The Irrelevant Investor

DECEMBER 15, 2016

Small value stocks are up 25.5% YTD. Small value stocks are up 32.5% YTD. Nope, that's not a typo. The first one represents Vanguard's ETF, VBR. The second and better performing small-cap value ETF is IWN, from iShares. As you can see from the chart below, they were neck and neck until the election, and then IWN kicked into high gear. The reason for this divergence is 29% of IWN is in financials, VBR is just 18%.

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Brown Advisory

DECEMBER 14, 2016

Finding Value Amid Turbulence achen Wed, 12/14/2016 - 11:16 The Federal Reserve on December 14 fell in step with a post-election surge in bond yields by raising the main interest rate for the first time in a year. The Fed’s quarter-point increase followed the biggest five-week gain in the yield of the benchmark 10-year U.S. Treasury in six years. The 10-year Treasury yield on December 12 broke through 2.5% for the first time since September 2014, pushed up by rising oil prices and expectations t

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The Irrelevant Investor

DECEMBER 14, 2016

Tracy Alloway and Joe Weisenthal recently had Victgor Haghani, co-founder of LTCM and CEO of Elm Partners Management, on the Odd Lots podcast. Haghani told a story about an experiment he did in which subjects were given a loaded coin. They were told that the coin will land on heads 60% of the time. The subjects were given half an hour to flip the coins and there was real money on the line.

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Brown Advisory

DECEMBER 14, 2016

Finding Value Amid Turbulence. achen. Wed, 12/14/2016 - 11:16. The Federal Reserve on December 14 fell in step with a post-election surge in bond yields by raising the main interest rate for the first time in a year. The Fed’s quarter-point increase followed the biggest five-week gain in the yield of the benchmark 10-year U.S. Treasury in six years.

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