With the market making a valiant effort to push past 6,000 points I have been pondering where the gains in the market have come from over the past few years. In the past I have looked at the distribution of returns across groups of shares simply from the perspective of demonstrating that within a universe…
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I have just finished reading Edward O Thorps autobiography A Man For All Markets which is an excellent little read and a good addition to any traders library. In the book Thorp talks about he value of compounding returns. There is no doubt that success is trading or investing is based upon compounding your gains…
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It is no secret that I am not a fan of fund managers of any kind, be they the more exotic style of hedge fund that exists as an idiot tax for those who invest in them, the standard vanilla equity investment fund or the legally mandated rip off that are superannuation funds. My objection…
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I have been thinking some more about the issue of short selling and the problem faced with the upward bias of equities. Armed with excel I decided to look at the average gain as a function of the average loss for the stocks in the S&P/ASX 200 – once I had the data it was…
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BlackRock shook the world of active management on Tuesday when it announced that it had fired five of its 53 stock pickers. BlackRock will also move $6 billion of the $201 billion invested in traditional active management to quant strategies. The announcement may not sound earth-shattering, but it augurs a larger trend: Traditional active management…
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The last two minutes is particularly useful about updating internal beliefs.
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This article is apparently doing the rounds and it purports to look at the supposedly new development of predatory short selling and uses the attack on Quintix by the US group Galucus as proof of this and along the way we get the usual dose of perceived wisdom from Gerry Harvey. Whenever such a piece on…
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The chart below is from a site called Spurious Correlations, it takes seemingly disparate facts and matches them together to create the illusion of a positive correlation. It is a simple and effective way of illustrating the problem of mistaking causation for correlation which is constant problem in the way people both think and view…
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