June 3, 2016

So Old

Demographics has always been interesting to me, but has yet to make it explicitly into my process.  Long report attached…with 350 charts! Chart then link: —- —- Article Link The Silver Economy Website http://www.bankofamerica.com Get a Free Subscription! If you […]
May 29, 2016


The Q Group has their presentations online, and there are some from Shiller, Lo, Novy-Marx etc.  And you didn’t have to pay $6,500! Lots of slides like this but some more readable ones too! Chart then link: —- —- Article […]
May 12, 2016

Yield vs Duration

Short but sweet article here on the yield vs duration of bonds in 2000 vs now.  The search for yield continues….(and you know my opinion here.) Chart then download: —- —- Article Link Negative Interest Rates Website Home Get a Free […]
May 10, 2016

Sovereign Debt Restructuring

What happens to equities after sovereign debt restructuring? Chart then download: —- —- Download PDF Global Debt: Challenges and Opportunities Website http://www.ml.com/ Get a Free Subscription! If you send me an email with a link or attachment to a piece […]
May 1, 2016

Echoes of 1999

Very short but interesting piece from Research Affiliates. Quote then download: —- “Extreme relative valuations for EM versus U.S. stocks and bonds. By August 1998, the Shiller cyclically adjusted price-to-earnings (P/E) ratio (or CAPE ratio) for emerging market stocks reached […]
April 21, 2016


If you’re going to allocate to an active manager, they better be different. Bonus piece on microcap factors that work. Chart then download: —- —- Download PDF Alpha or Assets A True Microcap Strategy Website http://www.osam.com/ Get a Free Subscription! […]
April 20, 2016

World Value and Momentum

Great slideshow from Start Capital, with some awesome charts! Chart then download: —- —- Download PDF Stock Selection Website http://www.starcapital.de Get a Free Subscription! If you send me an email with a link or attachment to a piece you think […]
April 15, 2016

The Best Small Hedge Funds

Fun little list of some of the top small hedge funds.  Can’t really call Cannell emerging… Chart then download: —- —- Download PDF Top Emerging Hedge Funds Website: https://www.novus.com/ Get a Free Subscription! If you send me an email with […]
April 10, 2016


Yale’s 2015 endowment update is (finally) out.  Always a fun read, and this year they dive into their successful PE investment program. Quote, allocation, then download: —- “Over the past twenty years, the venture capital program has earned an outstanding […]
April 6, 2016

Guide to Markets

Some great charts as always (also lots I don’t agree with). Two charts then download: —- —- Download PDF Guide to the Markets Website https://am.jpmorgan.com/us/en/asset-management/gim/adv/insights/guide-to-the-markets Get a Free Subscription! If you send me an email with a link or attachment […]
April 4, 2016

CAPE Updates

Quarterly CAPE Ratio Updates! Average CAPE Ratio: 25% most expensive: 23.47 (U.S. in this bucket, and now ranked #2 most expensive in the world) 25% cheapest 9.75! Average emerging country is 14.52, developed 17.14. Here it is in Excel too. […]
March 16, 2016

Commodities 10 Years Later

Two for Wednesday.  First, a famous commodities paper updated 10 years later, and second, a review of the most skilled hedge fund managers. I found the below table on basis particularly interesting.  Table then downloads: —- —- Download PDFs Facts […]
March 3, 2016

DJCO Munger

I was so sad to miss the DJCO meeting again with Munger at the helm.  Thankfully we have a nice summary here below! Quote then download: —- How did you balance reading that much and having so many children? When […]
March 1, 2016

Maketa on Markets

Maketa does a wonderful job of updating global returns with simple and intuitive charts.  They send these out quarterly and this is the year end version.  Wish I had some of these 10 years ago… Chart then download: —- —- […]
February 26, 2016

Flows Change Factors!

The last few times my quant friends and I have gotten together and they’ve asked what I’ve been thinking about, my answer has been “factor rotation”.  Meaning, while we all know certain factors work over time, there are times when […]