The Investment Fiduciary

Archive for October 2007

Not Without Risk: Factors Driving Stock Returns

Posted by: Michael Zhuang on: October 22, 2007

Academics have found out that stock returns are driven by several factors: size, valuation, fundamental, seasonal and momentum. I’ve covered the seasonal factor quite extensively in previous communications. At some point I will talk about the momentum factor as well. In this article, I will primarily talk about three very important factors: size, value and [...]


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+Michael Zhuang is principal of MZ Capital, a fee-only independent advisory firm based in Washington, DC. He is also a regular contributor to Morningstar Advisor and Physicians Practice. To explore a long-term wealth advisory relationship, schedule a discovery meeting (phone call) with him.



You may also get his monthly newsletter, or join his Facebook page for regular wealth management insights. Michael's email is info[at]mzcap.com.

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