This “case study” is taken from a piece that I wrote for a client who found it too negative. It describes the way that many “active” equity portfolios are managed. It may seem like a caricature to some, unfortunately it is not. Thus, it is not surprising that so many fail to perform. Consider a […]
I have written about certain idiosyncrasies of Swiss capital market regulations before. Most Swiss corporations started as family firms and, for a long time, outside shareholders were considered a mere nuisance and treated accordingly. Some remnants of that attitude remain. While there is now a reasonably modern set of rules governing listed firms, there are […]
I admit that I did not finish Piketty’s Capital in the 21st Century. If you did and liked it, you may want to stop here. I did get a bit further than the typical reader who, according to reports based on annotations on the Kindle version, made it to about page 26. I found it […]
Rolf Banz spent his career in the investment industry in the US, the UK and, most recently, in Switzerland. To older people, he is known as the "father of the small firm effect". This weblog consists of a series of essays and shorter pieces on a range of issues at the intersection of institutional investment and investment theory. Please see this post for a description of the objectives of the weblog and the About page for further information on the author and the site.