Craig Lazzara

Retired Managing Director, Index Investment Strategy, S&P Dow Jones Indices.

[Christopher F. Rufo ⚔️ @christopherrufo]

In 1970, 10% of Americans had a college degree. Today, 40% of Americans have a college degree.

This means, by simple math, that the average intelligence of college graduates has plummeted and, simultaneously, creates a large cohort of Americans who feel entitled to "college-worthy professions" without the intellectual aptitude for them. Hence, the explosion of email jobs, DEI offices, and administrative positions—which are the most susceptible to capture by resentment ideology.

Meanwhile, the cost of this college-degree bubble is shifted onto taxpayers, as the $1.6 trillion student loan scheme is funded, subsidized, and guaranteed by the federal government.

This won't end well. Conservatives should be ready for the bubble to eventually pop, and work to privatize student loans, put immense pressure on the system, and put state-backed higher ed into contraction.

An ideal might be 20% of Americans with a college degree—meaning a reduction of slots by approximately half. Job training, technical schools, and community colleges are much better options for the 60th-80th percentile: faster, cost-efficient, and oriented toward productive work, rather than ideology.

[Craig Lazzara @CraigLazzara]

Stock picking is hard… https://t.co/OvaaXwh6KP

[Craig Lazzara @CraigLazzara]

What sectors or styles will be in favor for the rest of this year? What stocks will lead the market up (or down)? Passive investors are agnostic about such questions -- we don't know and we know we don't know. Active investors,…https://t.co/1O7EPWb57I https://t.co/nlrmjgb6JR

[Craig Lazzara @CraigLazzara]

Converts make the best advocates.
@stuartkirk__
S&P Dow Jones Indices
#spiva https://t.co/K6cgoEmasm

[Craig Lazzara @CraigLazzara]

Our Persistence Scorecards confirm, for anyone who needed confirmation, that past performance is not a good predictor of future results. But why do we care about persistence? We care because understanding persistence helps us mak…https://t.co/q25DEIGr8V https://t.co/K6mXbGhAff

[Craig Lazzara @CraigLazzara]

I used to think that Momentum and High Beta indices had a lot in common since they are both, in some sense, performance chasers. But the relationship is more complicated than I realized.
S&P Dow Jones Indices https://t.co/5XnqtGvosr

[Craig Lazzara @CraigLazzara]

Preliminary data suggest that most active managers underperformed their benchmarks in the first quarter of 2023. Some managers (and asset owners) argue that the problem with active management is that it isn't active enough. This…https://t.co/vixhiNYORf https://t.co/YO8rLHryc5

[Craig Lazzara @CraigLazzara]

I look forward to joining Brent Kopp, Joseph Nelesen, Ph.D., and Benedek Voros tomorrow at 11:00 AM EDT. https://t.co/o6uToWnysN

[Craig Lazzara @CraigLazzara]

U.S. home prices rose in 2022, although at a slower rate than in the 2 prior years. The spread among cities was wider than normal, reflecting the impact of remote work on internal migration. https://t.co/e7SpHOaHq4

[Craig Lazzara @CraigLazzara]

Think of portfolios, not as a collection of stocks, but rather as a collection of attributes or factors. https://t.co/g1xAcy80L9

[Bloomberg @business]

Think of beating index benchmarks as going up against basketball's greatest player of all time in in a free-throw contest, says @johnauthers. How often can you expect an upset? https://t.co/kTBkGOt03k via @opinion

[Craig Lazzara @CraigLazzara]

@EvidenceAdviser @RobinJPowell @rockwealthUK Thomas Sowell!

[Craig Lazzara @CraigLazzara]

@TonyVidler The active argument reminds me of what Dr. Johnson said about second marriages.

[Jon Luskin, CFP® @JonLuskin]

The research consistently shows that an investor's best bet is index funds.

Rick Ferri (@Rick_Ferri) and Craig Lazzara (@CraigLazzara) of S&P discuss that on the latest episode of the 'Bogleheads® on #Investing' podcast.

Check out the episode 👇

https://t.co/oTiHLVS1yL

[Craig Lazzara @CraigLazzara]

@808bluewave @CliffordAsness I'm not a physician. If orgo isn't useful, why is it a prerequisite for admission to medical school?

[Craig Lazzara @CraigLazzara]

@Rick_Ferri @syouth1 Correct. For the S&P 500, in roughly 3 years out of 30, the median stock beat the average. Over long periods it’s no contest — the average wins by a lot. Other indices are similar.

[Craig Lazzara @CraigLazzara]

#SPIVA
@SPDJIndices

[Bob Pisani @BobPisani]

Stock pickers had another awful year in 2021 as the market surged: 79% of all active fund managers underperformed their benchmarks last year, acc. to S&P Dow Jones Indices. Here's what they consistently do wrong.
https://t.co/4CJXnnIgII
@CNBC

[Robin Powell @RobinJPowell]

#50LawsOfInvesting

https://t.co/NtejV5E08Y

#Investing #WealthManagement

[Todd Rosenbluth @ToddRosenbluth]

In last two months index behind $RPV (concentrated S&P value) has crushed $RPG (concentrated growth). Proving once again that you can add alpha using “passive” #ETFs. @CraigLazzara https://t.co/Czt9FQMogK

[Tim Edwards @drtimedwards]

The Index Investment Strategy team at S&P Dow Jones Indices @SPDJIndices has been wrapping up our commentary for the year. In the short(ish) form of a twitter thread, we present our “21 charts for 2021”. Enjoy! (Thread)

With thanks to @BenedekVoros & @sherifa_issifu