Jared_Kizer

About Jared Kizer

Jared Kizer, CFA is Chief Investment Officer for Buckingham and the BAM ALLIANCE, a community of more than 140 independent wealth management firms across the country.

What to Make of 10-Year Small-Cap and Value Results

2016-01-14T13:55:55+00:00 Jan 2016|Equities|

Ken French’s recently updated global factor data shows the global size and value premiums were basically flat for the past 10 years (the value premium was actually about –1 percent per year over this span). This long-term historical result has surprised many people and naturally led some to ask whether these premiums can be expected in the future. Figure 1 graphs the one-, three-, five-, 10-, 15- and 20-year average size and value premiums using the global data set.

Revisiting International Diversification

2015-12-29T22:38:40+00:00 Dec 2015|Asset Allocation|

International diversification has come under attack over the last couple of years as both international developed and emerging markets have underperformed U.S. stocks. Figure 1 illustrates this underperformance by looking at the growth of $1,000 invested in U.S. and international developed market stocks over the period from January 2008 through November of this year.

Smart Beta Can Be Smart But Is Not New

2015-11-13T03:49:11+00:00 Mar 2014|Asset Allocation, Equities|

I held off writing about smart beta strategies as long as I could. The world, after all, is awash in such pieces. I couldn’t ignore it any longer, though, because virtually every piece I’ve read that’s critical of smart beta misses one fundamental point: The term “smart beta” may be new (and has certainly been effective from a marketing perspective) but the underlying strategies themselves are not.

Do Corporate Bonds Add Value in Portfolios?

2016-01-11T16:41:34+00:00 Mar 2014|Asset Allocation, Fixed Income|

I frequently get asked about the merits of corporate bonds, both investment-grade (IG) and high-yield (HY), relative to government and municipal bonds. I don’t believe the risk-return profile for long-term investors (particularly taxable individual investors) is improved by owning IG or HY corporate bonds compared with simply owning a diversified portfolio of stocks and high-quality government bonds.

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