Financial Analysts Journal, Q2 2025, Vol. 81 No. 2

Images Tell Stories
Joshua Ronen, Tavy Ronen, and Mi Zhou

Asset Allocation Drift Due to Taxes
William W. Jennings, CFA, and Brian C. Payne

Spot Bitcoin ETFs: The Struggle Was Worth It
Andrew M. Hornback and Robert E. Whaley

Optimal Factor Timing in a High-Dimensional Setting
Rob Lehnherr CFA, Manan Mehta, and Stefan Nagel

Intrinsic Value: A Solution to the Declining Performance of Value Strategies
Derek Bergen CFA, Francesco Franzoni, Daniel Obrycki, and Rafael Resendes

Credit-Implied Volatility
Bryan Kelly, Gerardo Manzo, and Diogo Palhares

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