Active vs. Passive Portfolio Management

In the finance community there is a huge debate about whether or not active portfolio managers can provide better returns than passive managers. While active managers often provide excess returns, the costs of running an active fund offset whatever gains were made in the market. The objective of this report is to figure out whether or not active funds provide larger returns than passive funds on a cost adjusted basis. This report will identify which type of fund is a more cost effective investment, as well as identify different properties of funds and how they operate. The goal of doing this research is to provide information to the average investor, rather than a multi-millionaire, about what kind of fund may be more appropriate for them to invest in. To successfully complete this project I collected quantitative fund data from fidelity, and qualitative information from various finance and business journals. After running a multivariate analysis of variance on my data I found that passive funds in the 1 year period provided significantly greater returns than active funds on a cost adjusted basis. Next, over the 3 year period, there was no significant difference between the returns of active and passive stock funds. However, during the 5 year period return active funds proved to be a more cost effective investment strategy. From my results I have concluded that active portfolio management is not a more cost effective investment tool than passive management

Narrative of the Volunteer Camp at Niagara, June 1871

Editor’s Introduction: The Canadian military as we know it emerged in the critical decades that immediately preceded and followed Confederation in 1867. While a number of accounts are available of militia officers’ experiences in these decades, so far we have missed the important perspective of rank and file. Recently, however, an interesting example of such a perspective has come to light and has been added to the collection of the Canadian War Museum (CWM). This is in the form of a short but insightful narrative, written by a Private Andrew Greenhill of Hamilton, Ontario’s 13th Battalion, Canadian Militia, describing his experiences while serving at the Militia Camp held at Niagara in June 1871

Modeling of rolling element bearing mechanics

Roller element bearings provide the primary mechanical interface between rotating and nonrotating components in the high performance turbomachinery of the Space Shuttle Main Engine (SSME). Knowledge of bearing behavior under various loading and environmental conditions is essential to predicting and understanding the overall behavior of turbopumps, including rotordynamic stability, critical speeds and bearing life. The objective is to develop mathematical models and computer programs to describe the mechanical behavior of ball and cylinder roller bearings under the loading and environmental conditions encountered in the SSME and future high performance rocket engines. This includes characteristics such as nonlinear load/motion relationships, stiffness and damping, rolling element loads for life prediction, and roller and cage stability