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Value Investing Strategy (Strategy Overview)

Allocations for October 2025 (Final)
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Momentum Investing Strategy (Strategy Overview)

Allocations for October 2025 (Final)
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Recent Investing Research

Weekly Summary of Research Findings: 10/13/25 – 10/17/25

Below is a weekly summary of our research findings for 10/13/25 through 10/17/25. These summaries give you a quick snapshot of our content the past week so that you can quickly decide what’s relevant to your investing needs. Subscribers: To receive these weekly digests via email, click here to sign up for our mailing list.

Gold Price Regime Changes?

Where is gold price going? In their September 2025 paper entitled “Understanding Gold”, Claude Erb and Campbell Harvey examine the investment characteristics of gold, its reliability as a hedging asset and the reasons why gold price is currently so high. Using data for gold, inflation, U.S. Treasuries, equities, commodities, reserve bank holdings and gold exchange-traded… Keep Reading

Yield Curve as a Stock Market Indicator

Conventional wisdom holds that a steep yield curve (wide U.S. Treasuries term spread) is good for stocks, while a flat/inverted curve is bad. Is this wisdom correct and exploitable? To investigate, we consider in-sample tests of the relationships between several yield curve metrics and future U.S. stock market returns and two out-of-sample signal-based tests. Using… Keep Reading

Are Target Retirement Date Funds Attractive?

Do target retirement date funds, offering glidepaths that shift asset allocations away from equities and toward bonds as target dates approach, safely generate attractive returns? To investigate, we consider seven such mutual funds offered by Vanguard, as follows: Vanguard Target Retirement 2020 Fund (VTWNX) Vanguard Target Retirement 2025 Fund (VTTVX) Vanguard Target Retirement 2030 Fund… Keep Reading

Do ETFs Following Gurus/Insiders Work?

Do exchange-traded funds (ETF) that seek to mimic holdings of top-ranked hedge funds, firm insiders or other investing gurus offer attractive performance? To investigate, we consider nine ETFs, five live and four dead, in order of introduction: Invesco Insider Sentiment (NFO) – focuses on stocks attracting interest of insiders such as company executives, fund managers… Keep Reading

Does the Turn-of-the-Month Effect Work for Asset Classes?

Does the Turn-of-the-Month Effect, a concentration of positive stock market returns around the turns of calendar months, work across a broad set of asset classes. To investigate, we measure turn-of-the-month (TOTM) returns for the following nine asset class exchange-traded funds (ETF) used in the “Simple Asset Class ETF Momentum Strategy” and the “Simple Asset Class ETF Value Strategy”: Invesco DB… Keep Reading

Weekly Summary of Research Findings: 10/6/25 – 10/10/25

Below is a weekly summary of our research findings for 10/6/25 through 10/10/25. These summaries give you a quick snapshot of our content the past week so that you can quickly decide what’s relevant to your investing needs. Subscribers: To receive these weekly digests via email, click here to sign up for our mailing list.

Does the Turn-of-the-Month Effect Work for Sectors?

A reader inquired whether the Turn-of-the-Month Effect, a concentration of positive stock market returns around the turns of calendar months, works for U.S. stock market sectors. To investigate, we measure turn-of-the-month (TOTM) returns for the nine sector exchange-traded funds (ETF) defined by the Select Sector Standard & Poor’s Depository Receipts (SPDR), all of which have… Keep Reading

Investors Expecting Earnings Growth and P/E Expansion?

Is it reasonable to assume that strong earnings growth and price-to-earnings ratio (P/E) expansion will sustain the unusually strong U.S. stock market returns of the past decade? In his brief September 2025 paper entitled “Expected Stock Returns in Bullish Times”, Javier Estrada decomposes stock returns into: (1) dividend yield, (2) change in earnings and (3)… Keep Reading

Value Line Return Expectations and Future Stock Market Returns

Are there any experts who can reliably predict stock market returns? In their September 2025 paper entitled “Beliefs and Stock Market Fluctuations: New Evidence from the Past Seven Decades”, David Thesmar and Emil Verner assemble and test a 69-year sample of expected stock earnings and returns from Value Line (about 1,500 firms per year). They… Keep Reading

How to Approach Long-only Equity Factor Allocations

How can investors and fund managers best exploit premiums associated with value, momentum, profitability, investment and low volatility factors, either to generate absolute return or to beat a market benchmark? In his September 2025 paper entitled “Strategic Style Allocation: Absolute or Relative?”, Pim van Vliet examines strategic allocation across long-only, value-weighted versions of these equity… Keep Reading

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