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Rethinking Yield
Know What You Own
The universe of Options-Based strategies continues to expand rapidly as investors explore different ways to better manage risks, generate income, or pursue other investment needs and objectives.
 
However, options utilization can be overwhelming with all there is to know about evaluating them, so in this paper we:
 
  1. Discuss and critique Morningstar’s new classification of option-based funds with respect to due diligence and investment selection processes,
  2. Assess the universe of funds within the subcategories Morningstar has created: equity hedge, defined outcome, and derivative income,
  3. Outline the objectives, pros, cons, and risks of various passive versus active options-based strategies.
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"Irrational Exuberance” Revisted

Today, the equity markets are displaying many of the same worrying traits that Shiller identified in 2000.

 

It’s not surprising that risk management is becoming a primary concern for investors.

 

In this white paper, we revisit the 12 factors Schiller identified in the first edition of his book, Irrational Exuberance, to examine which factors are still relevant to today’s markets and discuss some new worries not in play 22 years ago that investors need to consider.

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Hope for the Best, Prepare for the Worst

Intelligent, rational investors made some missteps prior to the crisis that resulted in significant losses of wealth. Many of the missteps are a result of popular misconceptions regarding major market events, diversification, and risk.

 

Unfortunately, many years later, these misconceptions still lay at the foundation of portfolio construction and expectations. 

 

Identifying and understanding these misconceptions can help redefine portfolio construction and risk management, so investors can be better prepared for the next major market event.

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Math Matters: How Math Impacts Results

There are a lot of misconceptions amongst investors as it relates to equity investment returns, hedged equity returns, and the math behind them. However, understanding the core mathematical principles driving investment returns can help investors make better investment decisions.

 

These core principles are often overlooked, ignored, or misunderstood by investors and will be explored in this paper for the purpose of strengthening the decision-making process.

1. The importance and power of compounding
2. The value of avoiding large losses
3. The importance of variance drain
4. The importance of a non-normal distribution of returns

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