The Secular Decline in Interest Rates and the Rise of Shadow Banks
By Elisabetta Basilico, PhD, CFA|February 2nd, 2026|Elisabetta Basilico, Banking Institutions, Research Insights, Other Insights|
Over the last 20 years, a massive shift has occurred, with "shadow banks"- non-depository institutions like Quicken Loans -capturing nearly half of all originations. While many attribute this to new technology or post-crisis rules, recent research reveals a deeper economic catalyst: the secular decline in interest rates..
Revaluation Alpha: Why Past Factor Returns May Be Misleading
By Larry Swedroe|January 30th, 2026|Research Insights, Factor Investing, Value Investing Research, Momentum Investing Research|
Past returns often include non-repeatable revaluation alpha. Since structural alpha is the only component likely to persist, it’s essential for investors to distinguish this from one-off valuation windfalls before placing trust—or capital—in any factor or fund.
Low-Cost Financing via Short Box Spreads: A Primer for Financial Advisors
By Joe DeSipio|January 28th, 2026|Options, Research Insights, Guest Posts, Other Insights|
It is well-known that box spreads offer investors the ability to lend via the options market at similar rates to Treasury Bills. But there is another, less popular side of the box spread market – borrowing money. This articles dives into the mechanics of how to use box spreads to borrow at low costs.
Retired Investors Should Stop Trading So Much
By Elisabetta Basilico, PhD, CFA|January 26th, 2026|Elisabetta Basilico, Research Insights, Other Insights, Behavioral Finance|
Retirement creates a sudden jump in leisure time. That should reduce information-processing barriers. The question is: does having more time change how people trade, and does it improve outcomes?
Is Value Investing Dead?
By Jose Ordonez|January 23rd, 2026|Predicting Market Returns, Research Insights, Factor Investing, Value Investing Research, Size Investing Research, Macroeconomics Research|
After years in what can be now called one of the worst (if not the worst) period for value investing, many investors have packed their bags and called it quits. We’ve heard this be said over and over again; and yet, many of their arguments look extremely compelling. So are they in the right? Let's examine.
The Many Facets of Stock Momentum
By Elisabetta Basilico, PhD, CFA|January 20th, 2026|Elisabetta Basilico, Research Insights, Factor Investing, Other Insights, Momentum Investing Research|
This paper shows there is a durable, stock-specific momentum component tied to how prices react to firm news around earnings dates. The result is a cleaner, lower-risk way to capture momentum without leaning so heavily on broad factor moves.
Can AI Read the News Better Than You? How ChatGPT Could Transform Momentum Investing
By Larry Swedroe|January 16th, 2026|Research Insights, AI and Machine Learning, Momentum Investing Research|
ChatGPT and similar large language models can enhance traditional investment strategies through superior interpretation of financial news. The improvements are economically meaningful, statistically robust, and persist under realistic implementation constraints.
How Geopolitics is Being Priced in Real Time
By Elisabetta Basilico, PhD, CFA|January 12th, 2026|Elisabetta Basilico, Research Insights, AI and Machine Learning, Other Insights|
By reading earnings calls and analyst reports at scale, algorithms can identify who is applying pressure, who is being targeted, which instruments are used, and how firms respond. The result is a new way to observe geopolitical risk as it actually enters corporate decision making.
The Hidden Risks of Leveraged Single-Stock ETFs
By Larry Swedroe|January 2nd, 2026|Transaction Costs, Research Insights, Larry Swedroe, Other Insights, ETF Investing|
Leveraged ETFs function precisely as designed—they deliver leveraged exposure to daily returns, not long-term performance. Problems emerge when investors misuse these instruments for purposes they weren't built for, particularly buy-and-hold investing or long-term wealth accumulation.
Taming the Anomaly Zoo: How Macroeconomic Forces Shape Market Returns
By Larry Swedroe|December 26th, 2025|Larry Swedroe, Factor Investing, Research Insights, Other Insights, Macroeconomics Research|
Success lies not in collecting exotic anomalies like rare zoo specimens, but in understanding the economic forces that drive sustainable return patterns. Focus on strategies with solid macroeconomic foundations, maintain healthy skepticism about new discoveries, and always account for implementation costs.
