Author: gestione

Accumulating and distributing classes only differ in what happens to dividends and coupons. In our data the TER is identical in 472 of 493 funds: income and tax decide.

An investment committee asks every idea for three confirmations: price, catalyst and trend. In our data only 7% of baskets pass both value and trend.

The margin of safety protects you from your own valuation error, so it has to exceed it. In our data one stock in six is a third below value: here is why that is not enough.

92% of analyst price targets sit above the current price, and just 1.1% of ratings say sell. Why a range with a horizon says less and gets it wrong less often.

What an ETF's headline cost really covers, what it leaves out, and why two funds tracking the same index can cost nine times as much.

What a 13F filing contains, what it leaves out and how late it arrives. And what actually happens when you try to copy the stocks funds hold most.

Beneish M-Score, Altman Z and Piotroski F-Score read the financial statements to anticipate trouble. What they really say, and why one indicator alone is not enough.

The core (60-80%) captures market returns; satellites (20-40%) your convictions, with strict limits. A real case: construction matters more than selection.

Twenty ETFs track the same index but aren't identical: TER, tracking difference, size, replication, domicile and tax. How to spot the right one.

Sector rotation is the movement of money between stock market sectors through the economic cycle. How to read it with relative strength and the RRG, and why sector timing is harder than it looks.