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Yale professor Robert Shiller is
perhaps the leading authority on the housing markets and the author of a
new book, The Subprime Solution.
In our interview, he discusses the root
causes of the crisis and the steps that should be taken to foster a
recovery, including a system to provide subsidized financial
advice to an expanded segment of the population.
Infrastructure investing used
to be confined to large institutional investors, but new funds are
providing access to advisors and retail investors. Susan Weiner looks
at the funds that are available, and speaks with Harold Evensky to see how he evaluates these funds.
Team-based mutual fund management has
exploded in popularity, despite a number of studies showing it offers no
performance advantage. We look at a new
study that contradicts these findings, offering evidence that team-based management is actually a superior
structure.
Tom Howard's article last week, The New
Ptolemains, on the role of
luck versus skill in active management drew three
responses. First, Dave Loeper of FundGrades argues that the S&P 500 is not the appropriate benchmark for
Howard's analysis, and provides data showing that Howard's results would change dramatically if a different
benchmark were used. Next, Michael Edesess (author of a
recent study challenging fundamental indexing) takes us to the imaginary
land of Four-Packistan, where
four-pack-a-day smokers provide a metaphor for the champions of active
management. Finally, Adam Apt, an advisor who is also a
trained historian of science, argues that Howard's
analogy to Ptolemy and astronomy is inappropriate.
Lastly, we highlight some recent Advisor
Market Commentaries.
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