Investing is an exercise in decision making under uncertainty. No single signal—no matter how intuitive or well supported by history—captures the full complexity of markets.

Whether these diversified firms can maintain their positions indefinitely is an open question, but market history suggests the competition always catches up.

The RAFI™ Fundamental Index has a value tilt, but to characterize it as a value index would be an oversimplification that misses the important advantages that the fundamental index offers above standard “value” index approaches.

Smart beta strategies have endured a prolonged stretch of disappointing results, falling short of investor expectations. This article explores the underlying causes of that performance and outlines why the conditions ahead could be more favorable.