Larry Swedroe
@larryswedroe
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My life's mission is to educate people about the right way to invest. Author of 18 books on investing, the latest of which is Enrich Your Future
St. Louis, Missouri
Joined November 2010
My latest M* articles dives into new research on Do Simple Stock-Picking Formulas Still Work? .
morningstar.com
Do simple stock-picking formulas like the F-Score, Magic Formula, Acquirer’s Multiple, and Conservative Formula still outperform the market? A new study finds these rules-based strategies can deliver...
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My latest article for Wealth Management takes a deep dive into structured outcome funds and why investors pay far more than necessary for downside protection.
wealthmanagement.com
Larry Swedroe examines the costs and limitations of buffered funds, revealing how these complex investment vehicles may underperform simpler strategies.
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My latest Substack column dives into new research on how emotions drive stock returns.
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Retail trades now 18% of stock-market volume, versus 10% in 2010, creating more opportunity for irrational prices (bubbles) as limits to arbitrage prevent sophisticated investors from correcting mispricing. Retail investors also tend to overweight left side of factors, wrong side.
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My new Morningstar article takes a deep dive into the issue of volatility laundering of private assets, not just PE, but private RE and private credit.
morningstar.com
Discover how private equity uses "volatility laundering" to smooth returns, understate risk, and create misleadingly stable performance charts.
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Here's really good 6 minute video Boring Beats Fancy by RIA Daniel Barram, well worth your time.
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My latest Financial Advisor article dives into the research examining whether simple formulaic investing works?.
fa-mag.com
A recent study confirms that simple, rules-based investing formulas can still deliver strong returns.
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My wife and I just finished binging the new Netflix series Hostage and highly recommend it.
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For fans of Lee Child and Reacher, I cannot recommend the third season of Amazon Prime's REACHER enough, the best of the three seasons and the others were IMO very good.
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My latest Alpha Architect column dives into the research on what drives REIT returns.Unlocking REIT Returns: Real Estate Investment Factors.
alphaarchitect.com
Letdin, Seagraves, and Sirmans advanced our understanding of REIT asset pricing by developing and rigorously testing six REIT-specific return factors—size, value, momentum, earnings quality, low...
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My latest substack column Private Credit Delivers Strong Q2 2025 Performance: A Deep Dive into Middle Market Lending can be found here.
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My latest Substack column examines new research on The Hidden Costs of Trade Protection.
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My new Substack column examines the latest research on The Key Drivers of Corporate Bond Returns.
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My latest Morningstar article examines research demonstrating that Price Primarily Predicts Future Returns, Not Future Earnings Growth.
morningstar.com
New research shows valuation ratios like P/E predict future returns far more than earnings growth—challenging traditional stock analysis and value premium models.
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My latest Substack column dives into the Hidden Risks in Private Equity, digging deeper into the issues raised in a WSJ article
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My latest Alpha Architect article addresses the problem of Hindsight and Survivorship Biases in Managed Futures, and also the importance of diversification.
alphaarchitect.com
Handy and Meksi provided a clear warning: relying on past performance to select CTAs is a strategy fraught with risk, largely due to behavioral biases that distort our perception of skill and...
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My new Substack column dives into a lesson the market taught about the importance of minimizing idiosyncratic risks: Diversification vs. Concentration in private (or public) credit .
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My Substack column today looks at how Weak Job Numbers Contain Some Good News.
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My substack column of today examines "The Value Premium: Reports of Its Death Have Been Greatly Exaggerated".
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My recent, “If Active Investing Is the Loser’s Game, What’s the Winner’s Game?” sparked a passionate response from Jeff Joseph, provides an excellent opportunity to examine the mathematical realities and empirical evidence.
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