What Backtests Hide
Investors crave certainty about future returns and backtests seem to provide that. Here's what they don't show.
The True Cost of Commodity ETFs
An in-depth explainer on the trading costs, roll yields, and different structures of commodity ETFs.
The Risk of a Lost Decade for Stocks
Stock risk is most associated with short-term volatility like in March 2020. This post examines the frequency of long-term periods of low returns.
The Case Against Treasury Bonds in 2020
Treasury yields in 2020 guarantee low returns and a muted ability to hedge future stock downside.
The Once in a Decade Bond Opportunity
On the low cost of inflation protection and environments where TIPS historically outperform Treasuries.
