresponding P/E ratio) really isn't so controversial.

Our Forum Fodder NZ e-newsletter alerts Members to what's new on PortfolioConstruction.com.au and live progams. In Fodder NZ this week - Jack Gray on unknown unknowns plus low interest rates with Tim Farrelly, Bob Gay & Rob Mead

We are reminded daily that the US stock market has achieved record highs between 2009 and today. But the true bull market covers 35 years. What does an understanding it tell us about the future? The answer is: a lot.

In Fodder this week - Jack Gray on unknown unknowns plus low interest rates with Tim Farrelly, Bob Gay and Rob Mead

Fixed income markets seem to have gotten the correct message, albeit perhaps for the wrong reasons – short-term interest rates will stay low for a long time.

These are words that I utter with the utmost caution - this time, it really is different. For something genuinely new to the modern experience, consider the curious case of collapsing equity volatility.

Investors often face unknown and even unknowable states of the world. How should we make investment decisions under ignorance?

Low GDP growth, very low real rates, higher PEs and valuation multiples - it's a new world. We all need to get used to it. In particular, we should review client spending plans.

Fodder is back this week with Dom McCormick and Oliver Hartwich, plus 3 pieces on active management

Fodder is back this week with Dom McCormick and Oliver Hartwich, plus 3 pieces on active management

Fund research is something of a dark art - there is little quality information available on how to go about it. But here are two great papers covering qual and quant analysis of funds and managers.

I had been going to write something about housing this morning, but got distracted in the WEO database. House prices, especially in Auckland, are a political and social scandal.

Even the most skillful active managers will sometimes underperform. And, in some market environments, most active managers can be expected to underperform.