Viewpoints
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May 1st, 2018 | by Gregg S. Fisher, CFA, "Invest with Reason"
What’s a Sustainable Withdrawal Rate for a Retirement Portfolio?
When we analyze rolling 30-year periods back to 1926, we find that a 4% withdrawal rate runs a low risk of depleting a retiree’s portfolio. Inflation has a significant impact on the sustainability of a retirement portfolio. We prefer a total return over an income-oriented approach to generate cash flow from a retirement portfolio. When […]
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April 9th, 2018 | by Gregg S. Fisher, CFA, "Invest with Reason"
How Investors can make the Tax Code Work for Them
Many investors pay too little attention to investment returns on an after-tax basis. Active tax management strategies can boost post-tax returns by 1% annualized. Passive indexes are less tax-efficient than many investors realize, but active tax-loss harvesting can enhance returns of an index-tracking portfolio, and adding a multi-factor investment strategy can further add to returns. […]
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March 20th, 2018 | by Gregg S. Fisher, CFA, "Invest with Reason"
Factors Meet Life Cycle Investing
Stock portfolios with different factor tilts may be more appropriate for investors with different risk preferences. A portfolio dominated by the size and value factors may be particularly suitable for young investors. As investors age, lower-volatility portfolios, such as ones dominated by quality, may be more appropriate. In recent years, the term factor investing has […]
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January 31st, 2018 | by Gregg S. Fisher, CFA, "Invest with Reason"
Where to Invest if Inflation Picks Up
Inflation has been subdued globally since 2009, but some key measures of inflation have shown life recently. Looking back in history, commodities, gold, REITs, and emerging-market equities proved to be outperformers when inflation rates were high and during periods of unexpected jumps in inflation. While predicting inflation movements is hard, a well-diversified portfolio with an […]
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January 22nd, 2018 | by Gregg S. Fisher, CFA, "Invest with Reason"
Are Stocks Overdue for a Correction?
Today’s stock market almost appears to be levitating. From January 1, 2017 to January 12, 2018, the S&P 500 Index surged 27%, and the ride was remarkably smooth. To put the recent market calm in some context, we looked back in history. We tallied market corrections of 10%, 20%, and 30% by calendar year from […]
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Contributors
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Gregg S. Fisher, CFA, "Invest with Reason"
Gregg S. Fisher, CFA, is the Founder, Head of Research and Portfolio Strategy at Gerstein Fisher and the Portfolio Manager for the Gerstein Fisher Funds.
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Andrew Tanzer, CFA, "The Global Equation"
Andrew Tanzer, CFA is Senior Researcher, Portfolio Strategist for Gerstein Fisher. A member of the firm’s Investment Strategy Group, he writes content to inform and educate clients and the public on issues related to investing, financial markets, and economics. The Global Equation seeks to identify, analyze and interpret major global economic themes of importance to investors that are missed, misunderstood, or inadequately analyzed by the media.
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Sheridan Titman
Sheridan Titman, Ph.D. is an Academic Advisor to Gerstein Fisher and a professor of finance at The University of Texas at Austin. Dr. Titman works with Gerstein Fisher on research related to multi-factor strategies, momentum, mutual fund performance, and real estate securities.