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 – The Times They Are A-Changin’ (30 pages)

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 – Global Wealth Report 2022 (72 pages)

Credit Suisse with its updated 2022 Global Wealth Report.

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Help advance how you invest using logic and data

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).

Unless you are a PHD-wielding, Python-coding, Excel-Wizard…that type of quant-trading has been out of reach. Until now…

Composer gives you the financial tools to easily drag, drop, edit and swap quant-investing strategies from scratch – no engineering degree required.

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

Stop trading on impulse and start quant-investing with Composer today.*

*Investing in securities involves risks, including the risk of loss. Composer Technologies Inc., SEC Registered RIA. All charts and symbols are provided for illustrative purposes only and are not intended as recommendations to purchase or sell any security and do not reflect actual market conditions, stock performance, or AI decisions.
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1Source: (2019, December 2). For 30 years, Renaissance Technologies achieved 66% annualized returns. Here’s how a group of academics with no trading experience became the most successful hedge fund in history. Business Insider
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2Returns: 30 years compounded at 39% after fees
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Renaissance Technologies Medallion’s performance is an outlier; and investors should not expect to see similar returns and bear the risk of loss including loss of all investment. Past performance is not an indicator of future results. Renaissance Technologies and Composer are not affiliated with one another. Gross figures (before fees)  do not account for fees and expenses an investor would incur,  which would lower performance.
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BONUS CONTENT
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👉 The next Warren Buffett. Link
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“If you are going to be a great investor, you have to fit the style to who you are. At one point I recognized that Warren Buffett, though he had every advantage in learning from Ben Graham, did not copy Ben Graham, but rather set out on his own path, and ran money his way, by his own rules.” Michael Burry
💡 GMO on value remaining cheap in the US, Europe, & Emerging Markets.


As of 9/30/2022 | Source: GMO
Composite 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
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PODCASTS
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Asking Billionaire Investor – Andrew Wilkinson – How To Prepare For The Economic Collapse
[10/6/22 – 82 minutes]
Apple | Spotify | Google

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.

 

 

 

Research Affiliates’ Brightman: ‘Wonderful opportunity’ to buy British stocks
[10/6/22 – 60 minutes]
Apple | Spotify | Google

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.”

Elon’s Texts, TikTok’s Wins and Fails in Europe, and Guest Gabriel Debenedetti
[10/3/22 – 64 minutes]
Apple | Spotify | Google

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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