July 19, 2015

13F: Pennant

3F Sunday, and today, Pennant! Download PDF CHAPTER 16 – Pennant Capital Management In his book, The Big Short, about the subprime mortgage mess that led to the financial meltdown, author Michael Lewis tells the story of how a handful of money managers […]
July 17, 2015

Global Small Cap CAPE Ratios

Another feature from Norbert at Star Capital, great work! Just a chart, no download. —- —- Website http://www.starcapital.de/ Get a Free Subscription! If you send me an email with a link or attachment to a piece you think readers would […]
July 16, 2015

Fun Speech

Here is a transcript with charts from a speech Romick gave tp CFA Society of Chicago in June.  Lots of fun quotes and charts, including an interesting arbitrage trade near the end. Quotes then download: —- “Back then, plenty of […]
July 14, 2015


Below is the first piece of research I am sending that rewards readers for passing on good research ($100). This piece talks about diversification across CTAs (and stocks) from Kaminski (who happens to have a new book out on trendfollowing and […]
July 12, 2015


More 13F – what firm might Buffett suggest to follow? Download PDF CHAPTER 20 – RUANNE, CUNIFF & GOLDFARB Followers of modern value investing trace its roots back to a course taught at Columbia University in the 1950s by author and instructor […]
July 7, 2015

CAP, One More Time

Thanks to a reader for one tiny correction.  Doesn’t change much but I hate seeing anything incorrect. MSCI Standard Indices CAPE CAPD CAPCF CAPB Average Rank Greece 2.10 5.00 1.20 0.30 1.00 Portugal 8.10 13.40 3.40 1.00 3.75 Russia 4.90 […]
July 6, 2015

CAP Valuation Updates

This time with headings for the tables… I was reading a nice research piece by the folks at Star Capital, a German hedge fund, on the CAPE ratio.  (Star and Research Affiliates are the only two other shops that publish CAPE […]
June 28, 2015

13F: LSV

Starting back up our Sunday 13F profiles…should be another 10 or so, if you have any you want to see let me know.  This one is different than all of the other “stockpickers” in that this firm is quant, and […]
June 23, 2015

13F: PAR

Ok finally back to some 13F profiles….This fund is in my top 5 to track, but many have never heard of them…. Download PDF CHAPTER 17 – PAR CAPITAL MANAGEMENT With a new MBA in hand from the MIT Sloan […]
June 21, 2015

Navigating Stock Price Crashes

What stocks are more likely to experience crashes? Quote then download: —- “We then turn to the central topic of forecasting stock price crashes. Previous research has identified a number of characteristics that forecast stock price crashes, including abnormally high […]
June 19, 2015

The Thin Green Line

Fun interview with Paul Sullivan and the Bonner and Partners Investor Network. Quote then download: —- Sex is sex. You’re either creating another human being or you’re enjoying yourself. Either way, it should be pleasurable. But for some people, sex can become a stand-in […]
June 17, 2015

Lemons & Dividends

I usually only include one piece per email but these are related so here is two.  One on dividends, one on buybacks.  I learned a few things here! Chart then download: —- —- Link to Articles Buyback Extravaganza  The Market […]
June 16, 2015

More on 3 Way & Pictet

Got a lot of q’s on that last post so did a longer article on my blog with some stats you can read here. I haven’t posted much from Pictet in awhile, but the Three Asset Model reminded me of their […]
June 15, 2015

A Simple System to Thump the Market

Three assets: stocks, long bonds, and gold. Equal weight whatever is above the long term trend (10 month SMA). That’s it.  Similar to our old QTAA paper, and so very basic (which is good). Picture, no download. Copyright 2015 Ned […]
June 10, 2015


I had lunch with a hedge fund buddy of mine and he brought up the topic of this email. He mentioned that he found lots of interesting stocks that were former LBOs that have been taken public again.  (Otherwise known […]