August 9, 2015


Only a few more to go….this week, ValueAct! Download PDF CHAPTER 22 – VALUEACT CAPITAL “My father tells me the reason I generate the returns I do is that I see things other people don’t see. But that’s not exactly […]
August 6, 2015

Two for Thursday

No charts and quotes this time but a couple of academic papers to skim.  The first is on how to try and replicate private equity returns through factor based small caps: Leveraged Small Value Equities (and commentary by Wes here) The second is […]
August 2, 2015


Everybody knows this guy. Download PDF CHAPTER 19 – THIRD POINT MANAGEMENT When it comes to corporate management, Daniel Loeb is rarely at a loss for words, and they are frequently not very nice words. As founder and CEO of Third […]
July 26, 2015

13F: SPO

Another solid performer, SPO Advisory. Download PDF CHAPTER 21 – SPO ADVISORY CORP Back a few decades ago, if you were serious about studying economics and finance, one of the places to get plugged into the latest thinking was Stanford […]
July 23, 2015

Market Timing with CAPE and Trend (and both!)

Wes & Jack do great work.  Here he shows how using simple timing models based on valuation can either increase return and/or reduce vol and drawdown.  Simple works! Chart, then link. —- —- Link Website Get a Free […]
July 21, 2015

It Won’t Mean a Thing in 100 Years

This piece reminds me of that old Blues Traveler Song. Chart, then download. —- —- Download PDF Are Stocks Overvalued? Website Get a Free Subscription! If you send me an email with a link or attachment to a piece […]
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 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 […]