Category financ

Long-term investing: not an obscure virtue

For decades, long-term investing has been treated as a vague virtue rather than a distinct source of return. Markets are often assumed to be efficient over all horizons, with prices reflecting fundamentals, regardless of who holds the asset or for…

better than the Sharpe ratio?

Selecting mutual funds is one of the most important tasks that investors face. However, the tool everyone is aiming for, the Sharpe ratio, tacitly assumes something most real people don’t: the ability and willingness to borrow at the risk-free rate…