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Woe Betide the Value Investor The excess return earned by the average investor in value mutual funds was meaningfully negative over a 23-year period when the funds themselves outperformed the market. Why don’t all value investors benefit from the value premium?
Greek DramaGreece is seeking to renegotiate rather than repudiate its debt. But the euro crisis has deep roots: Beyond limiting member states’ fiscal flexibility, monetary union intrinsically creates default risk.
There's Diversity in ValueThe value premium neither widens and narrows uniformly across countries nor moves in sync with major asset classes. A fundamentally weighted long-short strategy might be a sensible addition to a diversified asset mix.

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What's Up? Quantitative Easing and InflationThe U.S. Federal Reserve, the Bank of England, the European Central Bank, and the Bank of Japan have variously completed, announced, or expanded their QE programs. It’s time to sort out the probable effects on inflation.

Chris Brightman Introduces Research Affiliates' New Asset Allocation Website​Chris Brightman provides an overview of the new asset allocation website released by Research Affiliates. Chris discusses expectation models and the new interactive tools.​
Yesterday’s Gone: Year-End Capital Markets Commentary and ExpectationsWith updated return expectations, we estimate that the performance of U.S. stocks and bonds over the next 10 years will be significantly lower than long-term historical averages. Other asset classes may produce moderately better returns.


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