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- Опубліковано 26 чер 2024
- Do you feel like you have a good grasp of financial markets? Think again! In this episode, we take a plunge into the world of financial markets with experts Jules van Binsbergen and Jonathan Berk. Jules is a Professor of Finance at the Wharton School of the University of Pennsylvania and Jonathan is a Professor of Finance at Stanford Graduate School of Business. They also host a popular podcast called Else Equal, which explores the science and strategy of making better financial decisions, and have written several academic papers that challenge the status quo. In our conversation, we discuss their research on the relationship between manager skill and fund performance, the best ways to measure performance, and reasons why benefits are in favour of the managers. We also explore the dogma surrounding mutual funds, the differences between active and passive management, and how to measure efficient capital markets. Listeners will also hear perspectives that challenge their understanding of capital markets and viewpoints that completely disagree with previous guests. Although we have covered this topic before in previous episodes, this conversation will fundamentally change the way you view financial markets and how to think about them.
Timestamps:
0:00 Intro
4:03 Skill & Performance
1:21:01 Asset Pricing Models
1:28:15 Definition of Success
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Jonathan Berk - www.gsb.stanford.edu/faculty-...
Jules van Binsbergen - sites.google.com/view/jules-v...
Else Equal: Making Better Decisions podcast- www.gsb.stanford.edu/business...
'Mutual Fund Flows and Performance in Rational Markets' - www.jstor.org/stable/10.1086/...
'Measuring skill in the mutual fund industry' - www.sciencedirect.com/science...
'Mutual Funds in Equilibrium' - www.annualreviews.org/doi/abs...
'Matching Capital and Labor' - onlinelibrary.wiley.com/doi/a...
'Assessing asset pricing models using revealed preference' - www.sciencedirect.com/science...
'How Do Investors Compute the Discount Rate? They Use the CAPM' - www.cfainstitute.org/en/resea... - Навчання та стиль
Investors are not allocating enough money into funds with managers with foreign names, mindblowing example
One of the greatest episodes so far. Amazing content!!! Thank you RR Team
This is one of the best financial podcast episodes I've ever seen. This is fascinating. These guys are either total revolutionaries or complete insanity. I don't care, it is so eye-opening. Not the usual dogma. One of the best guests you've had ever.
Calling Fama wrong and positing the CAPM as the most correct model really makes me reconsider many things. Have to give this episode a second watch. Awesome episode.
One of your best podcast!!! Great job on how you asked your questions and clarified some answers for the viewers. Please have these guest on again
One of your best talks ever.
I have a simple suggestion. Why don't you ask each of your podcast guests how they allocate their own money?
"Scientific consensus from moral pressure is not scientific consensus at all". Wonderful podcast that challenges a lot of notions that many of us had (amazing even by the high standards of this podcast), but please take note of that point.
22 minutes in and i feel like some of this has been hovering on the edge of my consciousness for the while, when listening to this podcast. Great episode, keep exploring all ideas around financial markets, maybe now that I have listened to a couple hundred episodes I should write a review.
Best one to date. Especially since as an adviser who heavily uses Vanguard index funds & DFA… Keep up the great work gents!
Pretty awesome that you invited 2 guests that disagree with many of the notions and theories you advocate. Personally, I feel like the audience gets more from dissenting views that from guests who just offer a different point of view to the same theories.
Funny that you mentioned the Adriana Robertson episode at 23 minutes -- I was literally just thinking about it at the same time
If the performance of factor investing is in line with smart money and if factor investing is cheaper and if smart money provides an edge according to their costs, doesnt this make factor investing the superior thing?
Even though I don’t politically agree with these two amazing folks all the time. Still I wait for their episode every Thursday. That says so much about their contents.
What are their political views may I ask
@@go.dusopp8566 they're liberal
@@kerri648 i respect them even more given that they listen to the academic literature supported and championed by famously politically conservative school. Shows how intellectually honest they are
Jeez just buying VT and Hodl
1:13:00 fama wrong, 1:16:00
GOT DAT PODCAST YO!
Didn't the Vanguard factor ETFs failed miserably and all closed not long after the introduction? Would be interesting to have an episode on what went wrong there. At the end of the day, the value of an investment manager is in flawless execution. Indeed DFA capture the factor risk premia after cost. So that is available to investors. These professors don't address convincingly that it doesn't work when they state that nobody can invest in factors. Great to have guys on the show with a different view though. BTW DFA does not market its value proposition as passive. Would like to read the evidence that larger managers show higher performance. I thought that one cannot predict which managers will outperform thus allocating to larger active managers seems a strange proposition. DFA have shown it can successfully implement academic ideas in the real world; Are Berk and van Binsbergen liaised with any investment management company? Some funds may get so large they move the market which will lead to underperformance. So their method will have some limitations?
Of course it's the Dutch and Dutch adjacent that disagree with everyone else 😂