May 7, 2023

The Truth About Buybacks

“We should not aim for a regulatory regime that eliminates all failure but one that reduces the chance of failure and the odds of contagion.” – Jamie Dimon RESEARCH   S&P Global – Examining Share Repurchasing and the S&P Buyback […]
April 30, 2023

CRE in Focus

“Good short-sellers have something in the DNA. Or maybe we were dropped on our heads as babies.” – Jim Chanos RESEARCH   J.P. Morgan – Are banks vulnerable to a crisis in commercial real estate? (11 pages) J.P. Morgan looks at […]
April 23, 2023

Evidence From 64,000 Stocks

“The stock market will find your own weakest personal trait, and then do everything in its power to use it against you.” – Barry Bannister RESEARCH   Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks (89 pages) Hendrik Bessembinder analyzes long-run […]
April 16, 2023

Private Markets Turn the Volume Down

“There’s no such thing as a good idea or bad idea in the investment world. It’s a good idea at a price, it’s a bad idea at a price.” – Howard Marks RESEARCH   McKinsey – Global Private Markets Review: […]
April 14, 2023

Global Valuation Updates!

Happy New Year! Quarterly CAPE Ratio Updates Median CAPE Ratio: 16 25% cheapest: 13 25% most expensive: 21 Average of Foreign Developed: 20 Average of Foreign Emerging: 14 We’ve mentioned this note in every update but it bears repeating.  We use the […]
April 9, 2023

R.I.P. US Outperformance

“Once investors realized that the asset they had paid a lot of money for stopped having the attributes they expected, the collapse was typically a brutal one.” – Louis-Vincent Gave RESEARCH   AQR – Re-Emerging Equities (11 pages) AQR notes the expected […]
April 2, 2023

U.S. Corporate Bankruptcies

“We deceive ourselves when we believe that past stock market return patterns provide the bounds by which we can predict the future.” – John Bogle RESEARCH   Meketa – Risk Mitigating Strategies (RMS) Framework (20 pages) Meketa looks into an RMS framework, […]
March 26, 2023

Venture Catastrophists

“All of history and all of life is stuffed full of the unexpected and the unthinkable.” – Peter Bernstein RESEARCH   Bain – Global Private Equity Report 2023 (76 pages) Bain’s 2023 Global Private Equity report looks at the state of the […]
March 19, 2023

Private Equity’s Other Illiquidity Premium

“It isn’t what a man has that constitutes wealth. No — it is to be satisfied with what one has; that is wealth.” – Mark Twain RESEARCH Man – Private Equity’s Other Illiquidity Premium (14 pages) Man does an examination of […]
March 12, 2023

Is The Housing Market in Trouble?

“It isn’t what a man has that constitutes wealth. No — it is to be satisfied with what one has; that is wealth.” – Mark Twain RESEARCH   Quantica –  half-century of trend-following: How CTAs make money in different yield […]
March 5, 2023

Best Buffett Quotes

“As the subject of repurchases has come to a boil, some people have come close to calling them un-American – characterizing them as corporate misdeeds that divert funds needed for productive endeavors. That simply isn’t the case” – Warren Buffett […]
March 2, 2023

Newsletter Sampler: Yardeni QuickTakes

NEWSLETTER SAMPLER Interested in sampling paid newsletter services? Check out 👇 Name: Yardeni QuickTakes Frequency: Daily (24/7 access to our website) Audience: Individual investors Cost: $29/mo (free trial is available) Author: Dr. Ed Yardeni & Research Team Topics: Daily insights on the […]
February 26, 2023

Stop Demonizing Stock Buybacks

“I had no ambition to make a fortune. Mere money-making has never been my goal—I had an ambition to build.” – John D. Rockefeller RESEARCH   Nathaniel Bullard – Decarbonization: The long view, trends and transience, net zero (141 slides) Bullard’s […]
February 19, 2023

AQR’s Top 3 Ideas

“The art of being good at approximations is insufficiently valued.” – Ray Dalio RESEARCH SVB – State of the Markets (33 pages) SVB with its 1H 2023 State of the Markets covering increasing interest rates and the impact it may have on […]
February 12, 2023

Gold Demand

“I hate losing money more than anything. Losing money is what kills you. It is not the actual loss; it messes up your psychology.” – Michael Platt RESEARCH   GMO – Quarterly Letter 4Q 2022 (9 pages) Ben Inker looks back at […]