
An Investment Perspective on Tokenization — Part I and II
Policy and Regulatory Implications Learn MoreRecently Published

Andrew Ang: Value Investing and Portfolio Strategies

Steve Waygood: Building a Sustainable Financial System

A Latent Factor Cash Flow Model for Alternative Investment Funds
By Wen Cao, and Misha van Beek

80 Years of Financial Analysts Journal, 60 Years of Research Foundation
Throughout 2025, CFA Institute Research and Policy Center will celebrate our tradition of research excellence by marking the 80th anniversary of the Financial Analysts Journal® and the 60th anniversary of CFA Institute Research Foundation.
Thematic Content
Capital Markets

The Performance of the 60/40 Portfolio: A Historical Perspective
This report examines the historical performance of the 60/40 equity/bond portfolio, highlighting its benefits, challenges from variable stock–bond correlations, generational differences, market-specific risks, and the role of alternative assets.
Includes Part II: The Future of the 60/40 Allocation
Technology

The Automation Ahead - A New Content Series
This series breaks down the reality of GenAI’s current state, guiding you through the innovations, possibilities, and risks of this new wave of automation.
Industry Future

A Comprehensive Guide to ETFs (2nd Edition): Module 1: ETF Features and Evolving Landscape
This first of three modules of an updated CFA Institute Research Foundation guide explores the properties, benefits, mechanics, and history of exchange traded funds (ETFs). It describes the factors behind ETF’s exponential growth and evaluates the U.S. ETF landscape.
Sustainability

Investment Innovations Toward Achieving Net Zero
CFA Institute Research and Policy Center has convened net-zero thought leaders and investment luminaries to break down the big ideas around achieving net zero. They provide practical guidance for investors, asset managers, investment professionals, and regulators.
Blogs

Two Enduring Legacies, One Oracle’s Exit, and “Buffett’s Alpha”
As Warren Buffett prepares to step down as CEO of Berkshire Hathaway and the Financial Analysts Journal marks its 80th Anniversary, it’s an opportune moment to reflect on the long-term impact of disciplined investing and evidence-based research. This post revisits “Buffett’s Alpha,” a Graham and Dodd award-winning paper that demystifies the Oracle of Omaha’s extraordinary success.

Amid The Noise, Active Management Quietly Reinvents Itself
While headlines suggest the decline of active management, this piece by Clare Flynn Levy reveals a different story. From SMAs to model portfolios, active decision-making is thriving in new forms—just beneath the surface. “Beneath the surface, active decision-making is more widespread, more diversified, and more structurally embedded in the investment landscape than ever before.”

How Tariffs Could Accelerate America’s AI Revolution: Implications for Investors
What if rising tariffs and economic friction spark—not stall—American growth? Adam Sandback, CFA, FRM, CPA, CMA, explores how protectionist policy might accelerate investment in AI, manufacturing, and productivity. From reskilling displaced workers to the rise of AI-enabled jobs, his essay maps a path from short-term disruption to long-term transformation—and what it could mean for investors.
More

2024 Graham & Dodd Top Award winner: Fundamental Analysis via Machine Learning

2024 Graham & Dodd Scroll Award winner: Empirical Evidence on the Stock–Bond Correlation

The Dollar's Exorbitant Privilege

Conversations with Frank Fabozzi, CFA

Beyond Active and Passive Investing: The Customization of Finance

Watch the Debate: New Insights on Stocks for the Long Run

How Much Does ChatGPT Know about Finance?
