Refine Search

Search Results

21 results found.

Evolution of Investing: Three CIO Perspectives on Five Decades of Change
by Wayne Ferbert, Charles I. Clough, Jr., CFA, Lowell Pratt, CFA, Jason Hsu, PhD & Cinthia Murphy of Burney Advisor Services, 11/13/24

Join the top investment officers from Burney Advisor Services and their partners from Rayliant and Clough Capital for an exclusive webcast where we’ll explore the evolution of investment management through the unique perspectives of three generations of renowned investors.

The Biggest Failure in Investment Management: How Smart Beta Can Make It Better or Worse
by John West, Jason Hsu of Research Affiliates, 10/24/18

The biggest failure in investment management—the gap between the returns realized by the investor and the returns earned by the strategy or fund the investor owns—typically remains in the shadows with the glare of the spotlights focused on alpha. Smart beta is no exception. We propose two ways to reframe the client performance review that we believe will result in better long-term outcomes.

The Confounding Bias for Investment Complexity
by Jason Hsu, John West of Research Affiliates, 1/21/16
Complexity can dampen investor understanding, leading to poor investment decision making and ultimately derailing long-term financial goals—yet the bias toward investment complexity persists, reinforced by explanations that are behavioral in nature.

Arnott on All Asset December 2015
by Robert Arnott, Jason Hsu of PIMCO, 12/24/15
Rob Arnott, head of Research Affiliates, and Jason Hsu, Research Affiliates’ co-founder and vice chairman, share their firm’s market insights and allocation strategies for PIMCO All Asset funds.

If Factor Returns Are Predictable, Why Is There an Investor Return Gap?
by Jason Hsu of Research Affiliates, 11/20/15
In the latest piece from Research Affiliates, vice-chairman and co-founder Jason Hsu looks at how substantial evidence supports cyclicality in factor returns, making them predictable. Evidence also exists that indicates investors aren't fully benefiting from this insight due to behavioral biases. But contrarian investors practicing countercyclical timing can benefit.

The China Syndrome: Lessons from the A-Shares Bubble
by Jason Hsu of Research Affiliates, 9/18/15
The rapid rise and sharp decline of the A-shares market represents a massive redistribution of wealth, especially painful to uninformed investors who bought hot stocks near the peak. What should the Chinese government do now?

The Whole Story: Factors + Asset Classes
by Jason Hsu of Research Affiliates, 7/1/15
Every year we invite some of the investment industry’s most creative thinkers to speak about their work at the Research Affiliates’ Advisory Panel conference. Along with Nobel laureates Vernon Smith and Harry Markowitz, the speakers at our 14th annual meeting included Campbell Harvey, Richard Roll, Andrew Karolyi, Bradford Cornell, Andrew Ang, Charles Gave, Tim Jenkinson, and our very own Rob Arnott. The richness of the speakers’ presentations beggars any attempt to summarize them; I’ll limit myself to the points I found most intriguing and illuminating.

Woe Betide the Value Investor
by Jason Hsu, Vivek Viswanathan of Research Affiliates, 3/27/15
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?

The Promise of Smart Beta
by Jason Hsu of Research Affiliates, 12/19/14
Forty years ago, Jack Bogle helped revolutionize our industry for the benefit of the investor. Today there is opportunity for a second revolutionpromising to bring the same low costs and high transparency to additional equity factors. Can smart beta break free from the conventional objectives of asset gathering and obfuscation, and deliver on that promise? Jason Hsu provides his commitment and reasserts that of Research Affiliates to deliver on the promise of smart beta.

Finding Smart Beta in the Factor Zoo
by Jason Hsu, Vitali Kalesnik of Research Affiliates, 8/8/14
In the latest piece from Research Affiliates, Jason Hsu, Co-Founder and Vice Chairman, and Vitali Kalesnik, head of equity research, look at how the "publish-or-perish" syndrome and the smart beta movement have motivated academics and practitioners to come up with a spate of new investment factors. How can investors determine which ones are legitimate and how to use them in their equity portfolios?

Measuring the "Skill" of Index Portfolios
by Jason Hsu, Vitali Kalesnik of Research Affiliates, 2/28/14
Investors devote huge resources to deciding whether a manager is skillful. When it comes to passive investing, they appear to lose their critical faculties.

The Challenges of Year-End Forecasting
by Jason Hsu of Research Affiliates, 12/20/13
Many investors piled on the equity bandwagon this year, pushing prices up to dizzying heights. With current yields for U.S. equities at record lows, is it time to get off the bandwagon?

The Risk of Government Policies and the Rationing of Retirement
by Jason Hsu of Research Affiliates, 6/6/13
In late April, a group of leading economists and investment practitioners assembled in La Jolla, California, for Research Affiliates 2013 Advisory Panel. Our theme this year touched on two topics that have been front-and-center in recent public debates: the risk of government intervention and the potential rationing of retirement.

Does Blame Predict Performance?
by Jason Hsu of Research Affiliates, 3/27/13
As an econometrician and a fund-of-funds portfolio manager, I spend much time researching quantifiable metrics to help me identify managers who can outperform consistently. There is, in fact, a rich body of literature exploring different manager selection criteria. Academic papers have considered portfolio manager attributes, such as tenure, the CFA designation, advanced degrees, and even SAT scores; they have also examined fund characteristics, such as portfolio turnover, expense ratios, and assets under management.

From QE to Queasy: Fiscal Policy and the Risk of Inflation
by Jason Hsu of Research Affiliates, 2/7/13
Quantitative easing does not directly cause inflation. Rather, by enabling the government to issue low-cost debt, it fosters undisciplined spending, says Jason Hsu, CIO of Research Affiliates, LLC in this commentary. This spending, in turn, generates inflation, transferring wealth from future taxpayers to the current generation. Hsu argues that Americans are more likely to follow the European model of insufficient saving than to imitate the Japanese practices of private sector belt-tightening, high savings rates, and international lending.

Year-End Capital Markets Forecast
by Jason Hsu of Research Affiliates, 12/21/12
What looks best for 2013? Given financial repression in developed marketspolicies that prolong negative real interest ratesemerging market local currency sovereign bonds are likely to outperform their developed market counterparts. For equities, both developed (ex-U.S.) and emerging markets offer more attractive valuations and better dividend yields than U.S. stocks.

The Role of Risk in Asset Allocation
by Jason Hsu of Research Affiliates, 10/31/12
A traditional asset allocation framework allocates to various asset classes with the goal of matching important risk exposures. In reality, many asset classes share exposures to common risk factors and thus are highly correlated, particularly with equities. This article explains how investors can achieve more intuitive and perhaps more sensible portfolios with an approach based on risk factors.

Why We Don't Rebalance
by Jason Hsu of Research Affiliates, 7/24/12
Research makes a compelling case that investors should rebalance their portfolios, yet most investors do not do so. Why not? The answer is less about behavioral mistakes and more about the fact that rational individuals care more about other things than simply maximizing investment returns.

Selling Hope
by Jason Hsu of Research Affiliates, 6/21/12
Many of us in the investment management business are fond of telling our clients that "hope is not a strategy." Ironically, selling hope has worked out to be a fantastic strategy for investment managers. In our new newsletter, "Simply Stated," I suggest that investors may want to think twice about how much they are willing to pay for hope.

Should you be Concerned About the U.S. Government Debt?
by Jason Hsu of Research Affiliates, 3/29/12
Should investors be concerned about the size of the U.S. government debt? Does it matter who owns the debt? This months Fundamentals, authored by Research Affiliates CIO Jason Hsu, examines the implications for future consumption and investors portfolios.

The 3-D Hurricane and the New Normal
by Jason Hsu of Research Affiliates, 6/24/11
Debt, deficit, and demographics?the 3-D hurricane? is heading to the shores of all developed economies. It threatens to derail the economic recovery and to alter forever the heretofore path of robust growth for the developed world.Emerging economies with healthy government and household balance sheets, responsible fiscal policies, and young labor forces will be the drivers for global growth and will compete with their developed counterparts for economic and political leadership. More importantly, the emerging economies will demand their fair share in the consumption of resources and goods.
21 results found.