For several years now, growth stocks, led by the largest technology companies like Amazon, Facebook, Microsoft, and Google, have outperformed their slower-growing value counterparts. Fundamentally, the rapid growth in revenue and cash flows at the tech giants justified their outsized moves. Value companies struggled to grow, and their valuation-discounts...
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Cryptocurrency Bitcoin enjoyed a tremendous rally in 2020, appreciating from about $7,000 to nearly $29,000, or roughly 315%. The Internet is littered with well-documented debates on the viability of Bitcoin and the sustainability of the rally itself. What do we believe is the most overlooked factor? The fundamentals of...
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We have updated our paper on passive investing and its effects on US stocks. The paper is available for free download here. Passive Ownership of Major Companies The largest three passive firms continued gobbling up shares of US equities in Q3 20. Below are the percentages of each firm...
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