How often have we heard the age-old investing motto, ‘If you want to earn higher returns, you must take higher risk’? Probably a lot. However, there is clear evidence that this theory is wrong. You can earn high returns by taking low risk — the exact opposite of what is commonly believed. To understand why the high-risk high-return theory is wrong, we need to take a small detour to its origin. In 1964, William Sharpe developed the Capital Asset Pricing Model (CAPM), building on the earlier work done by Harry Markowitz. As per CAPM, the expected return from a stock is dependent on its beta, where beta measures the stock’s sensitivity to the overall stock market. CAPM proposed that the return from a stock is dependent on one factor alone – its beta. Higher the beta — higher the sensitivity or volatility of the stock — higher will be its expected return. This model provided the perfect foundation for the high-risk high-return idea. It predicted that high beta stocks, which are risky due to their higher volatility, will earn higher returns. The advent of CAPM led to an outburst of research confirming its findings. But there were also occasional studies which presented counterviews. One of the earliest studies to doubt the findings of CAPM was published in 1972 by Robert Haugen and James Heins. This study concluded that there was actually very little evidence that investing in risky stocks is rewarded with higher return. Such studies, which contradicted CAPM, were mostly ignored. However, a seminal paper by Eugene Fama and Kenneth French, published in 1992, dealt a fatal blow to CAPM. In this paper, the authors introduced the Fama-French Three Factor Model, which dethroned beta as the only factor that explains stock returns and added two more factors — the value factor and the size factor. The 1992 paper by Fama-French opened the floodgates for research on what other factors influenced stock returns. In the quest for uncovering new factors, researchers noticed a surprising paradox — low-volatility stocks were exhibiting superior return performance, the exact opposite of what we would expect. The most comprehensive evidence on the low-volatility paradox has been compiled by Pim van Vliet, Head of Conservative Equities at Robeco Quantitative Investments, and a global authority on low-volatility investing. Going all the way back to 1929, Pim compiled a low-volatility portfolio and a high-volatility portfolio. The difference in returns between the two portfolios is astonishing. An amount of $100 invested in 1929 in the low-volatility portfolio grew close to $10 million by the end of 2023. A similar amount invested in the high-volatility portfolio grew to only about $33,000. The difference is staggering. Low volatility delivered a CAGR of 10 per cent, while high volatility barely delivered a 6.5 per cent CAGR. Other researchers have observed the low-volatility paradox in different geographies and different asset classes. A prominent study, “Betting Against Beta”, published in 2011, found this effect in “18 of 19 international equity markets, in Treasury markets, for corporate bonds sorted by maturity and by rating, and in futures markets.” We have evidence of low-volatility paradox in India as well. For our purpose, I have selected two indices — Nifty 100 Low Volatility 30 and Nifty High Beta 50. The Low Vol 30 index selects 30 stocks from the Nifty 100 universe displaying the lowest volatility, while the Beta 50 index selects 50 stocks from the Nifty 100 universe with the highest beta. These indices provide a very good head-to-head competition between low-risk and high-risk investing. The gap between Low Vol 30 and Beta 50 is, again, astonishing. Low Vol 30 delivered 17 per cent CAGR over close to a 20-year period, beating Beta 50’s 6.3 per cent CAGR. There are several reasons why, despite the evidence, low-volatility investing remains obscure. The most important reason has to do with investor behaviour. Paul Samelson, who inspired John Bogle to create index funds, had remarked, “Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.” Low-volatility investing is like watching paint dry or watching grass grow — not an easy thing to do. Imagine holding on to a bunch of boring stocks that don’t move much on a daily basis, while your friends could be investing in volatile stocks that promises to be the next big thing. Research suggests that most investors view their investments as a lottery. We invest not to benefit from the slow grind of long-term compounding, but to earn outsized returns in the short term. You must have heard of the hare and tortoise story in your childhood. Unfortunately, as investors, we behave more like the hare rather than the tortoise. Low-volatility investing is for the tortoises amongst us – and yes, as data show, they do win the race! The writer is a SEBI Registered Investment Adviser (RIA) and Co-founder of www.samasthiti.in Comments
South Korean lawmakers impeach second president in 2 weeksMan City blows 3-goal lead and gets booed by fans in draw with Feyenoord in Champions League
What will the new year bring? Based on this year, we can expect a wild ride. Here are 25 predictions for 2025. 1) President Trump, having run out of relatives to appoint to high office, will leave politics to spend less time with his family. 2) Raygun will continue to be the biggest source of family arguments since the COVID mandates, with the only allowed views being “angel” or “devil”. 3) Prince Andrew, revealed as a close contact of both a convicted paedophile and an alleged Chinese spy, will admit that he’s in the pay of the Australian Republican movement, as it’s the only way to explain the last five years. Reviving past fashion is going to become more difficult in 2025. 4) Reviving the fashion and music of past decades will become more difficult, on account that every period has been used up due to a collective failure to have any new ideas. By February 2025, we’ll be bringing back the “looks and sounds of 2024”. By March, we’ll be bringing back the “looks and sounds of February”. By April 20, we’ll be bringing back the “looks and sounds of April 3.” 5) Gina Rinehart will buy a huge new sheep farm but keep the traditional name: “Western Australia.” 6) Peter Dutton will find himself so addicted to negativity he will find himself unable to accept any view put by the government - angrily dismissing the observations that “the sky is blue”, “water is wet”, and “Australia, by and large, is a pretty good place to live.” Toto is set for a name change! Credit: Alex Ellinghausen 7) Anthony Albanese will rename his dog, worried that the current name of Toto sounds enough like Tonto to create expectations that his owner will be a man of action.
Oregon State is retaining one of its football standouts from this season as receiver Trent Walker announced he’ll return to Corvallis for his senior season. Walker wrote on social media Monday that “Let’s run it back Beaver Nation.” Multiple sources told The Oregonian/OregonLive that Walker had a productive discussion about name, image and likeness opportunities in recent days with Oregon State’s collective, Dam Nation. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.Police Investigate Alleged Murder-Suicide in Dunleith
Gwamna Hyacinth ya yi alƙawarin binciko maharan ranar KirsimetiDrowning in words
Article content In the days after her absence from a vigil one year after Hamas’ Oct. 7 attack, Mayor Olivia Chow got an earful, emails released to the Toronto Sun show. Recommended Videos A freedom-of-information request yielded 135 pages worth of emails to and from Chow and her staff. Most of them are fully redacted – essentially just blank pages – but 44 of them contain emails regarding the Oct. 7 vigil and its organizers, the United Jewish Appeal and Centre for Israel and Jewish Affairs. Of those, most are emails from irate Torontonians sent after Chow’s absence. Chow has since apologized and has cited fatigue, a scheduling conflict with a meeting on bike lanes , an issue with her email account and a decision to instead wear black as reasons for not attending. In a recent emailed statement to the Sun , Chow did not address the complaints but again apologized, saying she “should have been there to show the Jewish community how much I care about their safety and well-being in this city.” The vigil was held one year after the attack on Israel to honour the 1,200 people who were slain. Some of the emails were sent the night of the vigil. “You ... chose not to attend the UJA memorial tonight,” one email read. “Nor have you posted a statement on social media to honour families who lost loved ones in the most horrific attack last Oct. 7... You are a disgrace and you should continue hiding until you are finally voted out of office. You owe the Toronto Jewish community an apology. Shame on you!” (Any information that could identify someone who made a complaint, such as a name or email address, was redacted by city staff.) Another email sent Oct. 9 began: “I am a Jewish man who has lived in Toronto all of my life. Never have I, and so many other Toronto Jews, ever felt more uncomfortable and threatened in our lives.” “There seems to be ample time for you to have press conferences in opening Woodbine toilets early, time for you to tweak at Caribana, a photo opportunity at Nuit Blanche, all of the really important and relevant things you were elected to do,” the man added. A parent, who also emailed on Oct. 9, expressed “frustration” with Chow’s apparent inaction. “My daughters who attend a Jewish high school have had three bomb threats made to their school just for being Jewish,” reads that message. “I am shocked that you have not played a more active role in combating this blatant anti-Semitism!” Another Oct. 9 email from an “appalled” resident stated: “A meeting on bike lanes? That was more important than being there to show support for all those who were killed, raped or taken hostage? You did not get my vote in the last election and your absence and then your terrible excuse have made sure you will never get my vote. I am embarrassed to be a Torontonian because of you.” Another person wrote on Oct. 10: “It is shocking that someone in your esteemed position could not exercise the moral clarity to prioritize standing alongside the Jewish community, but instead chose to remain at a meeting about bike lanes. Mayor Chow – only one word comes to mind: egregious.” An Oct. 8 email accused Chow of being “conspicuously un-empathetic to the Jewish population of Toronto.” “Please comment in a meaningful way so I am able to comprehend your absence in this matter.” (It does not appear Chow replied to this or any other of the emails from constituents.) “Regardless of the mayor’s personal politics,” a constituent wrote on Oct. 10, “she is the mayor of all the people... The mayor should know that she can support one side and still have empathy and compassion for the other. The latter in this case sorely lacking.” A brief Oct. 10 email, sent to both Chow and Ontario Premier Doug Ford, stated Chow “should be kicked out of Toronto” and called the Mayor a “pathetic weasel.” On the afternoon of Oct. 9, a self-professed lifelong Jewish resident of Toronto claimed to be “astounded” that Chow wasn’t at the vigil. “The event was attended by Premier Ford and several MPPs, former mayor John Tory and several members of Toronto council and several MPs. Prime Minister Trudeau attended the event in Ottawa. Your absence is inexcusable ... I have seen you on television at several Palestinian events.” “Are we really supposed to believe that a seasoned politician and the mayor of a world-class city like Toronto was unable to attend because of an alleged email mishap?” reads another email from Oct. 10. “This explanation is as flimsy as it is offensive. ... And now, rather than acknowledging the growing fear and alienation in the Jewish community, you offer a half-hearted ‘regret’ through a statement sent to the media.” An Oct. 8 email from a voter reads: “As a Jew in Toronto – who voted for you – I feel unseen, unheard, unacknowledged, uncared-for.” In another email, sent Oct. 9, the writer admitted feeling “lost” since the no-show and brought up the memory of Chow’s late husband. “You should have been fighting to be there, to stand up for those tragically slain innocents, to support your constituents who mourn. Jack would have been there,” the email said. “My disappointment stems from your lack of concern. It deepens to disgust when I imagine the reason for your non-attendance was to please that part of your constituents to whom you pander.” An Oct. 9 email expressed “profound dissatisfaction” in the email subject line. “You are a disgrace to the office of mayor – supposedly mayor for all the people of this diverse city. You attend street festivals and smile your way to all – except the Jewish community,” the email accused. “The Jewish community will never forget nor forgive your absence and failure to acknowledge our pain. Shame on you!” A talk radio listener wrote on Oct. 9: “I heard you this morning on the John Moore show (on) CFRB with your incredibly ridiculous excuses, none of which will fly with anyone with even one synapse firing in their heads.” An Oct. 10 email with “Disappointed” in the subject line accused Chow of failing to do her job. “You know that Oct 7, 2023, was the most horrific day in the lives of humanity since the Holocaust... A resignation from you would please many,” the person wrote. An Oct. 9 email ended: “Apology is just a word. Your actions have conveyed a hateful message to all Torontonians.” An email from the morning of Oct. 8, with the subject line “Your silence speaks volumes,” reads: “When the Jewish community comes together they do not block streets, do not cover their faces and do not shout hate.” Another email from that same day ended: “I will be volunteering to help anyone who will put their name forward to run against you in the next election.” An email writer on Oct. 9 signed off: “You are a terrible and nasty mayor.” And another email sent on the evening of Oct. 8 stated: “The mayor should be completely ashamed of herself, and is unfit to lead a diverse city like Toronto. The sooner she resigns, the better.” jholmes@postmedia.comThe former Geordie Shore star, who is nearly eight months pregnant, thanked a security company “for all the hard work this week” after adding the protections to her home. “Trebling our security measures, worth every penny to feel safe again in my own home,” the 34-year-old said in a post to her Instagram story. “Scumbags are gunna get a big shock the next time they even step foot on any perimeter of my land.” It comes after her fiance, Jake Ankers, said on social media that a group of men carrying a machete entered their home on Thursday evening while they were in the house with their two-year-old daughter. The businessman said one of the four men “had a red balaclava on” and was carrying the weapon at the top of the stairs. Durham Constabulary were alerted at 7pm on Thursday to reports of an aggravated burglary in Houghton-le-Spring, a town in the Sunderland area. A spokeswoman for the force said: “Officers attended the area, however the suspects left the scene before their arrival. “Nobody was injured in the incident and no items are believed to have been taken.” She added that an investigation is under way and anyone with information is asked to contact police. After the incident, Crosby was admitted to hospital after experiencing “serious pains” in her stomach, but confirmed her baby is “all fine”. Ankers appeared with the reality star on BBC Three reality show Charlotte In Sunderland. Crosby is best known for appearing in the MTV reality series Geordie Shore and winning the 12th series of Celebrity Big Brother in 2013. She and Ankers got engaged in October 2023 after she gave birth to their first child in 2022.
Former Prime Minister Manmohan Singh's final journey will commence from the 24 Akbar Road All India Congress Committee headquarters to the Nigam Bodh Ghat at 9.30 am on Saturday. Congress leaders and workers will pay tribute to the departed leader at the party headquarters. The Union government has decided that a state funeral will be held for the former Prime Minister at the Nigam Bodh ghat at 11.45 am. The ministry of defence will make the necessary arrangements. The Central government on early Friday morning declared a state mourning for seven days in which no official functions will take place and the national flag will fly at half mast. Draped in the Tricolour, Singh's body was brought to his 3, Motilal Nehru Road, residence, the sprawling bungalow in Lutyens' Delhi that served as his retirement abode for more than 10 years, on Thursday night from the All India Institute of Medical Sciences, Delhi, where he was admitted in a critical condition at around 8.30 pm on Thursday. His mortal remains will be taken to the Congress headquarters at 8:30 am on Saturday. On Friday, top Congress leaders, including party president Mallikarjun Kharge and former party chiefs Sonia Gandhi and Rahul Gandhi, paid their last respects to Singh. AICC general secretary Priyanka Gandhi Vadra and other leaders were also present. Mrs Gandhi described the death of Manmohan Singh as a "personal loss". The Congress parliamentary party said that the former PM was her friend, philosopher and guide and that in his death, the party has lost a leader who was the epitome of wisdom, nobility and humility. In her message on Manmohan Singh's demise, Mrs Gandhi said he leaves a void in national life that can never be filled. "We in the Congress party and the people of India will forever be proud and grateful that we had a leader like Manmohan Singh, whose contributions to India's progress and development are immeasurable," she said, adding, "He was so gentle in his manner but so resolute in his deeply held convictions." "His commitment to social justice, secularism and democratic values was deep and unwavering. To spend any time with him was to come away enlightened by his knowledge and sagacity, moved by his honesty and integrity and awed by his genuine humility," Mrs Gandhi said, adding that his advice, "wise counsel" and views were eagerly sought and deeply valued across the political spectrum in the country. The Congress Working Committee (CWC) met in the national capital on Friday evening and paid glowing tributes to the former Prime Minister, saying he was a towering figure in India's political and economic landscape whose contributions transformed the country and earned him respect worldwide. In the condolence resolution passed at the meeting, the CWC mourned the loss of a "true statesman" whose life and work have profoundly shaped the destiny of India. "Manmohan Singh was a towering figure in India's political and economic landscape, whose contributions transformed the country and earned him respect worldwide. As finance minister in the early 1990s, Manmohan Singh was the architect of India's economic liberalisation," the CWC resolution read. With unmatched foresight, Manmohan Singh initiated a series of reforms that not only saved the nation from a balance-of-payments crisis but also opened the doors to global markets, it said. "Through his policies of deregulation, privatisation and the encouragement of foreign investment, Manmohan Singh laid the foundation for India's rapid economic growth. Under his stewardship, India emerged as one of the world's fastest-growing economies, a testament to his brilliance and vision," the CWC said.
Charlotte Crosby trebles security measures to ‘feel safe’ amid attempted robberyHenry Cejudo believes one hypothetical UFC matchup would surpass the fanfare of Jon Jones vs. Tom Aspinall next year. 2025 figures to be another monumental year in the Octagon for the UFC brass, fighters, and fans. Several high-profile matchups are already on tap for UFC 311 , including the UFC lightweight title clash between Islam Makhachev and Arman Tsarukyan. The UFC is in active negotiations between UFC heavyweight champion Jon Jones and interim titleholder Tom Aspinall for a 2025 clash. Jones most recently defended the heavyweight belt at UFC 309 and despite teasing retirement, he pivoted on that stance after finishing Stipe Miocic. Fans continue to clamor for the UFC to book the Jones vs. Aspinall fight, which Dana White has already called the biggest heavyweight clash in the promotion’s history. But for Henry Cejudo, a potential champion vs. champion super fight could surpass the intrigue surrounding Jones vs. Aspinall. READ MORE: ‘He was insane’... Luke Rockhold names toughest sparring partner out of Cain Velasquez and Daniel Cormier Henry Cejudo: Islam Makhachev vs. Ilia Topuria is the UFC’s biggest possible blockbuster During a recent episode of the Pound 4 Pound podcast, Cejudo made a bold claim about a potential Makhachev vs. Ilia Topuria showdown. “Personally, I believe this fight could be potentially bigger than Jon Jones vs. Tom Aspinall,” Cejudo said of Makhachev vs. Topuria. “Competitively, of course. And it’s not just that, it’s the simple fact that Ilia Topuria has a chance to become champ-champ. “At heavyweight it’s about who is the undisputed champion. But in this position, if Ilia does win, that puts him in the category of...people will give him his flowers.” Topuria recently announced a planned move to lightweight as opposed to defending the featherweight belt for his next fight. A rematch with Alexander Volkanovski was proposed after his latest win over Max Holloway , but it’s uncertain if that’ll hold. Topuria and Makhachev have traded barbs in the media over the last year. If Makhachev gets past Tsarukyan in their UFC 311 rematch, a clash with Topuria could make sense for both sides. Topuria claimed he’ll become the first fighter to submit Makhachev in his UFC career. Makhachev’s lone defeat was by knockout against Adriano Martins at UFC 192. READ MORE: Two new fights announced for first UFC event of 2025, including a ‘banger’ that’s been dubbed ‘Clone Wars’ by fans Ilia Topuria targeting lightweight move in 2025 Topuria’s potential addition to the UFC lightweight addition is an intriguing storyline heading into 2025. Makhachev has retained the belt against most of the top contenders, and Topuria would be a fresh challenge for the titleholder. Topuria competed at lightweight once during his UFC tenure, a come-from-behind finish of Jai Herbert in March 2022. He’s undefeated in his career with featherweight wins over Josh Emmett, Bryce Mitchell, and Ryan Hall. If Topuria fulfills his promise to move to lightweight, a clash with Makhachev could be on the horizon. Makhachev and Topuria’s superstardom makes Cejudo believe it’s a bigger fight than Jones vs. Aspinall. READ MORE: Brock Lesnar went to crazy lengths to avoid ‘jitters’ in UFC debut: ‘It’s a different game’
MACON, Ga. (AP) — Myles Redding returned an interception 25 yards for a first-quarter touchdown and Whitt Newbauer threw a four-yard touchdown pass to start the fourth quarter as No. 7-seeded Mercer beat No. 10 Rhode Island 17—10 on Saturday. Mercer advances to the FCS semifinals for the first time and will face No. 2 North Dakota State, which beat No. 15 Abilene Christian 51-31. Redding swooped in front of Hunter Helms' intended receiver for his seventh interception of the season with 3:33 left in the first quarter, tying him with teammate TJ Moore for the most in the nation. Rhode Island got a 17-yard field goal from Ty Groff as time expired in the first half and took the lead late in the third quarter when Helms connected with Marquis Buchanan on a 56-yard touchdown for a 10-7 lead. Senior Dwayne McGee set up two fourth-quarter scores for the Bears, slashing through the right side for a 33-yard gain to give Mercer a first-and-goal at the Rhode Island 10. On third-and-goal from the 4, Newbauer found Adjatay Dabbs for the go-ahead touchdown. After the Bears twice forced the Rams to punt in their own half of the field, McGee ran 40 yards on first down to give Mercer a first down at the Rhode Island 25, setting up a 24-yard Reice Griffith field goal for the game's final score. McGee finished with 114 yards on 21 carries and CJ Miller added 81 yards on 10 carries for Mercer (11-2), which remained unbeaten in seven home games. Helms finished 22 of 33 passing for 266 yards and Buchanan caught 11 passes for 119 yards to lead Rhode Island (11-3), but the Rams managed just 46 yards on 26 carries on the ground. — Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football
NoneAn adult male and a 12-year-old boy are recovering after being rescued from a capsized boat in the Crescent Beach Marina. On Tuesday night (Nov. 26) around 5:45 p.m., police in Surrey received a report that a capsized boat was in the Crescent Beach Marina, about two kilometres out into the water. Several first responders were on scene, including RCMP, Royal Canadian Marine Search and Rescue for Crescent Beach and Emergency Health Services (BCEHS). An adult male and a 12-year-old boy were located, Surrey RCMP shared with and were rescued by the search and rescue team, then taken to hospital by ambulance services "for precautionary purposes." Reports on social media indicated hearing a helicopter flying above in the area at the time of the rescue.SIGMA LITHIUM'S PRODUCTION AT FULL CAPACITY; RECORD SHIPMENT OF 27,500T OF QUINTUPLE ZERO GREEN LITHIUM TO ABU DHABI's IRH TRADING COMPANY
The stage is set for a historic clash in the Eastern Conference Semifinals of the 2024 MLS Cup Playoffs as the New York Red Bulls take on New York City FC at Citi Field on Saturday, November 23rd. Kickoff is at 5:30 PM ET , and the match will be streamed live on MLS Season Pass on Apple TV in both English and Spanish. Both teams boast passionate fanbases and a fierce competitive spirit, making this a must-watch encounter for any Major League Soccer fan. This highly-anticipated matchup marks the first-ever playoff edition of the iconic Hudson River Derby. The Red Bulls , hungry for their first MLS Cup title since 2018, are riding high after defeating the defending champions, Columbus Crew , in a thrilling penalty shootout victory after Round One. NYCFC, meanwhile, look to continue their dominance over their crosstown rivals, having already secured a season sweep against them in the regular season. How to subscribe to MLS Season Pass to watch the NYC FC vs. New York RB matchup Where can I watch MLS Season Pass? MLS Season Pass, your gateway to every Major League Soccer match, is available on the Apple TV app. Watch live games, replays, highlights, and exclusive content across a wide range of devices, including iPhone, iPad, Mac, Apple TV, smart TVs, streaming devices, game consoles, and cable set-top boxes. Additionally, you can access MLS Season Pass on the web at tv.apple.com/sports , expanding your viewing options to Android and Chrome OS devices. Note: Content availability may vary depending on your location. If you’re having trouble finding MLS Season Pass, ensure your device has the latest software update. How much is MLS Season Pass? Watch the race for the 2024 MLS Cup for only $9.99. If you are subscribed to Apple TV+, you will get it for free! Renews at full price in 2025. New York City FC vs. New York Red Bulls matchup info Tune in to MLS Season Pass on Apple TV at 5:30 PM ET for comprehensive coverage of the NYCFC vs. New York RB matchup. Enjoy expert commentary from Steve Cangialosi and Danny Higginbotham (English) and Bruno Vain and Andres Agulla (Spanish). Get ready for in-depth analysis and live action, with the pre-game show, Countdown to Kickoff, starting at 5 PM ET on New York Red Bulls Radio. Estudió Ciencias de la Comunicación en la Universidad San Martín de Porres y ejerce el periodismo desde hace 10 años en las ediciones web de varios medios nacionales. Actualmente se desempeña como Analista SEO del Núcleo de Audiencias del Grupo El Comercio.