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Make Buybacks Great Again
The Idea Farm
April 28, 2024
“Investing goes off track when you believe you are entitled to high returns because you did all the right things.”
Research
This paper tries to answer the question, ‘how much trend following should I hold in my portfolio?’ while considering the real-world constraints of investor preferences, lookback window and tracking error.
Source: Bloomberg, Backstop Solutions Group, LLC – BarclayHedge (www.barclayhedge.com), Man Group, as of 31 December 2023.
J.P. Morgan - Guide to the Markets (71 pages)
The latest Guide to the Markets is full of great charts on stocks, bonds, alternatives and the economy.
Bonus Content
John Hussman wrote about universal capitulation and no margin of safety (+ lots of great charts!). Link
Forerunner Ventures published their 2024 Consumer Trend Report, focusing on key shifts in values and technology. Link
48 charts on the U.S. housing market. Link
Jason Zweig shared what he learned from Daniel Kahneman. Link
Stock-Based Compensation
Seven ways to look at stock-based compensation and dilution. Link
Brad Gerstner, Bill Gurley and Priceline/Booking CFO Bob Mylod had a great discussion about stock-based compensation in a recent podcast. Link
Invest Strategically in the $3.8 Trillion U.S. Farmland Market with Farmland LP
American farmland has been disappearing at 4 acres per minute since 2000, while the demand for food, especially healthy organic food, continues to rise.
Farmland LP is one of the largest investment funds in the US focused on converting conventional farmland to USDA-certified organic farmland.
With a portfolio of more than 16,000 organic and sustainably farmed acres and a 15-year track record of success, Farmland LP produces compelling returns for investors while benefiting the environment.
Amidst high inflation, volatile markets, and uncertainty, join large institutional investors, Bill Gates, and family offices by adding farmland to your investment portfolio.
To learn more about Farmland LP and the $250M Vital Farmland III fund currently open to accredited investors, visit farmlandlp.com or email [email protected].*
Podcasts
 4/3/2024 - 64 minutes | Hastings talks about how to cultivate high performance, his favorite failures, the art of farming for dissent & more. |
 4/8/2024 - 72 minutes | Starting at 31:00, Niederhoffer talks about drivers of volatility in the markets, trend-following, trading/behavioral biases & more. |
 4/4/2024 - 65 minutes | Carlisle talks about the struggles of value investing and why he thinks they present a significant opportunity to long-term investors. |
What Else Is Happening
Did you miss last week’s email?
Meb Faber spoke with GMO’s Catherine LeGraw about where she sees opportunity around the globe.
*Risks associated with investing in farmland include operational risk, commodity price and land value risk, and limited liquidity.