U.S. equities declined for the third consecutive month in October amid an environment of higher yields and underwhelming earnings reports…
Active vs. Passive
To this day, significant debate continues about the topic of active versus passive investing in U.S. equities, with the discussion typically centering on the fundamental question of “Is the market efficient?” Active investors believe that the market is inefficient and an informational advantage can lead them to identify investments that will beat their respective indices. Critically, active investing features human judgment with respect to a company’s relative attractiveness and profit realization over an investment horizon. Passive investors, on the other hand, believe the market is efficient and that stock prices reflect all available information which could affect their prices. If markets are truly efficient, then a diversified, low-cost exposure to an asset class would be the best course of action.
Equity market strength through the third quarter continues to challenge the common expectation going into the year. Cumulatively through September…
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