The goal here at The Farm is to only send out high quality research. That means we may go a week or two with no emails, and then some weeks there will be five. The good news is there is […]
t is that time of the year, where each Q we get a peek into what the hedgies are doing. I now run a private fund starting Jan 1 that tracks my 10 favorite funds (at 2X leverage) with a […]
I had not seen this before, but it is fascinating! Value works great but seemingly the cheapest ranked value stocks stink! I saw this with 13F models though that is somewhat of a different beast. Chart & download: —- —- […]
This is always my #1 read of the year, CSFB Global Investment Returns Yearbook! This is the annual update to my favorite investment book, Triumph of the Optimists. If you haven’t read every yearly update, do it – it’s like an […]
Back to back Mauboussin! In this piece he looks at what to do after a 10% drop in a stock. I feel like Altucher wrote about this in his first book for shorter time frames, but seems like a very […]
One of the problems people often have is how to pick the best managers to track with 13F investments? Below is a piece from Novus (again), that tries to answer that question. In addition, they named some managers I have […]
I was going to summarize my thoughts on the attached but I’ll let you digest it without my input. —- —- Download PDF Rates and Active Management Website www.nomura.com
After a brief holiday hiatus we’re back with the weekly 13F profiles and this week is #9…Chieftain & Brave Warrior. Download PDF CHAPTER 9 – CHIEFTAIN CAPITAL MANAGEMENT / BRAVE WARRIOR ADVISORS “So the question is why should a decent […]
Mauboussin had a nice piece a few months ago on capital allocation in the United States. Below is a version applied to the international markets. What an intro to the paper in the below quote! —- “Capital allocation is a […]
I’m going to have to read this twice, but it’s good. The IMF on bubbles. Chart and download: —- —- Download PDF Identifying Speculative Bubbles: A Two-Pillar Surveillance Framework Website http://www.imf.org/
You could switch out the words “down trend” from my old paper for “high vol” in this paper and would have similar conclusions. Interesting nonetheless! Table and download: —- —- Download PDF How Tail Risk Changes Over the Market Cycle Website http://www.firstquadrant.com/
And CAPE sector values…yowza for consumer discretionary! Discretionary 37.6 Health Care 27.9 IT 27.4 Telecom 26.1 Materials 25.1 Staples 23.4 Industrials 22.6 Utilities 19.3 Energy 17.1 Financials 14.7
Below are all of the CAP values from Ned Davis, and a composite average across all of them. Not surprising to see Europe still in the lead for cheap countries…As a reminder there will be some variation, largely due to index […]
Happy New Years to all – as a reminder for all of your friends an colleagues, prices go up tomorrow so let them know they can still subscribe at the lower rate for one more day! Below is a fun […]