Alpay Kaya, CFA

La vérité existe. On n'invente que le mensonge. —Braque (Truth exists. One only invents falsehood.)

Leveraged ETFs: How Biased Statistics Affect Your Portfolio

The price action of leveraged ETFs differs fundamentally from that of standard ETFs, and the generic explanation ‘compounding’ means nothing. LEVERAGED ETFs is the only publication in which LETF dynamics … Continue reading

June 6, 2013 · Leave a comment

The Value in Volatility: A Practitioner’s Guide to Leveraged ETFs

For three decades since the early 1980s, two seismic macroeconomic shifts have supported the buy & hold returns of equity investors. • Interest rates have decreased, the 10-year rate from a … Continue reading

June 6, 2013 · Leave a comment

Don’t be Victimized by the Semantics of LETFs

Since shortly after leveraged ETFs appeared in 2006, the investing public has on & off discussed a phenomenon termed ‘negative drift’ or ‘decay’. Typically described by example in flat markets, … Continue reading

April 8, 2013 · Leave a comment