Not All Diversification is Created Equal

Aug 28, 2009 | Diversification

A few days ago, the Wall Street Journal ran an article, Focused Funds Find Less Can Be More, highlighting the value of a concentrated investment strategy.  It is a good, short article on the topic, but it misses an important point about diversification.  The author...

The Concept of Duration is not Just for Bonds

Aug 24, 2009 | Valuation

Many fixed income investors are familiar with the concept of duration.  It generally represents the change in the value of a bond that results from a 1% change in interest rates.  If interest rates go up by 1%, a bond currently priced at par (100) with a duration of 5...