The 2Q 2020 issue of the Financial Analysts Journal opens with the first of our series celebrating 75 years of the Journal: “The Efficient Markets Hypothesis, the Financial Analysts Journal, and the Professional Status of Investment Management” by Stephen Brown. Next, Bradford Cornell and Aswath Damodoran provide their Viewpoint of “The Big Market Delusion” and its implication for private equity valuation.

Four research articles follow. The first is George Serafeim's “Public Sentiment and the Price of Corporate Sustainability” followed by “When Managers Change Their Tone, Analysts and Investors Change Their Tune” by Marina Druz, Ivan Petzev, Alexander F. Wagner, and Richard J. Zeckhauser. David Turkington, CFA, and Alireza Yazdani present a currency investing strategy in “The Equity Differential Factor in Currency Markets.”  Diogo Palhares and Scott Richardson are “Looking under the Hood of Active Credit Managers.”

The issue ends with correspondence in reference to the article "In Defense of Portfolio Optimization: What If We Can Forecast?" published in the Third Quarter 2019, and the authors' response.