This PDF contains the complete Second Quarter 2025 issue of the Financial Analysts Journal.
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Overview
Images Tell Stories
Joshua Ronen, Tavy Ronen, and Mi Zhou
Asset Allocation Drift Due to Taxes
William W. Jennings, CFA, and Brian C. Payne
Spot Bitcoin ETFs: The Struggle Was Worth It
Andrew M. Hornback and Robert E. Whaley
Optimal Factor Timing in a High-Dimensional Setting
Rob Lehnherr CFA, Manan Mehta, and Stefan Nagel
Intrinsic Value: A Solution to the Declining Performance of Value Strategies
Derek Bergen CFA, Francesco Franzoni, Daniel Obrycki, and Rafael Resendes
Credit-Implied Volatility
Bryan Kelly, Gerardo Manzo, and Diogo Palhares