Advisor Perspectives, a leading publisher and ranked as the most-read e-newsletter for financial advisors by Erdos & Morgan “FAMOUS” Study in 2019 and 2020, has announced its Venerated Voices awards for commentaries published in Q1 2021. Rankings were issued in four categories (minimum of four posts annually): The Top 25 Venerated Voices by Firm and Author, the Top 10 Venerated Voices by Commentary, and a new category, The Top 25 Venerated Voices by Firm and Author by Count (minimum 12 posts annually).

The first three categories require a minimum of one post quarterly and the fourth requires the or more posts quarterly.

The most popular topics in Q1 2021 were related to equity overvaluation, bubbles and fiscal deficits debt. Leading the Top 25 Venerated Voices by Firm category was Hussman Funds of Maryland, followed by Mauldin Economics of Dallas, Texas. In third place was Sitka Pacific Capital Management of Edmunds, Washington.

Among individual commentators, the most-widely read was Jeremy Grantham of GMO. In second place was John Hussman of Hussman Funds followed by Alex Picard of Research Affiliates in third place.

The most-widely read commentary of Q1 2021, published on January 22, was Forecast 2021: The Stock Market by John Mauldin of Mauldin Economics. Mauldin stated that the largest difference between this market overvaluation period versus any other is that “accommodative monetary conditions and zero real rates extrapolated indefinitely” have caused excessive investor euphoria. He predicted that 2021 will be the year that active management takes the lead.

John Hussman of Hussman Funds took second place with Detached Parabolas and Open Trap Doors, published February 1. He detailed the difference between investment and speculation, and proposed it as a major reason for the current “everything bubble.” Like the first-place Mauldin commentary, Hussman believes that passive investors in stocks will be hurt due very low or negative future equity returns. He supported overvaluation using charts and metrics with references to previous bubbles. Aptly, he quoted Graham and Dodd regarding the 1929 peak – investors abandoned sound fundamentals partly because ”the rewards offered by the future had become irresistibly alluring.”

In third place was How to Spot a Bubble, again by John Hussman of Hussman Funds, published on March 16. It described speculation and overvaluation, similar to his second-place piece, but also defined bubbles and analyzed a variety of valuation measures as proof of the U.S. equity market bubble and its near-breaking point. Hussman defined a bubble as the inconsistency between expected returns based on price behavoir and those based on valuations. He stated that a good valuation ratio is “shorthand” for the current price and the expected stream of future cash flows. According to Hussman, “…the size of the bubble is the fraction of market price that represents expectational ‘hot air.”

Advisor Perspectives’ website currently attracts more 210,000 unique visitors per month, virtually all of them financial advisors serving high- and ultra-high net worth individuals. The company publishes economic and market commentaries submitted by fund companies, advisors and independent research firms. In Q1 2021, over 410 such commentaries were published and made available through a daily newsletter, Research Perspectives, which the company emails to its subscribers.

Venerated Voices™ rankings were determined by the number of unique readers of each commentary, using data provided electronically by the third-party web analytics service Google Analytics. The data were normalized using the average score per month or quarter (in the case of annual rankings). For the annual awards for the firm and author, a minimum of three commentaries must have been submitted during the year. Any participant is eligible to receive a quarterly award. Each firm and author is assigned a relative score based on unique pageviews, with a score of 100 equal to average quarterly readership.

Advisor Perspectives was founded in 2007 and is based in Lexington, Massachusetts. In addition to Research Perspectives, it publishes a widely read weekly newsletter, Advisor Perspectives, which contains original articles on the markets, the economy and practice management.

Advisor Perspectives will continue providing quarterly updates to its rankings, as well as issuing annual Venerated Voices™ awards.

The Top 10 Venerated Voices™ by Commentary

Rank

Title

Author

Firm

Score

1

Forecast 2021: The Stock Market

John Mauldin

Mauldin Economics

1,207

2

Detached Parabolas and Open Trap Doors

John Hussman

Hussman Funds

1,093

3

How to Spot a Bubble

John Hussman

Hussman Funds

1,073

4

Waiting for the Last Dance

Jeremy Grantham

GMO

992

5

Inflation Is Broken

John Mauldin

Mauldin Economics

655

6

The Speculative "V"

John Hussman

Hussman Funds

625

7

Everything Is Broken

John Mauldin

Mauldin Economics

585

8

Biden's $2 Trillion Stimulus Plan - Implications For The Economy

Gary Halbert

Halbert Wealth Management

579

9

Broken Debt

John Mauldin

Mauldin Economics

570

10

An Analysis of SPACs and What to Look for in 2021

Arturo Neto

The Outsourced Chief Investment Officer

566

               

The Top 25 Venerated Voices™ by Firm

Rank

Firm

Score

1

Hussman Funds

931

2

Mauldin Economics

482

3

Sitka Pacific Capital Management

364

4

Pring Turner Capital Group

335

5

GMO

311

6

Oaktree Capital Management

280

7

Research Affiliates

258

8

Real Investment Advice

221

9

Richard Bernstein Advisors

210

10

Halbert Wealth Management

181

11

Russell Investments

159

12

The Outsourced Chief Investment Officer

153

13

Bill Gross

131

14

Altruist

128

15

Charles Schwab

119

16

Shelton Capital Management

117

17

Absolute Return Partners

115

18

U.S. Global Investors

112

19

F.A.S.T. Graphs

112

20

Paul R. Ried Financial Group

109

21

Zeo Capital Advisors

96

22

Lansing Street Advisors

84

23

Ashmore Group

71

24

Commonwealth Financial Network

71

25

Euro Pacific Capital

70

       

The Top 25 Venerated Voices™ by Firm (minimum three posts per quarter)

Rank

Firm

Score

1

Hussman Funds

931

2

Mauldin Economics

482

3

GMO

311

4

Research Affiliates

258

5

Real Investment Advice

221

6

Halbert Wealth Management

181

7

The Outsourced Chief Investment Officer

153

8

Altruist

128

9

Charles Schwab

119

10

Absolute Return Partners

115

11

U.S. Global Investors

112

12

F.A.S.T. Graphs

112

13

Commonwealth Financial Network

71

14

BlackRock

68

15

First Trust Advisors

61

16

Smead Capital Management

54

17

Matthews Asia

54

18

Raymond James

46

19

PIMCO

45

20

Guggenheim Investments

44

21

Franklin Templeton Investments

41

22

AllianceBernstein

39

23

Project Syndicate

38

24

Northern Trust

35

25

Loomis, Sayles & Co.

32

       

The Top 25 Venerated Voices™ by Author

Rank

Author

Firm

Score

1

Jeremy Grantham

GMO

992

2

John Hussman

Hussman Funds

931

3

Alex Pickard

Research Affiliates

521

4

John Mauldin

Mauldin Economics

482

5

Robert Arnott, Campbell Harvey, Vitali Kalesnik, Juhani Linnainmaa

Research Affiliates

462

6

Jason Wenk

Altruist

379

7

Brian McAuley

Sitka Pacific Capital Management

364

8

Rob Arnott, John West

Research Affiliates

360

9

Martin Pring

Pring Turner Capital Group

335

10

Ben Inker

GMO

305

11

Howard Marks

Oaktree Capital Management

280

12

Rob Arnott , Lillian Wu , Bradford Cornell

Research Affiliates

222

13

Lance Roberts

Real Investment Advice

221

14

The GMO Asset Allocation Team

GMO

215

15

Jim Jornlin

Russell Investments

214

16

Richard Bernstein

Richard Bernstein Advisors

210

17

Jay Jeon, Jim Masturzo

Research Affiliates

204

18

Gary Halbert

Halbert Wealth Management

181

19

Liz Ann Sonders

Charles Schwab

171

20

Liz Ann Sonders, Jeffrey Kleintop, Kathy Jones

Charles Schwab

169

21

Rick Rieder

BlackRock

155

22

Rob Arnott, Vitali Kalesnik, Lillian Wu

Research Affiliates

153

23

Arturo Neto

The Outsourced Chief Investment Officer

153

24

Collin Martin

Charles Schwab

142

25

Ronit Walny, David Wong, Mark Gleason

AllianceBernstein

141

The Top 25 Venerated Voices™ by Author (minimum three posts per quarter)

Rank

Author

Firm

Score

1

John Hussman

Hussman Funds

931

2

John Mauldin

Mauldin Economics

482

3

Lance Roberts

Real Investment Advice

221

4

Gary Halbert

Halbert Wealth Management

181

5

Liz Ann Sonders

Charles Schwab

171

7

Liz Ann Sonders, Jeffrey Kleintop, Kathy Jones

Charles Schwab

169

8

Arturo Neto

The Outsourced Chief Investment Officer

153

9

Collin Martin

Charles Schwab

142

10

Kathy Jones

Charles Schwab

130

11

Niels Jensen

Absolute Return Partners

115

12

Frank Holmes

U.S. Global Investors

112

13

Chuck Carnivale

F.A.S.T. Graphs

111

14

Chuck Carnevale

F.A.S.T. Graphs

107

15

Russ Koesterich

BlackRock

90

16

Jeffrey Kleintop

Charles Schwab

76

17

Brian Wesbury, Robert Stein

First Trust Advisors

61

18

Michael Townsend

Charles Schwab

54

19

Bryce Coward

Knowledge Leaders Capital

53

20

Team

AllianceBernstein

48

21

Larry Adam

Raymond James

47

22

Scott Minerd

Guggenheim Investments

47

23

Scott Brown

Raymond James

46

24

David Mann

Franklin Templeton Investments

42

25

Cole Smead

Smead Capital Management

42

Read more articles by Jill Mislinski