Diversification reduces risk of long-term disappointment, but avoiding short-term pain is another matter entirely. Photograph: iStock

Diversification is often referred to as the only free lunch in finance but it didn’t protect investors from a shellacking in 2018, with almost all maj(...)

  Michael Lewis, author of The Undoing Project and, previously, The Big Short. Photograph: TJ Kirkpatrick/Getty

Investors have long lapped up the work of Michael Lewis, the author of financial bestsellers such as Liar’s Poker, Flash Boys and The Big Short. Lewis(...)

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(...)