Clearly, 2020 has been a year unlike any other. The coronavirus pandemic and its impact on health and the economy has forced a lot of people to reassess their priorities and the financial life decisions tied to them. For some that means establishing or replenishing an emergency fund. For others it may mean a closer review of their estate plan. For many, though, the end of 2020 presents an opportunity to consider what may be done from an income tax
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Insights
2020 Year-End Tax Planning
Optical Illusions in Investing
Do you remember “The Dress”? From way back in 2015? Sure, hundreds of internet sensations memorable for one reason or another have gone viral over the years, but this one made a splash by any standard. Is the dress white and gold? Or is it really black and blue? Debate raged and The Dress forever earned a place in pop culture. It seems, though, that everyone at the time simply forgot about optical illusions and the tricks our brains can
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An Exceptional Value Premium
It’s probably not news to most value investors that the value premium has struggled over the past decade. What might be news is just how extreme an outlier recent value stock underperformance represents. The periodic returns for value versus growth in Exhibit 1 convey a stark contrast between recent years and the longer run of evidence, suggesting the past decade’s disappointing premium was disproportionally impacted by the last three years. Over the first seven years of the last decade (July
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