This paper reviews early evidence that algorithms can read GP reports, forecast cash flows, and benchmark funds. But it also shows where the limits lie. Should Limited Partners use AI to assist with investment decisions? was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.| Alpha Architect
Can machine learning techniques improve the prediction of cross-sectional factor returns in equity markets? Can Machine Learning Predict Factor Returns? was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.| Alpha Architect
Today, machines are not only processing data but interpreting narratives, forecasting returns, and constructing investment theses once reserved for humans. This paper examines how AI is reshaping the role of the discretionary PM, arguing that the edge isn’t disappearing — it’s migrating. When the Machine Becomes the Portfolio Manager was originally published at Alpha Architect. Please read the Alpha Architect disclosures at your convenience.| Alpha Architect
In our latest video of Research Insights, we were honored to host Jan Krämer from the University of Passau to delve into a pressing issue within the digital economy—social logins and their broader implications on data sharing, market efficiencies, and the strategic positioning of platforms. This session provided a comprehensive overview of Jan’s insights derived […]| Digital Markets Competition Forum
A Theory of Replacement of Humans by Digital Technologies in Organizational Scanning, Interpretation, and Learning In our latest research insights video we we welcome Ioanna Constantiou from Copenhagen Business School, Mayur Joshi from the University of Ottawa, and Marta Stelmaszak from Portland State University to discuss about their recent paper “Organizations as Digital Enactment Systems: […]| Digital Markets Competition Forum
In our latest research insights discussion, we delve into Gianluigi Giustiziero’s research, specifically his paper “Hyperspecialization and hyperscaling: A resource-based theory of the digital firm,” co-authored with Tobias Kretschmer, Deepak Somaya, and Brian Wu. Gianluigi, Assistant Professor of Strategy at IE Business School, dissects the dual concepts of hyperspecialization and hyperscaling, offering a fresh lens […]| Digital Markets Competition Forum
We had a conversation with Bruno Carballa Smichowski on whether traditional market definition is an obsolete conceptualisation in the age od digital ecosystems. An economist, researchers at the Joint Research Centre of the European Commission (unit B6 – Digital Economy), Bruno specialises on data economics and platforms. In his recent research, “When ’the’ Market Loses […]| Digital Markets Competition Forum
The Quadratic Interest Rate Volatility and Inflation Hedge ETF (Ticker: IVOL) delivered a strong performance in the first half of 2025, as the US interest rate curve began to normalize. This steepening of the spot and forward 2s10s curves has caused IVOL to outperform in the first half of the year: IVOL +12.26%. After posting […]| KFA Funds
Nancy Davis, founder and CIO of Quadratic Capital Management, believes the market is finally returning to a more normal state—and that’s exactly why the Quadratic Interest Rate Volatility and Inflation Hedge ETF’s (Ticker: IVOL) is performing so well. IVOL is up 11.82% YTD compared to the Bloomberg TIPS index which has returned 2.89% and the Bloomberg […]| KFA Funds
The Quadratic Interest Rate Volatility and Inflation Hedge ETF’s (Ticker: IVOL) NAV is up +13.46% YTD, whereas the Bloomberg TIPS index is up 2.36% YTD as of April 21st.1 What has been happening in 2025 is not a tail event. It is just the start of the normalization of the interest rate markets. Note that […]| KFA Funds
In the rates market, the start of 2025 could not be more different than the start of 2024. Last January, the forward curve was expected to steepen, meaning the curve was priced to be higher in the future. Instead, the curve steepened far less than expected and flattened the forwards. For instance, the 18 month […]| KFA Funds
Yield curve inversions have historically been associated with impending recessions. The Federal Reserve Bank of NY maintains a chart tracking its perception of the probability of a recession over the next 12 months based on the shape of the yield curve. Currently, the NY Fed sees a 67.3% likelihood of a recession in the upcoming […]| KFA Funds
Nancy Davis of Quadratic Capital Management recently joined Maggie Lake’s “My Life in Four Trades” to discuss pivotal moments that guided her career path. After trading her Southern upbringing for a career in New York, Davis shared her experience navigating the European debt crisis, lessons learned from shorting Japan, and her research challenging gold as […]| KFA Funds
Over the years, permanent jobs for change managers and related roles have become increasingly common in organizations. Here's how the market is evolving.| www.prosci.com
Transcript Hi, I’m Nancy Davis. I’m the founder of Quadratic Capital and the portfolio manager for the Quadratic Interest Rate Volatility and Inflation Hedge ETF ticker IVOL, I-V-O-L. TIPS and the Founding of Quadratic Capital Management When I started my career in the late 90s at Goldman Sachs, that was right when the U.S. Treasury […]| KFA Funds
Bullish on bonds? Think rate cut expectations are too aggressive? Hoping to lock in today’s yields before they start falling? Want to add carry to your portfolio but leery of taking more credit risk? The Quadratic Deflation ETF (BNDD) is an actively managed government bond ETF that seeks to benefit from lower growth, deflation, lower […]| KFA Funds
