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...

Is money better spent on research to drive innovation in small or large companies? This question is significant for government policies...

Typically, earnings growth is more important than sales growth for stock performance. However, as the chart illustrates, this was not the...

Since early September, small-cap stocks have outperformed large-cap stocks. Investors' recent enthusiasm for small caps is evident in...

The stock market reacted enthusiastically to the election results, and momentum played a significant role in almost every market segment.

It is surprising and potentially alarming that financial leverage has been a powerful driver of stock returns during the market rally...

In a recent post, I highlighted an example of what can be missed when using a passive index approach to value. In the consumer staples...

It is not uncommon for different value metrics to produce different investment outcomes, so value indices and ETFs generally blend value...

The sales/employee ratio should be a good measure of employee productivity. However, it varies considerably across market sectors, much...

In his March State of the Union address, President Biden proposed raising the excise tax on stock buybacks from 1% to 4% to discourage...

Momentum was a driving force for the market in 2024 until momentum peaked on July 9. Momentum resumed its upward climb at the end of...

A distinction of tech companies is that they are sources of innovation and growth. In addition, large-cap tech companies often rank among...

Two notable features of the 2024 market rally were the power of momentum and the dominance of large-cap stocks. The market peaked on July...

The public was introduced to Open AI's ChatGPT on November 30, 2022. It took a month for the potential of this breakthrough to electrify...