September 27, 2022

The Housing Market Feels Like a ‘New Weird’

“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 – […]
September 22, 2022

Newsletter Sampler: 42 Macro by Darius Dale

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 […]
September 20, 2022

Lessons from Julian Robertson

“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 […]
September 15, 2022

Newsletter Sampler: Kuppy’s Event-Driven Monitor (KEDM)

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 […]
September 11, 2022

Can You Replicate VC in Public Markets???

“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 […]
September 4, 2022

Winter is Coming in Europe

“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. […]
August 28, 2022

Carried interest won’t die

“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 […]
August 21, 2022

We’re in a Vibecession

“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 […]
August 14, 2022

PREVIEW: Edward Chancellor’s new book “The Price of Time”

“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 […]
August 7, 2022

Will The 60/40 Rebound?

“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, […]
July 31, 2022

Sanctions are Crippling Russia’s Economy

“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 […]
July 24, 2022

1,750x Investment

“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 […]
July 17, 2022

Exposing a $25b Fraud

“With every investment we become richer or wiser, never both.” – Bill Duhamel RESEARCH Robeco – Investing in Deflation, Inflation, and Stagflation Regimes (38 pages) A look at performance and factors across inflation regimes going back to 1875. Source: Robeco KKR – […]
July 12, 2022

Global Valuation Updates!

For new subscribers, you may not be aware that we’ll share the global stock market valuations each quarter. You can view all prior quarterly updates here. Quarterly CAPE Ratio Updates Median CAPE Ratio: 15 25% cheapest: 10 25% most expensive: 25 […]
July 10, 2022

The Mental Keys of Trading

“In bear markets, stocks return to their rightful owners.” – J.P. Morgan RESEARCH AQR – The Stock/Bond Correlation (18 pages) Historical perspective on the stock/bond correlation, and what the implications of a change in that relationship might mean. J.P. Morgan – […]