Jason Zweig
speaker
906 appearances
17 recordings
1 series
first heard Jan 2018
last heard Sep 2022
Jason Zweig’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah, this happens every few years.
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Stocks start to move more and more independently of each other.
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Some go up, some go down, some go up more, some go down less.
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And whenever you get that sort of environment, active fund managers, what we like to call stock pickers, will tend to come out and say, this is the kind of market in which we shine.
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The problem is there's very little historical evidence for that and there's not much in the data to suggest it's even true.
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You know, stock picking is expensive.
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It costs money.
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The other thing is every stock picker who picks the right stock has to buy it from somebody who picked the wrong one.
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So about half of them will be right, about half of them will be wrong, and all of them will charge money.
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So the end result is you're probably, your odds of picking a successful stock manager are no higher in this kind of market than in any other.
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Well, yes, I think so.
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Unconstrained bond funds got very popular a few years ago on the promise that you want a bond fund manager who can pick any kind of debt security whatsoever, not just treasury bonds, not just investment-grade corporate bonds, but could be anything from any part of the world, any part of the debt markets.
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The problem with that is that most
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bonds that you can buy that are not U.S.
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government bonds tend to have embedded in them a risk that's much more correlated to the stock market.
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And the other problem is that
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when you invest in these more exotic types of bonds, you're introducing other layers of risk as well as other layers of expense that can be hard to predict.
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So the historical performance of these kinds of funds is not particularly encouraging for people, especially as a way to hedge against rising interest rates.
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Their track record in that respect is not super impressive.
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Yeah, I think the best way to think about it is like this.
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Showing 881–900 of 906 · page 45 of 46
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