FMA Market Update – November 2016 Edition

November 3, 2016  |  

Peter Bernstein was a well known financial historian, economist, and educator who made significant contributions to investment research, often questioning and challenging in his writings the workings of the money management industry. I came across some of his papers recently—he passed away in 2009—and it reminded me of a baseball analogy piece he wrote back in the 90’s based on an interview he did for the book, Investment Titans, and how relevant it is in today’s investment environment. The interview is over 20 years old but still very relevant and I thought I would resurrect it for this month’s commentary, especially since it has application to our view on market benchmarks and how important the income component is to investment returns.  Read More…