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The rise of the financial machines

The job of capital markets is to process information so that savings flow to the best projects and firms. That makes high finance sound simple; in reality it is dynamic and intoxicating. It reflects a changing world. Today’s markets, for instance, are grappling with a trade war and low interest rates. But it also reflects […]

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Active fund managers have had a good 12 months, but a terrible ten years

When it comes to choosing an index-tracking, or passive fund management, investment a lot of people choose a manager who tries to beat the market by picking the best stocks, because that sounds like a great idea. The tricky bit is finding the right manager. The temptation is to look at past performance but fund […]

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New study reveals most stocks aren’t good investments.

Most stocks aren’t good investments is the conclusion from a study of stock market returns by Hendrik Bessembinder, a finance professor at the W. P. Carey School of Business at Arizona State University. Exxon is among the top wealth-creating companies that have been publicly trading — under the name of a predecessor, Standard Oil of […]