With the situation on the Korean Peninsula threatening to give us another 9 years of MASH and with our own politician desperately trying to find relevance on the world stage by injecting themselves into the crisis I thought it might be interesting to see how markets viewed what was going on. Markets traditionally respond to…Details
Interesting graphic from the Investment Company Institute showing the flows of cash into index ETF’s and out of actively managed funds.
AQR recently updated its paper A Century of Evidence on Trend Following and whilst the updated hasn’t changed the basic conclusion of earlier versions it is worth unpacking some of the main point of the paper. The paper in its introduction makes an immensely important point that is lost on most – As an investment…Details
Every quarter JP Morgan Chase put out what they call a Guide to the Markets. The report itself is largely noise and is the sort of thing that research departments like to show to clients in an attempt to convince them that they are more than the sum of their convictions and misdemeanours. Generally I…Details
In our newest conversation on Bespokecast, we sit down with short seller Marc Cohodes. Marc manages his portfolio from San Francisco, and has had great success with high profile bear cases focused on frauds, fads, and failures in recent years. His investment industry experience dates to the early 1980s, and has helped him hone his…Details
I am not one for historical comparisons because they are largely specious and mostly irrelvant but this one gives a nice bit of history that I lived through so consider it a nostalgia piece. ……The Nikkei stock index rose more than 900% in the 15 years before it finally topped. It was a frenzy powered…Details