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Fourth Quarter (2023)

0 comments / 2023-11-06 / the JOIM / Book Reviews

Book Review: Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail

Vol. 21, No. 4, 2023 By Ray Dalio (Reviewed by Fangzhong Liu ) View PDF… Read more

0 comments / 2023-11-06 / the JOIM / Case Studies

Tradeoffs in Goosing the IRR

Vol. 21, No. 4, 2023 Ivan Asensio and Seoyoung Kim “Case Studies” presents a case pertinent to contemporary issues and events in investment management. Insightful and provocative questions are posed at the end of each case to challenge the reader. Each case is an invitation to the critical thinking and pragmatic problem solving that are… Read more

0 comments / 2023-11-06 / the JOIM / Articles

Realativity in Finance: Goals and Risk-Based Asset Pricing for Investors with Multiple Stochastic Goals and Agents

Vol. 21, No. 4, 2023 Arun Muralidhar This asset pricing model incorporates four positive realities of investing; that investors have many stochastic goals, seek to delegate to skillful agents, explicitly specify risk budgets, and maximize risk-adjusted relative returns. As a result, it also incorporates the relative nature of investing—“Realativity”. Critical to investment practice, it provides… Read more

0 comments / 2023-11-06 / the JOIM / Articles

The Diminishing Role of Active Mutual Funds: Flows and Returns

Vol. 21, No. 4, 2023 James X. Xiong, Thomas M. Idzorek and Roger G. Ibbotson U.S. active equity mutual funds have experienced net outflows since around 2006. The AUM-weighted performance remains similar over time, but equal-weighted performance (which emphasizes small AUM active funds) has deteriorated. Inflows/outflows contribute to the over/underperformance of individual active funds. We… Read more

0 comments / 2023-11-06 / the JOIM / Articles

Reimagining Index Funds

Vol. 21, No. 4, 2023 Rob Arnott, Chris Brightman, Xi Liu and Que Nguyen “Gold-standard” cap-weighted indices have a buy-high and sell-lowdynamic that causes a structural long-term performance drag. Of course,relative to itself, no index can underperform, which is the reason it goes unnoticed. If we use a company’s fundamentals to choose stocks—and then cap-weights… Read more

0 comments / 2023-11-06 / the JOIM / Insight

Grow The Pool: Diverse Directors Associated with Stronger Performance, but not if they are Too Busy

Vol. 21, No. 4, 2023 Mouhamadou M. Ba, Gerald T. Garvey, Brett Z. Miller and Katharina J. Schwaiger Minority representation on US boards has grown more than 50% in the last eight years, but this reflects an increase in the number of seats for existing minority directors as much as a diversification of the director… Read more

0 comments / 2023-11-06 / the JOIM / Practitioner’s Digest

Practitioner’s Digest

Practitioner’s Digest Vol. 21, No. 4, 2023 View PDF… Read more

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