Don’t Blame Indexing

Together With

“You make enough mistakes by mistake, don’t make one on purpose.”

— Eugene Fama


Owen Lamont thinks the discussion about passive investing is misguided. He argues an increase in passive investing does not necessarily mean the market becomes less efficient.

Torsten Slok’s 100+ page deck covers every angle of private markets - private equity, real estate, private credit, venture capital and more.

Facts & Figures

Two stocks - Super Micro Computer and MicroStrategy - accounted for more than a third of the Russell 2000’s 5.2% return in the first quarter, according to data from LSEG. Link

The US has built more commercial nuclear reactors (two) in the past 25 years than it has major commercial airports (zero). Link

Almost one fifth of government revenues are now used to service foreign loans in Africa. Link

99.5% of once-lost checked and carry-on bags were reunited with their owners in 2023, per a report recently released by the Unclaimed Baggage Store. Link

Tech valuations over the past 35+ years. Link

The Leuthold Group looks at today’s valuations vs. ‘bubble thresholds.’

As of April 6, 2024

The global supply of public equity is shrinking at its fastest pace in at least 25 years. Link

As of April 4, 2024

"One notable takeaway from our analysis of data back to 1928 is that average full-year price returns in election vs. non-election years are basically the same ― at 7.3% and 7.5%, respectively ― but the path to getting there is very different..."

Where Sophisticated Investors Access Private Markets

10 East is a co-investment platform where sophisticated investors access private market investments alongside a veteran team with a decade+ track record of strong performance. The firm is led by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner.

Members have the flexibility to participate on a deal-by-deal basis across private equity, credit, real estate, and venture capital.

 Benefits of 10 East membership include: 

  • Flexibility – members have full discretion over whether to invest on an offering-by-offering basis.

  • Alignment – principals commit material personal capital to every offering.

  • Institutional resources – a dedicated investment team that sources and diligences each offering. 

There are no upfront costs or commitments associated with signing up and checking out the platform.

Idea Farm readers can join 10 East with complimentary access here.


3/28/2024 - 58 minutes

Rob Arnott discusses investing in a high inflation world, factor timing, AI, value investing & more.

3/27/2024 - 73 minutes

Napier discusses the rise and fall of the age of debt and China’s choice between deflation and devaluation.


3/28/2024 - 66 minutes

Greenig talks about pursuing global trends & capturing narrative shifts.

What Else Is Happening

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