As a reminder, we will be consolidating our web presence in the coming months. will be ported over to our new home for research and content at

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As a reminder, we will be consolidating our web presence in the coming months. will be ported over to our new home for research and content at

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As a reminder, we will be consolidating our web presence in the coming months.

This is the second of a three-part series we’re affectionately calling “How to Get Comfortable with Being Uncomfortable.” The series covers the tremendous headwinds investors in traditional portfolios are likely to over the next decade or more, and the steps required to turn a bad situation into a great opportunity.

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Get Comfortable with Being Uncomfortable, Part 1: Valuations [0.11]

Posted on March 30, 2017, 10:10 a.m. by GestaltU @ [source]

As a reminder, we will be consolidating our web presence in the coming months. will be ported over to our new home for research and content at

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IMPORTANT NOTE: As part of our ongoing efforts to make it easier for you to easily access all our content, we will be consolidating our web presence in the coming months. will be ported over to our new home for research and content

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The Definitive Book on Factor Investing [0.15]

Posted on Jan. 31, 2017, 11:03 a.m. by GestaltU @ [source]

It is natural for investors to wonder, “What factors should I consider, and why?” The answer to this question informs the narrative arc of this book.

Perhaps the book’s greatest contribution is the framework the authors propose to evaluate the factors.

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I’m starting to feel like a rancourous curmudgeon, but I am frustrated by some of the misguided commentary on asset allocation and how diversification is a myth. I think the maximum extent to which we can quantify risk premia is with a 0 or a 1.

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File this post under the category “GET OFF MY LAWN,” but it’s time to stop talking about “Dow 20,000”.

When properly implemented, these steps are likely to provide meaningful improvements to long-term portfolio outcomes.

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Stop Paying for Active Management Beta [0.10]

Posted on Nov. 9, 2016, 11:03 a.m. by GestaltU @ [source]

People are mostly insane.

Investors pay too much for traditional active management The market itself does most of the heavy lifting for most mutual funds and ‘smart beta’ products Where mutual funds do add value in excess of market returns, most of this value is consumed in fees and costs Many GTAA strategies produce returns with low systematic market exposure These strategies produce a much higher proportion of active value.

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Risk Parity and The Four Faces of Risk [0.09]

Posted on Nov. 1, 2016, 10:01 a.m. by GestaltU @ [source]

Benjamin Graham famously said that “In the short run, the market is a voting machine but in the long run, it is a weighing machine.” But this is not quite correct. Of course, when Benjamin Graham referred to “weighing,” he was actually referring to how investors “value” an asset.

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Can Robo-Advisors Evolve? Introducing Robo 2.0 [0.11]

Posted on Oct. 27, 2016, 9:59 a.m. by GestaltU @ [source]

We have launched the ReSolve Online Advisor , which goes well beyond what is available in traditional investment products to target the highest ratio of excess return to risk, at any reasonable return or risk objective.

In the last half decade, a new entrant has emerged to deliver investment management solutions with little intervention by human Financial Advisors.

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The investment industry has investors convinced that the only path to better performance is through stock selection. The purpose of this series is to challenge the conventions that lead to misguided asset allocation priorities, and offer compelling reasons for practitioners to reverse their thinking, with the goal of delivering better outcomes for investors.

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You probably know by now that Britain has voted to exit the European Union. Gold – another traditional safe-haven asset – has also been quietly outperforming.

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We are proud to announce a new Primer on Asset Allocation vs. Security Selection.

Investment results depend mostly on the market you choose, not the selection of securities within that market.

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According to Blackrock, ETF managed portfolios are one of the fastest growing segments of the investment industry, with assets projected to more than double by 2020. Clients are clamouring for this next-generation solution, with the promise of strong, stable returns in good or bad markets, and downside protection where it counts.

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If you read the paper, watch the news, and listen to investment experts you are doing it all wrong. They may know a great deal about their subject matter, but this domain expertise will not translate into better forecasts of future events.

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We’re pretty psyched about that. Consider two investment teams where one – Alpha Manager – has genuine skill while the other – Beta Manager – is a closet indexer with no skill.

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You should check out SkewU, as it’s quite a bit different than GestaltU. In traditional brackets, if you select a team to make a deep run and they lose early, that mistake stays intact in future rounds, reducing the sample size.

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We are also honored to be working with John Wiley & Sons, one of the largest publishers in the world, especially in the academic and professional space.

The book has something for everyone: from retail investors to financial professionals.

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