sa·pi·ent | ˈsāpēənt | (adjective): full of knowledge, wise, discerning; having judgment gained through experience.

Kevin Means, CFA

Recent Posts

SPHQ for Quality

Posted by Kevin Means, CFA on Aug 9, 2019 9:54:35 AM

As mentioned in a recent article, the “quality” factor is one of the most common among the various “smart beta” factors popular today.   This factor is very well-documented in the literature, and its long-term performance has been quite strong.  Our research on tactical timing of factor exposures indicates that quality is likely to add considerably more return than average in the near term.  Our favorite way to gain exposure to quality is through Invesco S&P 500 Quality ETF (SPHQ). 

Read More

A Quantitative Return Model for Bitcoin

Posted by Kevin Means, CFA on Jul 30, 2019 8:45:00 AM

The model described in this article was designed to help a client time the selling down of his bitcoin position.  Bitcoin is extremely volatile, highly speculative, and impossible to value in a traditional way, since it does not provide any cash flows (dividend or interest) or have any intrinsic value.  However, there are a few factors that seem to have some predictive content over a one-month holding period. 

Read More

Should I Invest in International Small Caps?

Posted by Kevin Means, CFA on Jul 26, 2019 2:06:52 PM

Two international small cap ETFs have had their expected returns rise to the top of our 500-ETF universe:  one focused on Europe and the other on Japan.  We consider the long-term case for international small cap and then dig into why we believe now is the time to buy these two ETFs. 

Read More

7  Common Investment-Related Tax Mistakes

Posted by Kevin Means, CFA on Jul 12, 2019 9:55:29 AM

Taxes are usually a bigger drag on returns than expenses, though they are less visible and get less attention.  How many of these 7 common mistakes are you making?

Read More

MTUM For Momentum

Posted by Kevin Means, CFA on Jul 9, 2019 8:45:00 AM

A recent article showed that among 7 major “smart beta” factors, momentum was the one with the highest risk-adjusted return in recent years.  The ETF (exchange-traded fund) used to represent the momentum factor was iShares Edge MSCI USA Momentum Factor ETF (MTUM).  Because of its low costs and tax efficiency, it is a very attractive way to invest in the momentum factor over the long-term.  Currently, MTUM has characteristics, especially very strong upward revisions of EPS forecasts of its constituent stocks, that make now a particularly good time to initiate a position.        

Read More

Should I Invest in New Jersey Municipal Bonds?

Posted by Kevin Means, CFA on Jun 20, 2019 8:45:00 AM

An earlier article discussed the basic considerations for investors contemplating an investment in municipal bond funds.  National Muni Bond ETFs provide a low-cost and simple way to invest.  However, municipal bond closed-end funds (CEFs) are sometimes a more attractive way to invest in the space when they are trading at an unusually large discount to the net asset values of their portfolios.  Written specifically for New Jersey taxpayers, this article compares what we consider to be the most attractive New Jersey municipal bond mutual funds and CEFs to national ETFs and CEFs.          

Read More

Should I Invest in Pennsylvania Municipal Bonds?

Posted by Kevin Means, CFA on Jun 20, 2019 8:45:00 AM

An earlier article discussed the basic considerations for investors contemplating an investment in municipal bond funds.  National Muni Bond ETFs provide a low-cost and simple way to invest.  However, municipal bond closed-end funds (CEFs) are sometimes a more attractive way to invest in the space when they are trading at an unusually large discount to the net asset values of their portfolios.  Written specifically for Pennsylvania taxpayers, this article compares what we consider to be the most attractive Pennsylvania municipal bond mutual funds and CEFs to national ETFs and CEFs.          

Read More

Investing in iShares MSCI Sweden ETF (EWD)

Posted by Kevin Means, CFA on Jun 5, 2019 8:45:00 AM

Several characteristics have provided consistent risk-adjusted excess return for country ETFs, including value-, momentum-, quality-, and sentiment-related factors.  This article highlights a country ETF that is currently very attractive using an ETF selection model based upon such factors:  iShares MSCI Sweden ETF (EWD).            

Read More

A Smarter Way to Use Smart Beta ETFs

Posted by Kevin Means, CFA on May 31, 2019 8:45:00 AM

There are many “smart beta” ETFs that claim to offer market-beating return potential.  These funds are based upon academic research regarding characteristics or “factors” that have historically produced risk-adjusted excess return.  Which ones should you use?  And as important, when should you use them?  This article seeks to help answer these important questions.   

Read More

What Does “CFA” Mean?

Posted by Kevin Means, CFA on May 21, 2019 3:42:34 PM

Does your wealth manager measure up?  That is “the right question” according to the CFA Institute.  But most people don’t even know that “CFA” stands for “Chartered Financial Analyst.”  And they have no idea what that designation means or how a CFA Charterholder might stand out from among wealth managers with other credentials.  This article will lay out why the CFA charter is widely considered the “gold standard” in the investments industry.   

Read More

Subscribe Here!

Recent Posts