October 1, 2016

Commercial Property and Timing Beta

Two very good recent pieces from Research Affiliates.  One on commercial real estate (I learned a lot in this one) and the second on….factor timing! Chart then download: —- —- Link to articles: Next Season’s Meager Harvest in Commercial Real […]
September 26, 2016

Mark and Seth

Looong market review from Mark Yusko with lots of quotes by Seth Klarman… Quote then download: —- “Sometimes buying early on the way down looks like being wrong, but it isn’t. You must buy on the way down. There is far more […]
September 22, 2016

Two Great Interviews

Read both of these, they’re great….Bernstein (Bill) and Tetlock. Quote then download: —- CR: Is it also why you emphasize saving, which is to avoid the worst-case scenario of running out of money? WB: Exactly. The other way of looking at Pascal’s […]
September 19, 2016

Returns by Decade

Long piece from DB…lots of great tables at the end with historical returns, etc. Wowza DB one of the more bearish shops! Chart then download: —- —- Link to PDF: Long Term returns Website: https://www.db.com/
September 16, 2016

Hedged Exposure

13F time with one of our favorite publications, Novus Research. Chart then download: —- —- Link to PDF: Novus 13F Update Website: https://www.novus.com/
September 9, 2016

(Not so) Pure Energy

I’ve never been quite comfortable with resource stocks as a pure substitute for commodities, but this piece from GMO makes a good argument. Chart then link. —- —- Link to article: An Investment Only a Mother Could Love: The Case […]
September 7, 2016


I was going to write a paper on the Coppock Curve a long time ago, maybe I’ll revisit. Ned Davis has some similar results on their site for the DJIA too. His quote, chart, then link. —- “After nearly two […]
August 27, 2016


Cliff and Rob debate their factor timing papers at the Morningstar conference. Full transcript below.  Plus, you can subscribe to the M* magazine for free – and you should, it’s very good. No quotes just link. Link to article: Meeting of the […]
August 23, 2016


I’ve received a handful of emails from subs wondering if they’ve missed any emails – nope!  I haven’t read much of interest lately, and I refuse to just blast out noise if there isn’t anything of value.  So, just wanted […]
August 5, 2016

Ten Attributes of Great Investors

Two nice pieces from CSFB and Mauboussin.  And one bonus mind bender from Edge.  Seriously, take it for a spin. No charts just downloads.  Enjoy the weekend!  And if you haven’t seen it, go check out the new podcast! Download Reflections […]
August 2, 2016

Few Bargains

Blackrock mid year outlook with a few nice charts.  Below is a summary of valuations relative to historicals… Chart then download: —- —- Download Blackrock mid year outlook Website https://www.blackrock.com Get a Free Subscription! If you send me an email […]
July 29, 2016

Value Spreads: Wide or Narrow?

Wide!  Found this via Brooklyn Investor. Chart then download: —- —- Download Q2 Commentary Website http://www.pzena.com/ Get a Free Subscription! If you send me an email with a link or attachment to a piece you think readers would love, and I […]
July 27, 2016

Go Broncos

Everyone has a bias, and home country bias is a big one…nice update from Vanguard. Chart then download: —- —- Download global case for strategic asset allocation and an examination of home bias Website https://investor.vanguard.com/ Get a Free Subscription! If you send […]
July 25, 2016

Dynamic Risk Parity

You may know them as the Butler & Philbrick crew, but their company name is ReSolve.  They launched a new ETF in Canada, and put out a really nice white paper with it.  I included another paper from SSRN too […]
July 19, 2016

Asset Class VAMO

Hat tip to Swedroe for alerting to this paper.  Value and momentum at the asset class level, you know I like it!  Here is also a nice RealVision interview with Victor. Also included a download of Cliff’s old paper “Value and Momentum […]