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To Win With “Smart Beta“ Ask If the Price Is RightProduct proliferation in smart beta often coincides with wonderful historical returns. These returns can be an alpha mirage caused by rising valuations. Investors need to be mindful of this to avoid performance chasing, a wealth-destroying activity.

(Webinar Replay) How Can “Smart Beta” Go Horribly Wrong?In evaluating any investment strategy, valuations matter.
How Can "Smart Beta" Go Horribly Wrong?If investors don’t wise up soon that rising valuations are responsible for most of the “alpha” produced by smart beta, the inevitable mean reversion to historical valuation norms threatens to unleash a smart beta crash.

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A Barrel of Texas Tea: Half-Full or Half-Empty?Oil prices should remain low, likely in the $30–$40 a barrel range, through summer 2017. Investors seeking greater diversification and yield than offered by traditional asset classes should consider commodities, albeit those not heavily tilted toward oil.
Death of the Risk-Free RateNegative real interest rates invalidate our theory of a risk-free rate as the foundation of long-term investment returns and poses a long-term inflation risk. Investors should diversify into higher-yielding inflation-hedging asset classes to improve the chances of meeting their return targets.
When a Storm Is in the Offing: Fundamental Growth in the U.S. Equity MarketForecasting the weather or stock prices is a mostly mundane matter, but the unforeseen can exact a heavy toll. For investors, economic data improve the precision of market forecasts.


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