June 5, 2022

Resource Stocks, Conservative Investing, Ed Thorp, Cliff Asness

“Every market I’ve seen eventually punishes clever investors and rewards patient ones.” – Naval Ravikant RESEARCH Who Need TIPS When You’ve Got Friends Like This? – 9 pages GMO’s 1Q22 quarterly letter gets into inflation, commodity prices, and opportunities in resource equities. […]
June 2, 2022

Newsletter Sampler: 3Fourteen Research

NEWSLETTER SAMPLER Interested in learning about other great investing newsletters? Check out  Name: 3Fourteen Research Frequency: Weekly research reports Author(s): Warren Pies & Fernando Vidal Topics: Data-driven macro research Overview: 3Fourteen is a data-driven macro research firm. They combine their qualitative macro/real […]
May 29, 2022

Bridgewater, Paul Graham, Tyler Cowen, Grantham, Energy

“Excellence for most of us blossoms and flourishes for only a brief flicker of time. Either because of human fragility, maturation, or simple outright exhaustion, it’s difficult to perform at a crescendo for an extended period.” – Bill Gross Looking […]
May 22, 2022

Inflation Hedges, Japanese Value, Elon, Andreessen

“I have never interviewed a money manager who told you he’d never made a mistake, and a lot of them do, who didn‘t stink. Every great money manager I’ve ever met, all they want to talk about is their mistakes. […]
May 15, 2022

Private Markets, Innovation, Drobny, Asness, Verdad

“Investors tend to demand more performance consistency than is feasible in competitive markets, often resulting in ill-timed capitulations.” – Antti Ilmanen Looking for more than just dividends? Cambria’s Shareholder Yield ETF, SYLD goes beyond dividends to include buybacks and debt […]
May 8, 2022

Morningstar on Fees, Weschler on Berkshire, PTJ on Trend-Following

“If I ever get an economic law named after me I want it to be ‘There is no investment product so good gross, that there isn’t a fee that could make it bad net’.” – Cliff Asness RESEARCH Global Investor […]
May 1, 2022

SBF on Ponzi Schemes, Grantham & Jim Rogers on Commodities

“The most important quality for an investor is temperament, not intellect.“ – Warren Buffett RESEARCH Putin’s Invasion Reminds Us That We Live in a Finite World – GMO (4 pages): Jeremy Grantham shares his view on the finite nature of our […]
April 24, 2022

Endowments in Review, Michael Lewis, The Queen of Quants

“Every great money manager I’ve ever met, all they want to talk about is their mistakes. There’s a great humility there.“ – Stanley Druckenmiller RESEARCH 2021 Study of Endowments (16 pages): NACUBO-TIAA’s survey of 720 institutions covers trends around gifting, spending, […]
April 18, 2022

Top Podcasts of the Week

Today we have Jeff Currie & Tim Pickering on commodities, Dylan Grice on the end of duration, and Marc Chaikin on the benefits of combining technicals with fundamentals. Investing Superinvestors And The Art Of Worldly Wisdom: #51: Diego Parrilla On […]
April 13, 2022

Overhauling Valuations

As part of a series, this paper takes a detailed look into the work behind studying and revamping valuation techniques. —- —- Links Paper 3 – Overhauling the Science of Valuations – Oliver Wyman The first two papers in the […]
April 11, 2022

Top Podcasts of the Week

Below is our “Top Podcast” list with our curator, Colby Donovan! Today we have Ian Bremmer on the war in Ukraine, Andrew Beer on managed futures and hedge fund strategies, and Dr. Gio Valiante with a masterclass on peak performance. […]
April 10, 2022

Global Valuation Updates!

Quarterly CAPE Ratio Updates Median CAPE Ratio: 18 25% cheapest: 13 25% most expensive: 31 Average of Foreign Developed: 23 Average of Foreign Emerging 16 We’ve mentioned this note in every update but bears repeating.  We use the MSCI Investable […]
April 6, 2022

Guide to the Markets 2Q 2022

J.P. Morgan’s Guide to the Markets Q2 2022. —- —- Links Guide to the Markets 2Q 2022 – J.P. Morgan Good investing, Meb Faber theideafarm.com
April 4, 2022

Top Podcasts of the Week

Below is our “Top Podcast” list with our curator, Colby Donovan! Today we have John Hempton on finding and exploiting an edge, Alan Dunne on all things trend-following and global macro, and housing expert Ivy Zelman on why she thinks […]
April 1, 2022

U.S. Farmland

A deep dive on U.S. farmland investment rationale, characteristics, and even valuation considerations. —- —- Links U.S. Farmland Sector Primer – Green Street Good investing, Meb Faber theideafarm.com