Do people hate the stock market? Or are institutional investors delusional?

Investor sentiment surveys measure the percentage of investors that are positive about the future of stock market returns (bullish) versus those that are negative (bearish).  The most commonly followed metric is the Yale investor sentiment survey which splits investors into two distinct groups: 1) institutional investors (pension funds, endowments, etc) and 2) individual investors.  For […]

Sell in May and go away?

Wouldn’t it be just so easy if it were true?  Well, if you believe the academic research, this odd anomaly does seem to hold up historically.  There are a number of supposed stock market anomalies based on seasonality – The January Effect, the Monday effect, the Holiday Effect, the End of the Month Effect.  These […]

Canada comeback?

“Not to fear, we have found a manager based in our very own Canada that is able to consistently beat the pack” S&P has done a brilliant job over the last few years of shining the light on the fund management industry by publishing it’s SPIVA Scorecards which report on the performance of actively managed mutual funds […]

Are value stocks finally poised to outperform?

Index investing means taking an automated or rules-based approach to constructing and managing a portfolio compared to active investing which relies on a portfolio manager’s judgement to manage the portfolio.  There are many ways to implement an index approach.  Most index funds follow a commercially published index like the S&P/TSX 60 in Canada or the S&P500 in the US.  The […]