More Hedge Fund Fun

This follows from the chart of hedge fund earners I posted here. Where possible I have matched the salaries to the performance of their funds I then matched this to the performance of the S&P500 Total Return Index. I used the S&P500TR Index because it is the most widely used benchmark in the industry. Where…

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Hedge Fund Returns and Salaries

Following on from my latest video I did a bit more digging and found some convenient data on hedge fund returns and the salaries of the top hedge fund earners according to Bloomberg The chart below is composite data from the Barclays hedge fund index which looks at the returns of 1781 reporting hedge funds.…

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Active Investors Need to Think About the Odds

Although investing is far noisier and uncertain than most card games, it is also an activity where understanding the odds is critical. While investors may feel uncomfortable talking about their decision making in probabilistic terms, it is inherent in everything we do – whether we are explicit about it or not. Much like assessing our…

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Everything is Obvious

The dominance of US equities has been one of the most significant features of financial markets over the last decade. The sheer magnitude of outperformance makes it easy to claim that it has simply been a case of an in-vogue market enjoying a substantial and unsustainable valuation re-rating, but that’s not quite true. Although a…

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Some Observations About Gold

Interestingly this post segues nicely from the previous one on Daniel Kahneman and the difficulties we have with thinking of the world rationally. Gold is the perfect exemplar of traders who cannot reason. The chart below is a daily chart of gold which shows that in the last month, gold has risen about 9.2%Its not…

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Daniel Kahneman on Thinking, Fast and Slow

Trading is a profession that taxes our ability to view problems rationally and in a probabilistic manner. Daniel Kahneman highlights this issue in his book Thinking, Fast and Slow. As expected the majority of poorly performing traders believe it is about having the right coloured lines on their charts of hanging off every pronouncement made…

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Ten Minutes With Tate What Is An Edge

There is endless chatter by traders as to the need for an edge but very rarely does anyone either explain what an edge actually is or put forward examples of how to build them. In this video I define what an edge is, give a real world example from an unrelated highly competitive arena, and…

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The Financial Crashes that Changed the World

Over the last turbulent century, the global economy has suffered the shockwaves of recessions and depressions, bubbles and unchecked investor euphoria. And with the UK’s spring budget announced this week, we ask the question – have we learnt from the economic mistakes of the past?

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Making Complicated Ideas Simple

Want to build influence with ideas and simple writing? Look no further than Howard Marks. Most smart people use big words and plastic jargon to reinforce the barrier between themselves and “the common folk.” Howard, on the other hand, breaks down this barrier, and that’s why his ideas are so influential (and why he’s Warren…

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