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	<title>CXO Advisory &#187; Investing Expertise</title>
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		<title>Pension Fund Real Estate Allocation, Cost and Performance [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/19462/investing-expertise/pension-fund-real-estate-allocation-cost-and-performance/</link>
		<comments>http://www.cxoadvisory.com/19462/investing-expertise/pension-fund-real-estate-allocation-cost-and-performance/#comments</comments>
		<pubDate>Thu, 09 Feb 2012 11:03:08 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Investing Expertise]]></category>
		<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[Strategic Allocation]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=19462</guid>
		<description><![CDATA[How do pension funds, arguably representative of sophisticated and conservative investors, use real estate as an alternative investment? In their January 2012 paper entitled &#8220;Value Added From Money Managers in Private Markets? An Examination of Pension Fund Investments in Real Estate&#8221;, Aleksandar Andonov, Piet Eichholtz and Nils Kok investigate the allocation, costs and performance of pension <a href="http://www.cxoadvisory.com/19462/investing-expertise/pension-fund-real-estate-allocation-cost-and-performance/"><strong>More...</strong></a>]]></description>
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		<slash:comments>0</slash:comments>
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		<title>All-Americans: The Best Picks? [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/12645/investing-expertise/all-americans-the-best-picks/</link>
		<comments>http://www.cxoadvisory.com/12645/investing-expertise/all-americans-the-best-picks/#comments</comments>
		<pubDate>Wed, 28 Dec 2011 11:02:49 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Investing Expertise]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=12645</guid>
		<description><![CDATA[Do stock analysts elected to All-American (AA) status by institutional voters (via Institutional Investor magazine) reliably out-pick other analysts? In the December 2011 update of their paper entitled &#8220;Are Stars&#8217; Opinions Worth More? The Relation Between Analyst Reputation and Recommendation Values&#8221;, Lily Fang and Ayako Yasuda examine the average performance of stock recommendations of AA <a href="http://www.cxoadvisory.com/12645/investing-expertise/all-americans-the-best-picks/"><strong>More...</strong></a>]]></description>
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		<slash:comments>0</slash:comments>
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		<title>University Endowment Performance: Strategic versus Tactical Allocation [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/18362/investing-expertise/university-endowment-performance-strategic-versus-tactical-allocation/</link>
		<comments>http://www.cxoadvisory.com/18362/investing-expertise/university-endowment-performance-strategic-versus-tactical-allocation/#comments</comments>
		<pubDate>Tue, 27 Dec 2011 11:00:02 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Investing Expertise]]></category>
		<category><![CDATA[Strategic Allocation]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=18362</guid>
		<description><![CDATA[Is strategic asset class allocation or active management paramount for U.S. university endowment investment performance? In the October 2011 draft of their paper entitled &#8220;Do (Some) University Endowments Earn Alpha?&#8221;, Brad Barber and Guojun Wang explore the investment performance of U.S. university endowments with regard to overall alpha, performance persistence and sources of superior performance. They <a href="http://www.cxoadvisory.com/18362/investing-expertise/university-endowment-performance-strategic-versus-tactical-allocation/"><strong>More...</strong></a>]]></description>
		<wfw:commentRss>http://www.cxoadvisory.com/18362/investing-expertise/university-endowment-performance-strategic-versus-tactical-allocation/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>SumZero Participant Trading Acumen [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/18317/fundamental-valuation/sumzero-participant-trading-acumen/</link>
		<comments>http://www.cxoadvisory.com/18317/fundamental-valuation/sumzero-participant-trading-acumen/#comments</comments>
		<pubDate>Tue, 20 Dec 2011 11:03:06 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Fundamental Valuation]]></category>
		<category><![CDATA[Investing Expertise]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=18317</guid>
		<description><![CDATA[Do analysts who work for hedge funds make good calls? In their November 2011 paper entitled &#8220;Do Buy-side Recommendations Have Investment Value?&#8221;, Steven Crawford, Wesley Gray, Bryan Johnson and Richard Price III profile analysts employed by mutual funds, hedge funds and other investment firms and examine whether these experts make good trading recommendations. Using personal data and <a href="http://www.cxoadvisory.com/18317/fundamental-valuation/sumzero-participant-trading-acumen/"><strong>More...</strong></a>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Impact of Free, Unbiased Investing Advice</title>
		<link>http://www.cxoadvisory.com/8335/investing-expertise/impact-of-free-unbiased-investing-advice/</link>
		<comments>http://www.cxoadvisory.com/8335/investing-expertise/impact-of-free-unbiased-investing-advice/#comments</comments>
		<pubDate>Tue, 18 Oct 2011 10:00:41 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Individual Investing]]></category>
		<category><![CDATA[Investing Expertise]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=8335</guid>
		<description><![CDATA[How do individual investors respond to an offer of free, unbiased investment advice? In their August 2010 paper entitled &#8220;Is Unbiased Financial Advice To Retail Investors Sufficient? Answers from a Large Field Study&#8221;, Utpal Bhattacharya, Andreas Hackethal, Simon Kaesler, Benjamin Loos and Steffen Meyer evaluate the responses of 8,195 randomly selected active and likely self-directed <a href="http://www.cxoadvisory.com/8335/investing-expertise/impact-of-free-unbiased-investing-advice/"><strong>More...</strong></a>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Should the &#8220;Anxious Index&#8221; Make Investors Anxious?</title>
		<link>http://www.cxoadvisory.com/4240/investing-expertise/should-the-anxious-index-make-investors-anxious/</link>
		<comments>http://www.cxoadvisory.com/4240/investing-expertise/should-the-anxious-index-make-investors-anxious/#comments</comments>
		<pubDate>Fri, 23 Sep 2011 19:32:57 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Economic Indicators]]></category>
		<category><![CDATA[Investing Expertise]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=4240</guid>
		<description><![CDATA[Since 1990, the Federal Reserve Bank of Philadelphia has conducted a quarterly Survey of Professional Forecasters. The American Statistical Association and the National Bureau of Economic Research conducted the survey from 1968-1989. Among other things, the survey solicits from experts on the economy the probabilities of recession for each of the next four quarters. The <a href="http://www.cxoadvisory.com/4240/investing-expertise/should-the-anxious-index-make-investors-anxious/"><strong>More...</strong></a>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Does Accurate Forecasting Get Attention?</title>
		<link>http://www.cxoadvisory.com/3959/investing-expertise/does-accurate-forecasting-get-attention/</link>
		<comments>http://www.cxoadvisory.com/3959/investing-expertise/does-accurate-forecasting-get-attention/#comments</comments>
		<pubDate>Thu, 21 Jul 2011 16:14:16 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Individual Gurus]]></category>
		<category><![CDATA[Investing Expertise]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=3959</guid>
		<description><![CDATA[Do individual experts whose U.S. stock market forecasting records are good (bad) gain (lose) attention? The &#8220;pro&#8221; argument is that investors (and online intermediaries) eventually flock to good forecasters and ignore bad ones in search of a market timing edge. The &#8220;con&#8221; arguments are that loud noise (for example, marketing-related or entertainment-driven) swamps information, and/or <a href="http://www.cxoadvisory.com/3959/investing-expertise/does-accurate-forecasting-get-attention/"><strong>More...</strong></a>]]></description>
		<wfw:commentRss>http://www.cxoadvisory.com/3959/investing-expertise/does-accurate-forecasting-get-attention/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Survey of Research on Equity Analysts [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/14960/investing-expertise/survey-of-research-on-equity-analysts/</link>
		<comments>http://www.cxoadvisory.com/14960/investing-expertise/survey-of-research-on-equity-analysts/#comments</comments>
		<pubDate>Thu, 14 Jul 2011 10:01:33 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Investing Expertise]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=14960</guid>
		<description><![CDATA[There is a decades-long stream of academic research on equity analysts as sophisticated users of financial data, focusing on the usefulness of sell-side analyst earnings forecasts and stock recommendations. What is the gist of this stream? In his June 2011 paper entitled &#8220;Analysts’ Forecasts: What Do We Know After Decades of Work?&#8221;, Mark Bradshaw surveys <a href="http://www.cxoadvisory.com/14960/investing-expertise/survey-of-research-on-equity-analysts/"><strong>More...</strong></a>]]></description>
		<wfw:commentRss>http://www.cxoadvisory.com/14960/investing-expertise/survey-of-research-on-equity-analysts/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Active ETF Performance [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/14846/investing-expertise/active-etf-performance/</link>
		<comments>http://www.cxoadvisory.com/14846/investing-expertise/active-etf-performance/#comments</comments>
		<pubDate>Fri, 08 Jul 2011 10:18:55 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Investing Expertise]]></category>
		<category><![CDATA[Mutual/Hedge Funds]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=14846</guid>
		<description><![CDATA[Do active exchange-traded funds (ETF), which realistically incorporate management costs and trading frictions, offer value to investors? In his June 2011 paper entitled &#8220;Active ETFs and Their Performance vis-à-vis Passive ETFs, Mutual Funds and Hedge Funds&#8221;, Panagiotis Schizas examines the returns and risks of the first active ETFs, including comparisons with alternative passive ETFs, mutual <a href="http://www.cxoadvisory.com/14846/investing-expertise/active-etf-performance/"><strong>More...</strong></a>]]></description>
		<wfw:commentRss>http://www.cxoadvisory.com/14846/investing-expertise/active-etf-performance/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<item>
		<title>A Few Notes on The Most Important Thing</title>
		<link>http://www.cxoadvisory.com/14583/sentiment-indicators/a-few-notes-on-the-most-important-thing/</link>
		<comments>http://www.cxoadvisory.com/14583/sentiment-indicators/a-few-notes-on-the-most-important-thing/#comments</comments>
		<pubDate>Thu, 23 Jun 2011 10:35:27 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Investing Expertise]]></category>
		<category><![CDATA[Sentiment Indicators]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=14583</guid>
		<description><![CDATA[Howard Marks introduces his 2011 book, The Most Important Thing: Uncommon Sense for the Thoughtful Investor, by stating: &#8220;&#8230;I have built this book around the idea of the most important things&#8211;each is a brick in what I hope will be a solid wall, and none is dispensable. &#8230;I consider it my creed, and in the <a href="http://www.cxoadvisory.com/14583/sentiment-indicators/a-few-notes-on-the-most-important-thing/"><strong>More...</strong></a>]]></description>
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		<slash:comments>0</slash:comments>
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