May 22, 2017


GMO on home bias, and valuations… Charts and download: —- —- Link to Download Home Bias Website
May 19, 2017

Big Picture: Near Term Good, Long Term Scary

I basically only use LinkedIn to check spam emails, but Ray Dalio posts come commentary there on occasion.  Below is a nice piece on expected returns.  I was trying to determine what the book was on his desk then realized […]
May 11, 2017

History of Farmland Investing

I have a biased personal interest in this as we have farmland in Kansas, but I found this interesting. I also included an older article by the author with an intro to farmland investing.  Lots of links in the footnotes… […]
May 9, 2017

Sell in May? Oh Geez Don’t Bring That Up Again…

Fun little piece from Horizon, and I also included a Leuthold chart dating the to 1920s on the sell in May system with small caps… Charts and download: —- —- Link to Download 1st Quarter 2017 Commentary Website Homepage
May 2, 2017

Is High Mo Cheap?

Nice little 20 pager from Morgan Stanley.  This chart caught my eye in the current Arnott/Asness factor valuation and timing debates… Chart and download: —- —- Link to Download On the Markets Website
April 30, 2017

LEI above zero, rising

Lots of interesting tidbits in here, but like chatting about ISM, here’s LEI into four quadrants…where are we now?  Above zero and rising… Chart and download: —- —- Link to Download RBC GAM Outlook Website
April 27, 2017

Risks Remain, but There Are Reasons for Optimism

Y’all getting tired of me talking about foreign stock valuations?  Probably.  I’ll lighten up…but here’s one from William Blair on the emerging markets outlook. Chart and download: —- —- Link to Download EM Outlook Website
April 25, 2017

Assets Of $120B, Equity of $5B…What Could Go Wrong?

This is just fun to look back on…easy to naysay them now, but Long Term Capital was the darling of the fund world until they blew up. At least worth downloading for the awful fashion photos… Quote and download: —- […]
April 19, 2017

A Streak of Tigers

Did you know a group of tigers is called a ‘streak’ or an ‘ambush’? Me neither. Novus does lots of great work on hedge funds, and here are a few pieces on the Tiger Cubs. Chart and download: —- —- Link […]
April 14, 2017

The Bond Tolls

Some thoughts from the GMO crew, none of which will be too surprising…but sobering thoughts to consider… Charts and download: —- —- Link to Download For Whom the Bond Tolls Website
April 12, 2017

Net Performance Matters

Yearly Yale endowment update is out…some fun thought pieces in the back so read the whole way through… Chart and download: —- —- Link to Download Endowment Update 2016 Website
April 7, 2017

Beauty Charts

Some really cool charts from Norbert at Star on CAPE ratio and lots of other interesting visualizations… —- —- Link to Download Slideshow Cool CAPE charts Germany Fundamentals Value and Growth Website
April 3, 2017

Global Valuations

Quarterly CAPE Ratio Updates! After a great year of performance in 2016, many cheap countries are continuing to outperform. Right to the stats! Median CAPE Ratio: 16.5 25% most expensive: 25 (U.S. in this bucket) 25% cheapest 11 Average of […]
March 31, 2017

Complexity Rules

Lots of great charts in here from KKR on macro outlook…a couple European charts then the download… —- —- Link to Download Complexity Rules Website