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We've seen a lot of explanations of the volatility
of the oil markets, but none have been as clear as that provided
by the highly prominent economist Woody
Brock. Brock spoke about this topic last week at a conference,
and we had a chance to speak with him about his forecast for the markets
and the economy in general.
Although they represent a mere 3% of the mutual fund universe, target-date funds gathered 28% of net money flows
into mutual funds in the first half of the year, according to
data from Financial Research Corp. Their popularity has exploded
despite a number of studies criticizing
their methodology. Ron Surz summarizes the arguments made
by these critics, and offers his response.
Author and fund manager Vitaliy Katsenelson writes about the challenge facing buy-and-hold investors for the
next dozen or so years - the probability of a sideways market with little
upside potential. Katsenelson explains his methodology
(which has a lot in common with Woody Brock's research), along with his
advice for how to structure portfolios.
A reader writes in about the discussion of luck versus skill in active fund
management, and provides data showing
alpha is inversely correlated with returns for the S&P 500, and
therefore should not be used as a measure of skill.
Lastly, we highlight some recent Advisor
Market Commentaries.
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