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Valuentum Reports

Latest Valuentum Commentary

Mar 12, 2018
The "Luck" and "Randomness" of Index Funds
If the year-to-year performance of active funds relative to index funds can be considered “random,” so then is the year-to-year performance of index funds relative to active funds, regardless of fees and expenses. Image shown: page 1 of 14.
Dec 19, 2017
Video: Quants! You're NOT Measuring VALUE and Nelson's Theory of Universal Value
President of Investment Research Brian Nelson defines the concept of universal value and shows how quantitative statistical methods are inextricably linked to those of fundamental, financial, business-model related analysis. Value does not exist in respective process vacuums! Value is universal. Find out why. Running time: ~10 minutes.
Dec 11, 2017
Video: Nelson's Active Management Theorem, Poker and "High Society," Inertia and the Value-Growth Conundrum
President of Investment Research Brian Nelson details his simple new theorem of the stock market that may change everything you believe. Nelson explains using poker as an example, and he goes on to caution about the concept of inertia, and how investing has somehow transformed into a "game" -- if investors truly believe there are 'value' and 'growth' stocks. A must-watch intrigue. Running time: ~11 minutes.
Dec 2, 2017
Nobel Prize-Winning Economist Robert Shiller On Indexing
Video: Robert Shiller on what worries him about passive investing -- from CNBC.
Sep 8, 2017
The Wisdom of Oaktree's Howard Marks
Image Source: emmolos. The latest memo from Oaktree's Howard Marks here should be read and then read again. The section on passive investing is an absolute treasure. "Passive investing is done in vehicles that make no judgments about the soundness of companies and the fairness of prices.  More than $1 billion is flowing daily to “passive managers” (there’s an oxymoron for you) who buy regardless of price.  I’ve always viewed index funds as “freeloaders” who make use of the consensus decisions of active investors for free.  How comfortable can investors be these days, now that fewer and fewer active decisions are being made?" -- Howard Marks, Oaktree Capital
Sep 7, 2017
Adviser Fees on Indexed Assets Can Eat Up Your Nest Egg?
Indexing sounds like an easy way to track the market's performance, but if your indexed assets are held in financial advisors' accounts, it can come with a big cost: significant underperformance. Over 20 years, we estimate in this hypothetical example that the cumulative cost as a result of a 1% annual financial advisor fee on indexed assets can amount to as much as 66% of a saver's initial investment -- just for holding an index fund. Please be careful out there!
Aug 16, 2017
Resetting Your Mental Model
Image Source: affen ajlfe. Having the right mental model and using the right information can be the reason why you win or lose in investing.
Aug 13, 2017
Updated: Value and Momentum Within Stocks, Too
Abstract: This paper strives to advance the field of finance in four ways: 1) it extends the theory of the “The Arithmetic of Active Management” to the investor level; 2) it addresses certain data problems of factor-based methods, namely with respect to value and book-to-market ratios, while introducing price-to-fair-value ratios in a factor-based approach; 3) it may lay the foundation for academic literature regarding the Valuentum, the value-timing, and ultra-momentum factors; and 4) it walks through the potential relative outperformance that may be harvested at the intersection of relevant, unique and compensated factors within individual stocks.
Aug 7, 2017
ICYMI: Valuentum’s Improved Stock and ETF Web Pages
Valuentum has rolled out improved stock and ETF web pages on its website Now, subscribers can access key proprietary information on the stock and ETF web pages in addition to the customary stock and ETF reports.
Jul 14, 2017
Systemic Risk in These Frothy Times
Image shown: Nelson's Syllogism of the Stock Market. Let’s talk about index investing, market valuations, and mention how a few ideas in the portfolio of the Best Ideas Newsletter are doing.

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The Best Ideas Newsletter, Dividend Growth Newsletter, Nelson Exclusive publication, and any reports and content found on this website are for information purposes only and should not be considered a solicitation to buy or sell any security. Valuentum is not responsible for any errors or omissions or for results obtained from the use of its newsletters, reports, commentary, or publications and accepts no liability for how readers may choose to utilize the content. Valuentum is not a registered investment advisor and does not offer brokerage or investment banking services and adheres to professional standards and abides by formal codes of ethics that put the interests of clients and subscribers ahead of their own. Valuentum, its employees, and affiliates may have long, short or derivative positions in the stock or stocks mentioned on this site.