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The Case for Health Care Stocks

by: Lawrence Hamtil  on Monday, October 16, 2017

Tadas Viskanta over at Abnormal Returns has an interesting symposium today on the topic of what investments might be better investments over the next decade than the S&P 500.  The suggestions made by his featured guests are varied and creative, and they are worth checking out.  However, I would like to add a suggestion or two of my own. Read More

Testing the Small Company Premium at the Sector Level

by: Lawrence Hamtil  on Monday, October 09, 2017

In a previous articled titled, "Learning the Wrong Lessons," I discussed how the small company premium is a real enough phenomenon, but that for it to be realized by investors, portfolios must be sufficiently diversified in order to reduce the extreme risk inherent in small companies.  However, most studies on this subject have examined portfolios of large and small companies only on the basis of random selection, which does not tell us much other than that individual large companies tend to mirror the capitalization-weighted market more closely and with substantially less risk than individual small companies. Read More

A Few Myths Regarding the Dollar and Domestic Stocks

by: Lawrence Hamtil  on Thursday, October 05, 2017

Whenever there is a major move in the value of the dollar, you will likely hear talking heads recommend one adjustment or another to your portfolio, whether it is to compensate for, or take advantage of, the opportunity presented.  For example, because a far greater percentage of revenues are earned overseas by large cap companies, you will likely hear that a tilt toward large caps is warranted when the dollar weakens.  Conversely, when the dollar is strengthening, you will probably hear a recommendation to tilt toward more domestically-oriented small cap stocks.  However, when performing a thorough analysis of past dollar cycles, it is not clear that moves in the dollar really warrant major repositioning within the domestic portion of a portfolio. Read More