When use of pseudo-maths adds up to fraud

Many models tweak strategy to fit data or are just statistical flukes

Is ‘smart beta’ the latest money tree?

Returns could decline as more money flows into the strategies

Pension torrent makes Japan shorts risky

Potential shift to higher equity holdings is helping valuations

‘Asian century’ to dominate global markets

Financial revolution will be needed to drive growth

Baby boomers put annuity market on trial

Killing off annuities will leave gap for pension payments

How to make a fortune in value investing

Combining two popular approaches will reward stockpickers

Pimco’s past performance speaks for itself

But history is not always a reliable guide to future returns

MasterCard and Visa’s priceless business model

Valuations are frothy, but it is a well-protected oligopoly, writes John Authers

Blind focus on yield endangers muni market

Few issuers or investors are thinking ahead to when the Fed moves

Fund managers are closet index huggers

Study finds ‘closet indexing’ is rife in US active funds

Banks underprepared for HK property slide risks

Even small price declines will be painful for many lenders

Value in emerging markets is eroding fast

Crisis creates opportunities, but they are becoming tough to identify

Belief in easy money boosts active funds

Active management favoured despite outperformance of passive funds

Beware the lure of go-go growth stocks

Rewards for successful investors are high, but hard to reach

US pensions buy bonds in race to de-risk

Having reduced deficits in recent equity rally, funds find safer ground

Hedge fund investors look for liquidity

Redeeming funds can be a problem and investors want quicker access

EMs stay hooked on balm of Fed liquidity

Long-term steps that emerging markets need to take reduce growth

EMs are paying the price of ETF liquidity

Volatility inflamed by ability of exchange traded funds to exit quickly

Asian companies to look west for deals

Political and currency woes make deals within region more risky

Japan’s new-year drop is not a buy signal

But bargains are available in sectors where momentum is strong