Lessons From The UK Pension Crisis

“My peculiarity is that I don’t have a particular style of investing or, more exactly, I try to change my style to fit the conditions.”

– Charlie Munger

RESEARCH

KKR on its survey of endowments and foundations, ESG, investing in new technology, geopolitical risks and portfolio positioning, and the need for upfront yield.

Source: KKR

Credit Suisse with its updated 2022 Global Wealth Report.

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How did the hedge fund, RenTech, return 66% per year before fees1?

If you invested $10,000 in Renaissance Technologies’ Medallion in 1988, you’d cash out in 2018 with almost $200,000,0002. Many consider the Medallion Fund one of the best hedge funds of all-time1.

Their strategy? “Quantitative Investing.”

Instead of hiring slick-talking Wall Street suits, Medallion is run by an army of computer scientists, mathematicians, and neural engineers that specialize in quantitative investing that seeks to eliminate human biases (fear, greed, FOMO).

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They even have a library of curated strategies to choose from like: Buy the Dips Nasdaq, The Buffett, and The Dalio.

 The next Warren Buffett. Link

 GMO on value remaining cheap in the US, Europe, & Emerging Markets.

As of 9/30/2022 | Source: GMOComposite Valuation Measure is composed of price/sales, prices/gross profit, price/book, and price/economic book.

Peter Zeihan gives his perspective on the state of the Russia/Ukraine war, the European energy crisis, and tensions between countries around the world. Link

We’re looking at 9 – 15% inflation for a minimum of the next 5 years, just because of the macroeconomic trends. That assumes that government does not screw anything up. 

The Leuthold Group’s Green Book on potential wealth effect of the bear market and disinflationary implications.

Source: Leuthold Group

Based on guidance from the 1970s, Jan van Eck believes now is the time to buy bonds. Link

Investor Andrew Wilkinson shares how he’s preparing both his businesses and portfolio for an economic slowdown. He touches on how he likes to position his companies for a slowdown, how to create serendipity in life, and more.

[10/5/22 – 22 minutes]Apple | Spotify | Google

The episode looks at what’s happened over the past few weeks in the UK, including the spike in interest rates, why the British pound declined, and if there is a UK pension crisis. For more on the situation in the UK, check out the episode below.

From 16:10 – 31:20, Research Affiliates CEO Chris Brightman shares his take on the situation on the UK, why this may just be the beginning of issues popping up around the globe, and why he’s bullish on UK stocks. 

From The Episode:“It’s really hard to engineer the…global tightening cycle that we’re in and not break anything in the financial system.”

This episode touches on Elon’s text messages from the Twitter lawsuit, Kim Kardashian’s trouble with the SEC, and the inside scoop on the relationship between President Joe Biden and former President Barack Obama.

From The Episode:“I have never been able to discern the difference between someone who is successful and someone who is a billionaire other than luck.”

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