The balanced portfolio strategy of allocating 60% to equities and 40% to fixed income generated a highly satisfactory 7.9% annualized return over the last 30 years.

We take issue with some of the recent reporting on passive investing. In the spirit of Bogle’s own approach of straight talk and no-nonsense thinking, we felt compelled to offer a differing viewpoint.

Whatever your philosophical leaning, the practice of adjusting earnings has left investors with too many watches to consult. Stocks may look expensive on one earnings number but cheap on another, and investors need to be aware of the differences in earnings metrics as they try to determine a company’s true economic earnings and valuation.

The relative performance of small cap stocks is an important indicator of business fundamentals and market sentiment. We’ve recently noticed that the market has been sending mixed messages about size. Intrigued by these contrary signals, our curiosity prompted a closer look at the all-important size factor.

Since its founding 35 years ago, The Leuthold Group has utilized a distinctive blend of quantitative, fundamental, and technical analysis to guide its investment activities.