Anson Blog

July 10, 2016
Volatility Ahead Sign

Why is Volatility Important?

Volatility is the least recognized destroyer of wealth.  Most investors have no idea of its negative impact.  If two portfolios average 10% per year, shouldn’t they be equivalent?  Not exactly. Consider the example above:  Both portfolios have an average return of exactly 0%.  Both portfolios begin year 1 […]
June 30, 2016
Failure of Active Management

The Failure of Active Management

Research by Eugene Fama and other financial academics has offered evidence that the bond markets are efficient and that interest rates and bond prices do not move predictably. This appears to be the case with all types of issues, from short-term government instruments to long-term corporate bonds. This […]