“If something looks irrational — and has been so for a long time — odds are you have a wrong definition of rationality.” – Nassim Taleb RESEARCH   J.P. Morgan – Guide to the Markets 4Q 2022 (71 pages) Bridgewater – The […]

“In investing, what is comfortable is rarely profitable.” – Rob Arnott RESEARCH GMO – 35-Year Highs for the Dollar (10 pages) In the Q2 2022 quarterly letter, GMO covers the US dollar, undervalued developed market currencies as tail winds for securities holders […]

“The best thing is to be a high conviction investor. When you dabble and just put a bunch of money on things you don’t know or understand, it tends to work out badly.” – Jon Gray RESEARCH Hendrik Bessembinder – […]

NEWSLETTER SAMPLER Interested in sampling paid newsletter services? Check out    Name: 42 Macro Frequency: Daily (LMN), Weekly (ATH), and Monthly (MSR) Audience: Professional & Retail Investors Model: Paid (7-day free trial) Author: Darius Dale Topics: Asset Allocation & Portfolio Construction Overview: 42 […]

“Time is your friend; impulse is your enemy.” – Jack Bogle RESEARCH Vanguard’s portfolio construction framework (32 pages) Vanguard looks at various portfolio construction methodologies to that incorporate different combinations of portfolio goals, preferences, and available investments. Source: Vanguard Verdad Advisers […]

NEWSLETTER SAMPLER Interested in sampling paid newsletter services? Check out  Name: Kuppy’s Event-Driven Monitor Frequency: Weekly Audience: Professional investors & HNW individuals Model: Paid (4-week free trial with FULL access to archives) Author(s): Harris Kupperman and the KEDM Analyst Team Topics: Primarily corporate […]

“Just about every time you go against panic, you will be right if you can stick it out.” – Jim Rogers RESEARCH GMO – Investing for Retirement III: Understanding and Dealing With Sequence Risk (15 pages) GMO addressing sequence risk and a […]

“Risk is the permanent loss of capital, never a number.” – James Montier RESEARCH Bridgewater – Europe’s Stagflation is Different in Kind and Much Harder to Remedy (12 pages) Bridgewater discusses Europe’s energy situation, inflation, and some of the policy challenges ahead. […]

“The definition of a true partner is someone who shares your level of risk.” –  Sam Zell RESEARCH O’Shaughnessy Asset Management – Why Fundamentals Matter (9 pages) OSAM on multiple expansion, speculation, and the importance of fundamentals. Book Recommendations Kyle Bass (CIO, Hayman […]

“To be an investor is to live constantly at the intersection of story and uncertainty.” –  Daniel S. Loeb RESEARCH 3Fourteen Research – Dipping a Toe in the Water (13 pages) This piece follows up on what we shared from 3Fourteen Research […]

“Risk is what’s left over when you think you’ve thought of everything.” –  Morgan Housel RESEARCH Research Affiliates – Insights into the Inflation Print (10 minutes) Campbell Harvey digs into the July inflation print, provides some context to the numbers, and […]

“Never take financial advice from someone who has to work for a living.” –  Nassim Taleb RESEARCH Man Institute – The Road Ahead: Riddles in the Dark (7 pages) Man Group with a study on 60/40 portfolio returns and, among other observations, […]

“Risk is what’s left over when you think you’ve thought of everything.” –  Morgan Housel RESEARCH Sonnenfeld et al. – Business Retreats and Sanctions Are Crippling the Russian Economy (118 pages) One of the first academic papers with an analysis of Russia’s […]

“There is nothing so unstable as a stabilized price level.” –  Jim Grant RESEARCH DoubleLine – Finding a Bottom in Equities (9 pages) DoubleLine’s Macro Asset Allocation Team covers drawdowns, bear markets, and some thoughts on potential paths forward for equities. AngelList […]