Structured products can underperform a simple stock and bond portfolio, study finds


What would happen if you took two former US Securities and Exchange Commission (SEC) economists, a couple of ex-academics and a PhD in theoretical physics, and put them in a room together with 18,000 structured products? Earlier this year, this brainy group set about analysing thousands of the products issued between 2007 and 2013 and comparing the returns to what an investor would have got from holding a portfolio of stocks and bonds. In November, they published their results.

What they found m

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