We document that the positive differential on international portfolio returns, one aspect of the U.S. exorbitant privilege, has disappeared in three parts. Part One: U.S. international liabilities ...

Volatility drag is one of the risks in investing. Volatility drag is a complex concept familiar to many sophisticated investors and financial professionals while relatively few ordinary investors have ...

The simple definition of a mean is that of a numeric quantity which represents the center of a collection of numbers. Here the trick lies in defining the exact type of numeric collection, as beyond ...