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The foreseeable fall of a stock market darling

Posted on April 25, 2016 by Karl-Heinz Thielmann — Leave a comment

In the Canadian province of Quebec there was once a relatively average pharmaceutical company. But then some financial wizards of the McKinsey school of magic joined its top management, and they wanted to be big and powerful. Incidentally, at the…

Smart Beta = Very Stupid No-Alpha

Posted on December 17, 2015 by Karl-Heinz Thielmann — 1 Comment

In recent years a new category of investment products has emerged. Companies offering these products claim that they are able to systemically outperform a market index in the long run – a promise that has rarely been fulfilled within the…