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Tariffs Are the First Part of a Larger Project
by John Coumarianos, 4/11/25

Getting into Donald Trump’s head is no easy task. And to the extent his economic intentions are decipherable and coherent, can Trump impose his economic will on other countries? As tariffs go into place, albeit with a partial pause, that remains to be seen.

Retirement Beyond the Numbers
by John Coumarianos, 9/17/24

Christine Benz is Morningstar’s director of personal finance and retirement planning, but she’s written a book that evokes Viktor Frankl as much as Bill Sharpe, aiming to go well beyond the mathematics of saving for, and living in, retirement.

DoubleLine on Recession, Current Positioning, and U.S. Debt
by John Coumarianos of VettaFi, 8/23/24

Are we going to have a recession? Are we already in a recession?

Utilities, the Original Tech Stocks, Are Back!
by John Coumarianos of VettaFi, 6/14/24

The utilities sector has outperformed most of the other sectors in 2024, and there are some very specific reasons why.

Is Cash Trash? DoubleLine Has Some Thoughts
by John Coumarianos of VettaFi, 11/16/23

Investors starved for yield since the great financial crisis can now have it merely by holding cash reserves. At least for now (as of November 8), the U.S. three-month Treasury Bill was yielding 5.4%, up from 0.50% at the end of 2021 and 4.4% at the end of last year.

Why Momentum Has Failed
by John Coumarianos, 7/24/23

As the recent regime changes between value and growth illustrate, momentum is unlikely to be successful in the long term.

Stockbroker Economics and Overestimating Diversification
by John Coumarianos, 5/3/16
The English journalist and economist Andrew Smithers has called “stockbroker economics” the belief that all news is good news and stocks are always cheap. Advisors recognize the fallacy of that logic and rely on diversification to counter the inevitable asset-class volatility that markets deliver. But, according to many forecasts – including those from GMO – virtually all asset classes are likely to perform poorly over the next decade.

A Value Fund That Doesn’t Respect the Style Box
by John Coumarianos, 2/22/16
Staking a permanent geographical claim to a part of the style box can be detrimental to a fund’s performance. Being geographically flexible, on the other hand, can be helpful. Recently, for example, avoiding energy exposure and gaining exposure to sectors normally found outside of the value managers’ typical habitats have been a boon for 27-month old value fund, DoubleLine Shiller Enhanced CAPE (DSEEX).

Funds Gone Mild The Role of Cash in Value Managers’ Performance
by John Coumarianos, 7/7/15
While many well-known value funds have been poor performers lately, their long-term records remain excellent. Their cash positions have, in part, caused their recent underperformance, but cash has also fueled their longer-term outperformance.

Behind Arnott's Strategy for PIMCO's All Asset Funds
by John Coumarianos, 4/7/15
If you thought a stretch of subpar performance would shake a fund manager's confidence, you'd be wrong in the case of Rob Arnott. Through Research Affiliates, his Newport Beach firm most famous for its fundamental indexing strategies, Arnott manages PIMCO's All Asset funds. These include PIMCO All Asset (PAAIX) and PIMCO All Asset All Authority (PAUIX).

Are DFA's Funds Active or Passive?
by John Coumarianos, 3/3/15
Larry Swedroe's recent critique of Graham and Dodd value investing mischaracterized DFA's value funds as "passive." Beyond that, he misread James Montier's discussion of "perfect" value investors, made unfair comparisons among funds and didn't measure risk properly.
11 results found.