Explain the main differences between active and passive investing, including time horizons and costs structures.
Answer to relevant QuestionsWhat are the two major findings of the Barras, Scalliet and Wermers (2010) paper reviewed by Mark Hulbert? Was IBM's stock price reaction to their October 2012 earnings announcement efficient? Explain your reasoning. Explain which "levels" of investing Charles Ellis recommends in his papers "Levels of the Game" and "The Winner's Game." What important lessons can we learn from Keynes' beauty contest analogy? Draw a diagram that depicts the main idea behind Finance Principle #1, Value = The Present Value of Expected Future Cash Flows.
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