Chasing Alpha: Top Active Equity Strategies for 2025

Published on January 13, 2025

Markets are coming off back-to-back gains of more than 20% each on an annual basis. The chances of a hat trick in 2025 are slim to none.

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Examining the Case for Active Bond Investing

January 13, 2025
I’m not ready to concede that active bests the benchmarks by adding what I consider alpha. For example, “positioning the fund to have more credit risk than its benchmark” is a risk premium much in the same way that the equity risk premium produced returns over the risk-free rate. The credit risk premium may be worth it, but that’s beta, not alpha.

Why Are Bond Yields Rising?

January 13, 2025
The question asked of me most often recently: "Why are bond yields rising?" After verbally answering it plenty of times, it's time to put my answer in writing for everyone else to see.