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Mark Bennett

Do Bear Markets Favor Active or Passive Investing? It Depends.

Posted by Mark Bennett, Kristofer Kwait on Apr 6, 2020

Topic: COVID-19 | Investment Strategy

In the ongoing debate about active versus passive investing, conventional wisdom posits that active investing outperforms passive in recessionary or bear market environments. The question is: Will the expected pattern hold up in the current sell-off and what will almost assuredly be the ensuing recession? The answer: it depends...

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Baring Their Teeth –
FAANGs Take a Bite Out of Equities

Posted by Mark J.P. Anson, Mark Bennett on Mar 2, 2018

Topic: Equities | Investment Strategy

Narrow markets are not uncommon to equity investors. They tend to manifest themselves during the best of times, as bull markets lengthen and thematic elements of investing gain popularity. Prior narrow market environments existed in the late 1990s (the historic tech bubble that many remember) and also in 2007, prior to the global financial crisis. The most recent narrow market has been dominated by the headlines of FAANGs — Facebook,, Apple, Netflix and Alphabet, formerly known as Google. These five business models are disrupting all sorts of industries, and with it, their stock prices have soared.

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Emerging Market Equities Turn the Corner

Posted by Mark Bennett on Nov 1, 2017

Topic: Equities | Investment Strategy

As we progress through calendar year 2017, we have witnessed the continuation of the equity bull market started in 2009. One difference however, is that leadership has turned (finally!) to non-U.S equity markets.

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Active Fee Management: Notes from the Front Lines

Posted by Mark Bennett on May 30, 2017

Topic: Industry Knowledge | Investment Strategy

Few topics get investor’s attention as much as fees. We wouldn’t be human if we all didn’t want to know, in detail, how much something costs. In the world of investing, fees are an even more important topic, as they directly relate to your investment performance...

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It’s Not Easy Being Active

Posted by Mark Bennett on Aug 30, 2016

Topic: Equities | Investment Strategy

It's not easy being an active equity manager these days. We’ve had the great financial crisis of 2007-2008, a technology/internet bubble in 1998-1999 culminating with a sharp and prolonged bear market from 2000-2002, and most recently the European crisis in 2011. What made 2016 worse than those prior periods? There is not one easy answer to that question, but a series of shifts in the investment landscape that deserve mentioning.

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On Narrow Markets and Smart Beta

Posted by Mark Bennett on Feb 28, 2016

Topic: Equities | Investment Strategy | Market Commentary

We’ve all heard a manager complain about narrow markets. We are guilty of it ourselves. What is a narrow market and how do we view it in the context of recent equity performance?

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Japanese Equities:
Trading Rally or Lasting Change?

Posted by Mark Bennett on Nov 9, 2015

Topic: Equities | Market Commentary

Financial Crises in early 2009, but more recently, another major economy has taken over the leadership of equity returns. Since the election of Prime Minister Abe to a second term in December, 2012, Japanese equities, in local currency terms, have far outpaced US, European and Emerging Markets, as

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