MBA Thinking Can Ruin Businesses

Posted by Jason Apollo Voss on Jul 28, 2020 in Blog | 2 comments After more than three decades in the working world I can strongly state that MBA thinking can ruin a business. I say this as a proud MBA myself (go CU Buffs!). What leads me to say this?   You Can Only Manage What You Can Measure is Bollocks Almost all graduate business school programs teach MBAs how to extract additional value out of existing businesses through management. Management of...
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Why was the Equity Risk Premium Negative?

Posted by Jason Apollo Voss on Jul 21, 2020 in Blog | 1 comment Last week I authored an article about the long history of the equity risk premium (January 1881 thru June 2020). A number of folks privately asked me why for a very extended period of time – what I called Epoch 3 – the equity risk premium was negative. That period of time was September 1966 thru December 2007 and the equity risk premium averaged -0.91%. Not only that, but it was negative a...
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From the Research Chair Registration, Episode 3

Posted by Jason Apollo Voss on Jul 17, 2020 in From the Research Chair, News & Events | 0 comments From the Research Chair, Episode 003 is all about best practices surrounding portfolio construction, an arena in which most firms bleed alpha. Specifically, we will cover: What… 1. Portfolio Construction… what is it? 2. A useful metaphor – Building “a house from a bunch of bricks.” 3. How to find useful bricks. 4. How to select only the best bricks 5. Deciding on...
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Fact File: S&P 500 Equity Risk Premium History

Posted by Jason Apollo Voss on Jul 14, 2020 in Blog | 0 comments Over the last month I have examined (what I think is) some of the most interesting data about the S&P 500. First up was the level volatility, which demonstrates that the market is not more efficient now than in decades past. Then I covered the history of the volume of the S&P 500; where we learned that almost 90% of the volume of this storied index has taken place in the last 20 years....
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Fact File: S&P 500 Sigma Events, slight return

Posted by Jason Apollo Voss on Jul 7, 2020 in Blog | 0 comments In keeping with the theme of recent weeks, I am doing a deeper dive into S&P 500 data. This week sees me updating an article originally published almost 8 years ago about the history of sigma events for the S&P 500. Or, as I like to call it the catalogue of, “People phreakin’ out.” From 3 January 1950 through 30 June 2020, the average daily return of the S&P 500 was...
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From the Research Chair, Episode 002 registration

Posted by Jason Apollo Voss on Jul 4, 2020 in From the Research Chair, News & Events | 0 comments Michael Falk, CFA, CRC and Jason A. Voss, CFA host From the Research Chair, a twice monthly show designed to help your team’s improve their investment philosophy, process, and execution. From the Research Chair, Episode 002 Features: Skills that Separate You as an Investment Manager: Curiosity. Something both Michael and Jason believe is a superpower. CURIOSITY topics covered include: 1....
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Fact File: S&P 500 Volume Data, slight return

Posted by Jason Apollo Voss on Jun 30, 2020 in Blog | 0 comments Over eight years ago I published an article about the S&P 500 and its volume data. With apologies to Jimi Hendrix and Voodoo Chile, this is my slight return to the subject. We have just 7 months left in the 2010s, but we are close enough for an update.   Sources: Yahoo! Finance; AIM Consulting, LLC Contact me so that I can help your investment firm. I make my living as a consultant, not...
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