There are a host of reasons why the vast majority of funds are destined to continue their underperformance in the coming decades. Photograph: Brendan McDermid/Reuters

The aim of actively-managed funds is to beat the stock market, but precious few manage to do so. This simple fact of life is perplexing to ordinary in(...)

Stocktake

Correction or not, investors may need to “buckle up for more volatility” following the recent “market rout”, Blackrock recently cautioned. Two (...)

Jeremy Grantham’s GMO has been warning for some time that US investors face subdued long-term returns due to elevated prices. Valuation warning signal(...)

A woman rides past the headquarters of the People’s Bank of China (PBOC), the central bank, in Beijing. Photograph: Petar Kujundzic/Reuters

We have been noting that emerging markets are cheap, but not uniformly so. Some countries are cheap, others are expensive. Cyclically sen(...)

Jeremy Grantham is famed for his prescience on market bubbles

The US stock market is 65 per cent overvalued, GMO investing legend Jeremy Grantham warned recently, but nowhere near b(...)

Traders in the New York Stock Exchange: The US was the big winner of the 20th century. Excluding the US, real global returns averaged just 4.4 per cent. photograph: reuters

Over the long run, equities have enjoyed handsome returns, but does it follow that “buy and hold” invariably delivers for investors? Is it the (...)

Talk of a tech bubble is everywhere at the moment. The Nasdaq is above 4,000 for the first time in 13 years; social media stocks like Twitter, LinkedI(...)

Nobel Prize winner Eugene Fama
Stocktake

Renowned value investor Jeremy Grantham has harsh words for Alan Greenspan, Ben Bernanke and incoming Federal Reserve chief Janet Yellen in his latest(...)

The big news of the day was that Paddy Power expects full-year operating profits to be about €11 million lower than it forecast three months ago. Photograph: David Davies/PA Wire

There was a step back from the record levels seen in Wall Street yesterday that set a downbeat tone for markets. Traders in Dublin said the recent pas(...)

History indicates further gains in coming months. Merrill Lynch noted last week there have been 34 years since 1928 that the S&P 500 gained more t(...)