Vanguard’s Case for Active Management: Problems with Bond Index Funds

As I’ve written previously on our blog, one of the firms that makes a strong case for the value of actively managed investment portfolios is Vanguard.  If this sounds paradoxical, it’s only because there’s a lot of public misunderstanding about what the debate over ... read more...

2016 Year-to-Date: Explaining Market Volatility

17 February, 2016 by Sally Sulcove, CFA, CFP in Commentary
Of the 30 trading days so far this year, half of them have had more than a 100-point swing in the Dow Jones Industrial average.  As grateful as we feel for the recent days of very strong, positive market action (such as the big gains logged today), it is human nature to feel more pain from the ... read more...

Fourth Quarter 2015 Appraisal Letter

As the opening theme of this quarter and year-end letter, I want to examine a popular business maxim: “What gets measured, gets managed.” The maxim comes courtesy of management consultant Peter Drucker, who was much honored around the middle of the last century. I remember reading ... read more...

Thinking About a New Metric in a Low Growth Economy

18 December, 2015 by Mark O'Brien in Commentary
Investors don’t like the interest rate hike. That’s becoming clear. As I write the Dow Jones industrial average is down 250 points. Yesterday it was down as well. Though the interest rate hike was a mere quarter of a percent (25 “basis points” as we say in the trade), and though the hike was ... read more...

Why No More Christmas Presents from Stockbrokers?

11 December, 2015 by Paul Devine in Commentary
In an earlier era in the money-management business, the second half of December was accompanied by the arrival at the O’Brien Greene & Company offices of wheels of cheese, cartons of delicacies, bottles of liquor, cases of wine, barrels of popcorn, umbrellas, rain hats, and such, sent by ... read more...