All articles from Larry Swedroe
The Dividend Reinvestment Puzzle: What It Means For Investors
The names of equity-income funds imply that they are aimed at investors who desire to withdraw their higher dividends as cash flow for spending. On the other hand, equity funds are aimed at investors who seek to reinvest their lower dividends for capital appreciation. However, more than 74% of equit
The Active Management Paradox: Why Skill Improvements Haven't Translated to Better Returns
"No army can withstand the strength of an idea whose time has come." — Victor HugoThe Debate ContinuesMy July 23, 2025 Morningstar article, "If Active Investing Is the Loser's Game, What's the Winner's Game?" examining active versus passive investing sparked a passionate response from Jeff Joseph, "
The Value Premium: Reports of Its Death Have Been Greatly Exaggerated
The meteoric rise of the S&P 500 since the Great Financial Crisis has dominated financial headlines and sparked a provocative question among investors: Is value investing dead? The spectacular performance of growth stocks, particularly mega-cap technology companies, has led many to write the obituar
Why Diversification Beats Concentration Lessons from Blackstone's $380M Private Credit Markdown
Sometimes the market provides perfect teaching moments. On August 6, 2025, Blackstone Secured Lending Fund delivered one when it marked down its largest holding—a private credit loan to Thoma Bravo-backed software company Medallia Inc.—to approximately 87 cents on the dollar.This single position rep
Weak Job Numbers Contain Some Good News
On August 4, 2025, the Bureau of Labor Statistics reported that 73,000 payrolls were created. More importantly May's job gains were revised down from 144,000 to 19,000 and June's gains were revised down from 147,000 to 14,000. That means the three-month average of monthly payroll gains has fallen sh