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Active vs. Passive? It Doesn’t Matter.

  Down­load in PDF   The debate between stock-pick­ing active and index-based pas­sive man­age­ment has been rag­ing for years. So far, the momen­tum is all on the side of pas­sive man­agers. Black­Rock, Van­guard, […]

By | July 18th, 2017|

Reflecting on a 20-Year Track Record of Defining Risk

20/20 Vision Down­load in PDF   Quick — where were you 20 years ago? Allow me to provide some con­text. In the spring, “Wannabe” by The Spice Girls was the #1 song in […]

By | July 11th, 2017|

Greek Lessons: Gamma Explained

Gam­ma: Mea­sur­ing the Changes in Delta Down­load in PDF   The last of the “Big 5” Greeks we will be look­ing at is Gam­ma. The Greek philoso­pher Her­a­cli­tus once stat­ed, “The only thing […]

By | July 6th, 2017|

Fixing Fixed Income: Systematic Withdrawals

Low yields make gen­er­at­ing income in retire­ment more dif­fi­cult. How­ev­er, an invest­ment strat­e­gy that can min­i­mize large loss­es and gen­er­ate con­sis­tent returns over mar­ket cycles may sus­tain sys­tem­at­ic with­drawals. See how the DRS can serve as a source of retire­ment cash flow.

By | June 29th, 2017|

Does Fixed Income Need Fixing?

Tra­di­tion­al­ly, bonds have played two roles with­in a port­fo­lio: income and cap­i­tal preser­va­tion. How­ev­er, the world­wide “new nor­mal” mon­e­tary pol­i­cy of ultra-low or even neg­a­tive inter­est rates and mas­sive liq­uid­i­ty injec­tions into the finan­cial sys­tem has parched savers of yield (income). So, is ‘fixed income’ bro­ken? Does it need fix­ing?

By | June 22nd, 2017|

Where the DRS Fits: The Case for the DRS as a Core Equity Solution

How the DRS Can Func­tion as a Core Equi­ty Posi­tion Down­load in PDF   Although the DRS was orig­i­nal­ly designed to be a total port­fo­lio solu­tion, Swan Glob­al Invest­ments real­izes it is unlike­ly […]

By | June 5th, 2017|

Where the DRS Fits: The Case for the DRS as a Total Portfolio Solution

This post con­tin­ues the ‘Where the DRS Fits’ series, explor­ing how the Swan DRS can serve as a total port­fo­lio solu­tion, as designed by founder Randy Swan.

By | May 26th, 2017|

Where the DRS Fits: How Much DRS is Enough?

This post launch­es a new series titled, ‘Where the DRS Fits’, and explores how adding incre­ments of the DRS impacts the risk and return met­rics of var­i­ous port­fo­lios.

By | May 11th, 2017|

Greek Lessons: Rho Explained

Part of our on-going effort to provide options-relat­ed edu­ca­tion, this post exam­i­nes the impact of inter­est rate changes on options pric­ing.

By | May 2nd, 2017|

DRS vs. Managed Futures — Strategy Comparison Series

Exam­ine the dif­fer­ences between the goals, track records and dri­vers of suc­cess between the Swan DRS and cov­ered call strate­gies.

By | April 17th, 2017|

Swan CIO Summit 2017 Recap

Solv­ing Invest­ment Chal­lenges Swan CIO Sum­mit Series Swan Glob­al Invest­ments is pleased to announce that the 2017 Swan CIO Sum­mit was a resound­ing suc­cess.  With over 80 par­tic­i­pants con­verg­ing in Chicago on April 4th, this […]

By | April 11th, 2017|

DRS vs. Covered Call Strategies — Strategy Comparison Series

Exam­ine the dif­fer­ences between the goals, track records and dri­vers of suc­cess between the Swan DRS and cov­ered call strate­gies.

By | April 4th, 2017|

DRS vs. Liquid Alternatives — Strategy Comparison Series

Exam­ine the dif­fer­ences between the goals, track records and dri­vers of suc­cess between the Swan DRS and liq­uid alter­na­tive strate­gies.

By | March 2nd, 2017|

Greek Lessons: Vega Explained

The volatil­i­ty of an option’s under­ly­ing asset is one of the major fac­tors in deter­min­ing the val­ue of that option. An option’s sen­si­tiv­i­ty to volatil­i­ty is known as “vega” and is one of the so-called “Greeks” that are used to deter­mine an option’s val­ue.

By | Feb­ru­ary 2nd, 2017|

Market Forecasts & the Value of Predictions

Every year experts rush to pub­lish mar­ket fore­casts. But how accu­rate are the­se pre­dic­tions? See how reli­able mar­ket fore­casts are, and why we at Swan don’t make them.

By | Jan­u­ary 19th, 2017|

The Target Return Band

What Return Are You Tar­get­ing? Are you focused on a 1yr, 3yr, 5yr return ver­sus some bench­mark? Is that best for the investor? We believe achiev­ing returns with­in our Tar­get Return Band year after year can lead to long-term suc­cess. Learn why and ways to address investor myopia.

By | Jan­u­ary 9th, 2017|

The Importance of Distribution of Returns

When Nor­mal isn’t Good. Do you real­ly want to achieve ‘mar­ket returns’? Actu­al mar­ket returns over time often do not fit a nice, clean, sym­met­ric lay­out of a ‘nor­mal dis­tri­b­u­tion’ curve. As such, investors may not real­ize that striv­ing for mar­ket returns might not be in their best inter­ests over time. How­ev­er, nar­row­ing their dis­tri­b­u­tion of returns is!

By | Decem­ber 1st, 2016|

Simple, Straight Talk on Put Options

Hedg­ing Your Bets — Con­ven­tion­al wis­dom sug­gests that “hedg­ing your bets” is pru­dent. This is espe­cial­ly true in sit­u­a­tions where the biggest risks lie out­side your con­trol. Con­sid­er­ing stock mar­kets are trad­ing near all-time highs, investors might won­der how to “hedge your bets” in their port­fo­lios.

By | Novem­ber 17th, 2016|

The Importance of Consistency of Returns

Con­sis­ten­cy is King, both in Sports and Invest­ing Con­sis­ten­cy of returns is an impor­tant dri­ver of over­all invest­ment results, just like in sports and oth­er areas of our lives.

By | Octo­ber 27th, 2016|

The Elephant in the Room: Systematic Risk

Vir­tu­al­ly every port­fo­lio man­ager claims to invest in a risk-con­trolled man­ner. How­ev­er, investors look­ing at their month­ly state­ments dur­ing the cred­it cri­sis of 2007-08 were prob­a­bly won­der­ing what hap­pened to those risk con­trols as their wealth plum­met­ed. How were the­se loss­es pos­si­ble? One expla­na­tion is that there are dif­fer­ent ways to think of and define risk.

By | Octo­ber 15th, 2016|

Volatility is a Drag

If bear mar­kets can be described as a rare but cat­a­stroph­ic flood for a port­fo­lio, then every­day volatil­i­ty drag can be seen as water dam­age slow­ly that erodes away the foun­da­tions of your house (invest­ment returns).

By | Sep­tem­ber 27th, 2016|

DRS vs. Tactical Asset Allocation -Strategy Comparison Series

Exam­ine the dif­fer­ences between the goals, track records and dri­vers of suc­cess between the Swan DRS and tac­ti­cal asset allo­ca­tion strate­gies.

By | Sep­tem­ber 13th, 2016|

The Importance of Avoiding Large Losses

The Best Way to Make Mon­ey, Is to Not Lose It — This post exam­i­nes the claim that min­i­miz­ing loss­es is more impor­tant to the ulti­mate suc­cess of an invest­ment plan than max­i­miz­ing gains.

By | August 10th, 2016|

Is the 60/40 Portfolio Broken?

Down­load in PDF For decades the stan­dard rep­re­sen­ta­tion for a bal­anced port­fo­lio has been the “60/40”- 60% equi­ties, 40% bonds. Although most investors diver­si­fied beyond this mod­el and incor­po­rat­ed small caps, for­eign […]

By | July 21st, 2016|

Growth Creates Growth- Applying the Power of Compound Growth

Albert Ein­stein sup­pos­ed­ly once said that the most pow­er­ful force in the uni­verse is com­pound inter­est. Nat­u­ral­ly investors seek com­pound growth, but often fail to cap­ture it’s full ben­e­fit.

By | June 28th, 2016|

The Pain Ratio — A Better Risk/Return Measure

Down­load in PDF   Pain Ratio vs. Stan­dard Devi­a­tion In a pre­vi­ous post we dis­cussed the pain index as a bet­ter mea­sure of risk. Now we’ll explore the con­cept fur­ther, to con­sid­er return […]

By | May 26th, 2016|

Greek Lessons: Delta Explained

Delta — A Dri­ving Force Behind Options Pric­ing Down­load in PDF Sum­ma­ry Delta is a mea­sure of the sen­si­tiv­i­ty of price changes in the option rel­a­tive to price changes in the under­ly­ing asset. […]

By | May 5th, 2016|

Swan CIO Summit 2016 Recap

Solv­ing Invest­ment Chal­lenges Swan CIO Sum­mit Series We are hap­py to report that the inau­gu­ral Swan CIO Sum­mit was a resound­ing suc­cess. Host­ed at the ele­gant Con­dado Van­der­bilt Hotel in San Juan, Puer­to Rico, the […]

By | April 12th, 2016|

Capturing the American Dynamism in US Small Cap Equities

Ear­ly Mover Advan­tage in Small Cap Equi­ties Down­load in PDF “Fam­i­lies are always ris­ing and falling in Amer­i­ca.” — Nathaniel Hawthorne, The House of Sev­en Gables What Hawthorne said about Amer­i­can fam­i­lies can […]

By | March 29th, 2016|

Changing the Game in Emerging Markets Investing

Strat­e­gy for Emerg­ing Mar­kets Invest­ing Invest­ing in a Volatile Asset Class Down­load in PDF In a world of low yields and slug­gish growth in most of the devel­oped world, many con­sid­er emerg­ing mar­kets […]

By | Feb­ru­ary 24th, 2016|

The Retirement Multiplier Effect

Address­ing Sequence of Return Risk Impact of Com­bi­na­tion of With­drawals, Infla­tion, and Tim­ing Down­load in PDF In two pre­vi­ous blog posts we dis­cussed the impact of “curve­balls” upon retire­ment plan­ning. The first curve­ball […]

By | Feb­ru­ary 10th, 2016|

Examining Effectiveness of Target Date Funds

Tar­get Date Funds: Easy Does It. Or Easy Doesn’t Do It? Down­load in PDF It’s fair to say that most peo­ple like when com­pli­cat­ed con­cepts or dif­fi­cult tasks are ‘made easy’. It’s also […]

By | Jan­u­ary 26th, 2016|

Expanding the Opportunity Set

Down­load in PDF A Unique Strat­e­gy to Invest Across Mul­ti­ple Asset Class­es When peo­ple dis­cuss “the mar­ket”, what exact­ly are they refer­ring to? Thank­ful­ly, the Dow Jones Indus­tri­al 30 aver­age, with its numer­ous […]

By | Jan­u­ary 19th, 2016|

A Sideways Market for U.S. Stocks: Déjà vu All Over Again?

Exam­in­ing Side­ways Mar­ket Con­di­tions and Invest­ment Strate­gies Down­load in PDF Haven’t we seen this before? A well-cir­cu­lat­ed chart made its way around the invest­ment world through­out 2015. It was a chart com­par­ing the […]

By | Jan­u­ary 6th, 2016|

The Mathematics of Diversification

The Math­e­mat­ics of Diver­si­fi­ca­tion Down­load in PDF In a pre­vi­ous blog post on diver­si­fi­ca­tion, we dis­cussed the key role that cor­re­la­tions play in the suc­cess or fail­ure of a diver­si­fi­ca­tion strat­e­gy. In this […]

By | Decem­ber 15th, 2015|

Suffering from Withdrawals?

Is Your Port­fo­lio Suf­fer­ing from With­drawals? Down­load in PDF When ana­lyz­ing the per­for­mance of mon­ey man­agers, the indus­try stan­dard assumes a sin­gle invest­ment is made at the start of peri­od and that no […]

By | Novem­ber 19th, 2015|

Timing is Everything, Or is It?

When it Comes to Out­comes, Invest­ment Tim­ing is Every­thing. Or is it? Down­load in PDF It’s often said that “tim­ing is every­thing.” Given the volatile state of the equi­ty mar­kets over the last few […]

By | Octo­ber 22nd, 2015|

Chasing Investment Yield — Seeing the Forest for the Trees

Chas­ing Invest­ment Yield or Total Return Which is More Pru­dent in a Low Yield World? Down­load in PDF As investors pre­pare for the grad­u­al “lift-off” in inter­est rates, it is worth review­ing the impact of […]

By | Octo­ber 13th, 2015|

Summer Squall or the Start of Hurricane Season?

Long Term Strat­e­gy Designed to Weath­er the Big Storms   Fol­low­ing the sharp draw­down of August 20–25, the mar­ket has hov­ered around cor­rec­tion lev­els, defined as a drop-off of more than 10% from its highs in May. […]

By | Sep­tem­ber 1st, 2015|

Market Commentary on August 2015 Volatility

Swan Mar­ket Com­men­tary —  August 2015 Volatil­i­ty         The week of August 17th to 21st was a dif­fi­cult one in the mar­ket, with the S&P 500 down 5.7%. Dur­ing the week, the […]

By | August 23rd, 2015|

Serving Up Diversification

The Impor­tance of Cor­re­la­tions to Diver­si­fi­ca­tion Strat­e­gy For decades the finan­cial indus­try has pro­mot­ed diver­si­fi­ca­tion as the most log­i­cal, pru­dent way to max­i­mize returns and min­i­mize risk. How­ev­er, in order to tru­ly reap the ben­e­fits […]

By | July 29th, 2015|

The Future of Fixed Income and Capital Preservation

Can Fixed Income Con­tin­ue to Provide Both Income and Cap­i­tal Preser­va­tion? Down­load in PDF Fixed income invest­ments his­tor­i­cal­ly served a dual role in a port­fo­lio, to provide both fixed income and cap­i­tal preser­va­tion. Can […]

By | July 1st, 2015|

Greek Lessons: Theta Explained

How does one val­ue such an options con­tract? The answer involves the con­cept of time decay, or Theta, which we dive into with this post.

By | June 16th, 2015|

The Pain Index as a Better Measure of Risk

Pain Index vs. Stan­dard Devi­a­tion Devel­oped by Dr. Thomas Beck­er and Aaron Moore of Zephyr Asso­ciates, The Pain Index is sim­i­lar to oth­er mea­sures of risk like stan­dard devi­a­tion, beta, track­ing error, etc. Where it […]

By | May 29th, 2015|

Unique Approach to Hedging Emerging Market Currencies

Emerg­ing Mar­ket Cur­ren­cies — To Hedge or Not to Hedge? At Swan Glob­al Invest­ments we are quite excit­ed about the prospects of our newest invest­ment offer­ing, the Swan Defined Risk placed on Emerg­ing Mar­kets (EM). […]

By | May 14th, 2015|