Make Buybacks Great Again

Investing goes off track when you believe you are entitled to high returns because you did all the right things.

Aswath Damodaran


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 (, Man Group, as of 31 December 2023.

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

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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

*Risks associated with investing in farmland include operational risk, commodity price and land value risk, and limited liquidity.