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Larry Swedroe

Larry Swedroe

Larry Swedroe is director of research for The BAM Alliance (thebamalliance.com), a community of more than 150 independent registered investment advisors throughout the country. He has authored or co-authored 14 books, including his most recent, The Incredible Shrinking Alpha: And What You Can Do to Escape Its Clutches. His opinions and comments expressed on this site are his own and may not accurately reflect those of the firm.


Recent Content By Larry Swedroe


S&P 500 Index with Magnifying Glass

Expert Analysis and Commentary

Why It's So Hard for Active Mutual Fund Managers to Beat the S&P 500 Index


Glasses on Top of Mutual Funds Newspaper

Expert Analysis and Commentary

The Performance of “Trendy” Mutual Funds


Volatility of Stocks

Expert Analysis and Commentary

The Volatility of Active Management


Berkshire Hathaway

Expert Analysis and Commentary

Why Not Just Buy Berkshire Hathaway? Extending the Evaluation Period


Mutual Fund Application on a Tablet

Expert Analysis and Commentary

Which Factors Matter to Investors: Explaining Mutual Fund Flows


Business man balancing on a rope

Expert Analysis and Commentary

Myopic Loss Aversion and the Equity Risk Premium Puzzle


Mutual Funds Manager

Expert Analysis and Commentary

The Performance of Long-Serving Active Mutual Fund Managers


warren buffett image

Expert Analysis and Commentary

Why Not Just Buy Berkshire Hathaway? An Update


mutual fund jar

Expert Analysis and Commentary

Do Upside and Downside Capture Ratios Predict Mutual Fund Performance?


interest rate ris

Expert Analysis and Commentary

Interest Rate Risk and the Low-Volatility Anomaly


stock market efficiency

Expert Analysis and Commentary

Stock Market Efficiency: Micro or Macro Efficient?


contrarian bull image

Expert Analysis and Commentary

Long-Term Reversals of Industry Performance and Investor Underreaction to Structural Change


warren buffett image

Expert Analysis and Commentary

Warren Buffett Suggests Successful Investing Requires Discipline


momentum word logo

Mutual Fund Education

Who Trades on Momentum, and Who Is on the Other Side?


mutual funds word cloud

Actively Managed Funds

Are Mutual Funds "Smart Money"?


mutual fund investors image

Actively Managed Funds

Do Mutual Fund Investors Benefit When Their Funds Also Manage Hedge Fund Assets?


Market Overvalued Image

News

Is the Market Overvalued?


Performance and Size

Mutual Fund Education

Short-Term Performance and Mutual Fund Size


Active VS Passive Investment

Index Fund Center

Have We Reached the Tipping Point in the Active Versus Passive Debate?


Light Switch Image

Mutual Fund Education

Alpha and the Paradox of Skill


Investment Strategy Image

Mutual Fund Education

“Sin” as an Investment Strategy


Market Volitile Ahead

Expert Analysis and Commentary

Has Stock Market Volatility Increased? Yes and No!


private equity image

Equity Funds

Private Equity’s Track Record Attracts Investors


photodune image

Mutual Fund Education

Actively Managed Mutual Funds and the Negative Alpha of Taxes


two hands holding the earth and a city

Equity Funds

A New Factor-Based Approach to Classifying and Measuring the Performance of SRI Mutual Funds


stockmarketchart-blue

Mutual Fund Education

The Nominal Price Illusion


Collapsing chart

News

Is There Structural Alpha in the Small Cap Market?


Financial Manager Image

News

Evidence of Skill and Persistence in Mutual Fund Returns


Stock Market Arrows

Mutual Fund Education

The Influence of Recent Market Returns on the Risk Tolerance of Individual Investors (Part 2)


Risk Tolerance Image

Mutual Fund Education

The Influence of Recent Market Returns on the Risk Tolerance of Individual Investors (Part 1)


Picking Stocks Image

News

Can Analysts Pick Stocks for the Long Run?


Bond Funds Image

News

Unconstrained Bond Funds: Not Worth the Risks


Passive vs. Active Image

News

An Interesting Look at the Active Versus Passive Debate


Rotating Arrows Image

News

Style Drifting: Does It Add Value for Actively Managed Small-Cap Funds?


Rotation Feature Image

News

Success or Failure: The Evidence From Style-Rotating Funds


Standard Deviation Image

News

Individual Investors Overweight the Probability of Extreme Payoffs


Stressed out Businessman

News

Investors Behaving Badly: Sad but True


Investment Plant Image

News

It Is Getting More and More Difficult to Generate Alpha, Especially After Taxes


Businessmen Jumping Hurdles

News

As Investors Flee Active Funds, Will it Become Easier for Active Managers to Outperform?


Sustainability Venn Diagram

News

Sustainable Investing and Mutual Fund Performance


Hand holding small tree

News

Does Ethical-Based Investing Impact Returns?


Stacks of Money

News

Floating-Rate Note Funds: Too Good to Be True?


Cartoon figure in front of many arrows

News

A Laundry List of Excuses for Active Managers


Increasing money piles

News

Is It Time to Raise Cash?


Man sitting in front of several screens

News

Does Firing Money Managers Lead to Improved Performance?


Finger pointing at digital stock chart.

News

Outsourcing Management: Does It Improve the Performance of Mutual Funds?


Stock Chart Digital

News

The Agony and the Ecstasy: Risks and Rewards of a Concentrated Stock Position (Part 4)


S&P 500 1950-1212

News

The Agony and the Ecstasy: Risks and Rewards of a Concentrated Stock Position (Part 3)


Put image risk and rewards

News

The Agony and the Ecstasy: Risks and Rewards of a Concentrated Stock Position (Part 2)


Mutual Fund Stock Chart

News

The Agony and the Ecstasy: Risks and Rewards of a Concentrated Stock Position (Part 1)


Solving active management problems

News

Dispelling Myths About Active Management


October returns

News

October Surprises


Figure standing in front of three doors

News

Is Stock Picking Back?


Is active management really worth the investment?

News

“Yes, There Are Good Active Funds”


Passive management is here to stay.

News

The S&P Active vs. Passive Scorecard: Global Evidence


Hand taking accounting notes

News

Has Indexing’s Popularity Made Active Management Easier?


Market timing image

News

Market Timing: Possible to Win, But It’s A Loser’s Game


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News

Seth Klarman: Indexing Assures Mediocrity!


Janet Yellen image

News

There Is Only One Person Who Knows Where the Market Is Going


Gold coins coming out of top hat

News

On the Money Illusion


uncertain decisions path

News

Pascal’s Wager and the Making of Prudent Decisions: Active versus Passive


Insurance bubble with hand

News

Pascal's Wager and the Making of Prudent Decisions: Insurance


Heads or Tails coin flip

News

Pascal's Wager and the Making of Prudent Decisions: Asset Allocation


Burning money in hand

News

It’s Not the House’s Money


pyramid of gold bars

News

Why All the Interest in Gold?


pure Gold: Is It Really Likely to Hit $5,000 an Ounce?gold bars

News

Gold: Is it Really Likely to Hit $5,000 an Ounce?


burning money for losing proposition

News

Chasing the Performance of Active Managers is a Losing Proposition


Stock Tickers. Lots of Data

News

Tune Out the Noise


white figure with arrows in different directions

News

Morningstar Weighs in on the Active Versus Passive Debate


stack of books with magnifying glass

News

A Historical Perspective on Equity Risk Premiums


many paths to choose

Expert Analysis and Commentary

Alternatives Becoming Mainstream: Good or Bad News?


Larry Swedroe headshot

Expert Analysis and Commentary

Can Mutual Funds Successfully Adopt Factor Investing Strategies?


Larry Swedroe headshot

Expert Analysis and Commentary

Speculating Versus Investing: The Buying of Individual Stocks


Larry Swedroe headshot

Expert Analysis and Commentary

On Tax-Efficient Withdrawal Strategies


Larry Swedroe headshot

News

The Case for Indexing


Larry Swedroe headshot

Expert Analysis and Commentary

Index Fund Folly!


Larry Swedroe headshot

Expert Analysis and Commentary

The Biggest Risk Facing Investors


Larry Swedroe headshot

Expert Analysis and Commentary

Do Hybrid Fund of Funds Exhibit Market Timing Skills?


Larry Swedroe headshot

So Active Management Wins In Informationally Inefficient Markets?


Larry Swedroe headshot

Expert Analysis and Commentary

Do Mutual Fund Managers Make Better Personal Investment Decisions?


Larry Swedroe headshot

Expert Analysis and Commentary

Indexing Misleads Investors: Do Active Investors Have an Edge in Bear Markets?


Larry Swedroe headshot

Expert Analysis and Commentary

Portfolio Diversification: How Many Stocks Are Enough?


Larry Swedroe headshot

Expert Analysis and Commentary

Does “Keeping Up With the Joneses” Drive Investment Decisions?


Larry Swedroe headshot

Expert Analysis and Commentary

Larry Swedroe: There's a Perfect Storm Brewing Part II


Larry Swedroe headshot

Expert Analysis and Commentary

Larry Swedroe: Analysts Predict Bond Market “Hell” This Year


Larry Swedroe headshot

Expert Analysis and Commentary

Larry Swedroe: There’s a Perfect Storm Brewing


Larry Swedroe headshot

Expert Analysis and Commentary

Larry Swedroe: How Media Coverage Impacts Individuals' Investment Flows


Larry Swedroe headshot

Expert Analysis and Commentary

Larry Swedroe: Why Do Individual Investors Buy “Overpriced” Stocks?


Larry Swedroe headshot

Expert Analysis and Commentary

Larry Swedroe: Do Mutual Funds Outperform During Recessions?


Larry Swedroe headshot

Expert Analysis and Commentary

Larry Swedroe: Retail Investors Behaving Badly


Larry Swedroe headshot

Expert Analysis and Commentary

Larry Swedroe: Management Tenure and Mutual Fund Performance