Publishing RAD Zone1 Equity Investments Insights from an Indexing Pioneer Take 15 Series Gus Sauter, who managed Vanguard’s flagship index funds during a period of exponential growth, reflects on the merits of passive and active investing, while sharing his thoughts on financial industry innovation. More Market Skewness Risk and the Cross Section of Stock Returns CFA Digest Using S&P 500 Index options data to measure market volatility, skewness, and kurtosis, the authors seek to determine whether innovations in these market moments help explain cross-sectional equity returns. More Valuing Tech and Internet Stocks: Do Competitive Advantages Have Expiration Dates? Conference Proceedings Quarterly Companies that are able to preserve their competitive advantages by creating “economic moats” have the ability to generate excess profits for long periods of time. A key to valuing firms with moats is determining when and how the moat will expire. More Upended: Stocks Are Riskier in the Long Run University of Chicago Booth School of Business Article and video presenting the case that forward-looking measures of volatility should be used. More Valuation Techniques: Discounted Cash Flow, Earnings Quality, Measures of Value Added, and Real Options CFA Institute Investment Perspectives Knowing how to value an interest in a business is critical to long-term investment success. More Insights from an Indexing Pioneer Market Skewness Risk and the Cross Section of Stock Returns Valuing Tech and Internet Stocks: Do Competitive Advantages Have Expiration Dates? Upended: Stocks Are Riskier in the Long Run Valuation Techniques: Discounted Cash Flow, Earnings Quality, Measures of Value Added, and Real Options From the Blog Poll: What is the Primary Cause of Speculative Investment Bubbles? David Larrabee, CFA 24 May 2013 Nearly 38% of global respondents to this week’s poll think the behavioral biases of investors are the primary cause of investment bubbles, while 33% of those polled believe responsibility lies with central banks and their easy money policies. Excessive leverage (19%) and government policies (7%) were less favored responses. Read more 13F Watch: Funds Add Health Care and Trim Technology as Activists Take Center Stage David Larrabee, CFA 16 May 2013 In the first quarter of 2013, institutional investors added to their equity holdings in the healthcare sector while reducing their exposure to the technology stocks. Among the most widely held stocks, portfolio managers as a group added to positions in Citigroup (C), Johnson & Johnson (JNJ), Microsoft (MSFT), and BlackRock (BLK), and trimmed positions in Apple (AAPL), Oracle (ORCL), Pfizer (PFE), and Coca-Cola (KO). Read more Take 15: QFII, RQFII, and the IPO Pipeline: A New Era for China A-Shares? (Video) Samuel Lum, CFA 16 May 2013 With unprecedented changes in the foreign institutional investor quota and related rules, as well as the hint of further new policy moves by the government, the China A-Shares market is starting to attract investor interest once again. Read more View all Popular and Trending Items in Equity Investments Most Viewed CFA Institute: Financial Analysts Seminar Valuation Techniques: Discounted Cash Flow, Earnings Quality, Measures of Value Added, and Real Options Certificate in Quantitative Finance Top Rated Investment Issues in Emerging Markets: A Review Frontier Market Equity Investing: Finding the Winners of the Future Intermarket Analysis in the Age of Global Interdependence Looking for Something Specific? Search our library for more on equity investments Subscribe to equity investments content Access our CFA Institute content specialists Tweets from @CFAinstitute/equity-investments Continuing Education Progress CFA Members, log in to record credits towards your continuing education. Annual recommended minimums:20 CE, including 2 SER. Manage Your CE Credits Publishing RAD Zone2 Publishing RAD Zone3