It is ironic that the most important passive index in the world--the S&P 500--is, in fact, managed. For example, the minimum eligibility...

Understanding the Current Landscape of Tech Stocks Over the past year, sales growth has emerged as a dominant factor in selecting tech...

Its impact on employment is among the most widely discussed potential consequences of the AI revolution. But will this shift have a...

Theories explaining momentum typically fall into behavioral, risk-based, or market structure categories, often avoiding the harder...

Shifts in factor effectiveness signal deeper market narrative changes--specifically, what investors are pricing. The charts here show how...

Tracking the returns of thematic baskets is a helpful way to see how the tariff turmoil is affecting equities. The chart showing the...

Tech stocks are performing poorly in 2025, with February's tariff-driven market shock accelerating the decline. I made a short video...

Value investing's performance has diverged sharply between large-cap and small-cap stocks in recent years. While value strategies have...

AI-based techniques, such as natural language processing (NLP) analysis of earnings calls, can reveal management or analyst sentiment about a company, potentially helping to predict market behavior. But what about investors' sentiment? Factor trends—the patterns of which factors generate returns and which factors are dismissed by the market—provide insights into investors' sentiment based on their factor narrative.