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Research


Alpha or Assets?
Why investors should seek Factor Alpha instead of “smart beta”. Read more

A Factor Investor’s Perspective on the Economic Cycle
Parsing the cycle, factors & themes performance during each of the 4 regimes (Pre-Recession, Recession, Post-Recession, and Pure Expansion), implications for investors. Read more

Factors are Not Commodities

  • Part 1 — Factor definition discrepancies, P/E case study (TEVA, AGN, FNMA). Read more
  • Part 2 — Alpha signals & multi-factor signals, ETFs case study (GSLC, IWB, JPUS, LRGF, QUS, SPY, VOO), summary. Read more

They Can’t All Be That Smart
A Due Diligence Framework for Factor Investors

  • Part 1 — Fundamental weighting, risk-focused vs. return-focused, and portfolio construction in practice. Read more
  • Part 2 — Using risk controls, validating portfolio construction and analyzing fees through the lens of Active Share, summary. Read more

5 Key Considerations for Equity Income Investors

  • Part 1 — Intro, considerations 1–2: dividend yield, rising rates. Read more
  • Part 2 — 3 more key considerations: dividend ETFs, dividend growth, and valuation. Read more

9 Reasons to Micro Cap
“True” microcap stocks can reward investors, if done right — they are overlooked, undervalued & unappreciated, and uniquely positioned. Read more

Small Cap Equities — Inefficient & Opportune

  • Part 1 — Lack of small cap coverage and ownership drives inefficiency, how to redefine the latter as “an opportunity for excess return”, and why single-factor approaches to valuation are not “smart”. Read more
  • Part 2 — Avoiding value traps using a quality overlay and uniting quality and valuation in portfolio construction. Read more

Fundamental Relationships have Changed in QE’s Wake
A post-quantitative-easing look at the relationship between earnings yield and bond yields. Read more

Buyback Bulls & Bears
An examination of stocks with strong buybacks, trying to determine if they are thriving because of earnings or stock manipulation. Read more

When a “Value” Company is not a Value
The factors you choose to measure cheapness can determine your long-term investing success. Read more

2-Quarters-in-1
What does the “Trump Bump” look like through the lens of factor investing? Find out

A Peculiar 2Q16
Learn why 2016’s performance gap of value vs. growth indices is more “a surge in stocks with terrible sales and earnings growth” and less a “triumph of traditional cheap over expensive”. Read more

Factor Alpha & International Investing

  • Part 1 — The efficacy of “factor alpha” in international investing and how best to pick winners versus losers. Read more
  • Part 2 — Comparing passive and active investing and choosing alpha versus capacity. Read more
  • Part 3 — Accessing international markets via ADRs and determining their factor alpha efficacy and cost. Read more
  • Part 4 — The active management landscape in international markets and the OSAM Factor Style Grid. Read more

Reference


  • OSAM Guide to Factor AlphaSM
    Is market cap a sufficiently robust single-factor investment signal? No.
    What does our research suggest is a better factor-based investing framework?

    Find out

  • Update: A Generational Opportunity
    How regularly does the market bounce back following history’s 50 worst 10-year real returns? Find out

  • Expensive ETFs — the P/E Under the Hood
    Are ETF investors may be missing out on some good bargains? Find out

  • Measuring “Factor Alpha”
    A how-to guide for interpreting OSAM’s proprietary attribution model for factor-based investing strategies. Read more

Factor Alpha Newsletter (FAN)

  • Canadian Stocks (YTD 2017: JanApril )
    How are things looking up North? Find out
  • Microcap Stocks (1Q17)
    Snapshots of factor investing in the microcap universe. Read more
  • Small Stocks (1Q17)
    Snapshots of factor investing in the small cap universe. Read more
  • Global Large Cap (2016)
    Snapshots of factor investing in the global large cap universe. Read more
  • All Stocks (2016)
    FAN’s debut article gives live-time snapshots of factor investing for 1Q16–4Q16. Read more

Appearances


Video

  • Talks@Google
    “Jim O’Shaughnessy: What Works on Wall Street” Watch the video

Radio & Transcripts

  • MoneyLife Radio
    MarketWatch senior columnist Chuck Jaffe: “The Big Interview: Jim O’Shaughnessy” Read transcript
  • Bloomberg Radio
    Bloomberg Markets’ Carol Massar:


Webinars

  • Replay: 5 Considerations for Equity Income Investors
    Presented by Ehren Stanhope, CFA — OSAM Principal & Client Portfolio Manager Watch the replay

Podcasts

  • Replay: Will Thorndike, How Skilled Capital Allocators Compound Capital
    For his “Invest Like the Best” series, Patrick O’Shaughnessy interviews author & investor Will Thorndike. Listen to the replay

Book Reviews


  • Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors
  • Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002–15
  • The Dao of Capital: Austrian Investing in a Distorted World
    Read the reviews

  • The Misbehavior of Markets: A Fractal View of Financial Turbulence
  • Quality Investing: Owning the Best Companies for the Long Term
  • The Money Game
  • Supermoney
    Read the reviews

  • Value Investing: Tools and Techniques for Intelligent Investment
  • The Value Investors: Lessons from the World’s Top Fund Managers
  • Deep Value
  • Successful Investing Is a Process: Structuring Efficient Portfolios for Outperformance
  • Asset Management: A Systematic Approach to Factor Investing
    Read the reviews

  • What Works on Wall Street
  • Inside the Investor’s Brain
  • Contrarian Investment Strategies
  • The Most Important Thing: Uncommon Sense for the Thoughtful Investor
  • The History of Money
  • Rational Expectations: Asset Allocation for Investing Adults
  • Devil Take the Hindmost
    Read the reviews

  • Innovation and Entrepreneurship
  • Zero to One
  • Double Your Profits in 6 Months or Less
    Read the reviews

  • Antifragile: Things That Gain from Disorder
  • How to Be an Expert in a Changing World
  • Hackers & Painters: Big Ideas from the Computer Age
  • Creativity: Flow and the Psychology of Discovery and Invention
  • A Technique for Producing Ideas
  • Nobody Wants to Read Your Sh*t: Why That Is And What You Can Do About It
    Read the reviews

  • The Act of Creation
  • The Tiger: A True Story of Vengeance and Survival
  • Shadow Divers: The True Adventure of Two Americans Who Risked Everything to Solve One of the Last Mysteries of WWII
  • Essays & Lectures (Nature: Addresses & Lectures; Essays: 1st & 2nd Series, Representative Men, English Traits, and The Conduct of Life)
  • The Wayfinders: Why Ancient Wisdom Matters in the Modern World
  • Essays and Aphorisms (Classics)
    Read the reviews

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