Academic Research

This academic research section includes many of the academic and industry articles on which our investment approach and philosophy is based.  Some are highly technical while many are easy reads.

Financial Theory 

Portfolio Selection by Harry Markowitz

Characteristics, Covariances, and Average Returns: 1929-1997 by Davis, Fama and French

The Cross-Section of Expected Stock Returns by Fama and French

The Costs and Benefits of Waiting to Invest by The Schwab Center for Investment Research

Asset Allocation

Determinants of Portfolio Performance by Brinson, Beecower and Hood

The True Impact of Assset Allocation on Returns by Roger G. Ibbotson

Investment Policy Explains All by Surz, Stevens, and Wimer

Market Efficiency

The Parable of the Money Managers by William F. Sharpe

The Arithmetic of Active Managment by William F. Sharpe

Stock Market Forecasting by Alfred Cowles

Random Walks in Stock Market Prices by Eugene F. Fama

The Loser's Game by Charles D. Ellis

Asset Managment: Active versus Passive Management by Rex A. Sinquefield

Market Efficiency, Long-Term Returns, and Behavioral Finance  by Eugene F. Fama

Online Investors:Do the Slow Die First? by Brad M. Barber

International Investing

Where are the Gains from International Diversification? by Rex Sinquefield

Performance of UK equity unit trusts by Garrett Quigley and Rex Sinquefield

Fixed Income

Fixed Income Investing by David A Plecha

TIPS as an Asset Class by Peng, Chen

Taxes

Is Your Alpha Big Enough To Cover Its Taxes? by Jeffery and Arnott