In this issue of the Financial Analysts Journal, you will find the following articles:

Harry Markowitz and the Philosopher's Stone
Stephen C. Sexauer and Laurence B. Siegel

Stocks for the Long Run? Sometimes Yes, Sometimes No
Edward F. McQuarrie

Swing Pricing Calibration: Using ETFs to Infer Swing Factors for Mutual Funds,
Kenechukwu Anadu, CFA, John Levin, Victoria Liu, Noam Tanner, Antoine Malfroy-Camine, and Sean Baker, CFA

Bonds with Benefits: Impact Investing in Corporate Debt
Desislava Vladimirova and Jieyan Fang-Klingler

Direct Lending Returns
Antti Suhonen

Breaking Bad Trends
Christian L. Goulding, Campbell R. Harvey, and Michele G. Mazzoleni

Are All Short-Term Institutional Investors Informed?
Mustafa O. Caglayan, Umut Celiker, and Mete Tepe, CFA