January 22, 2015

Is it Time for Active?

I was going to summarize my thoughts on the attached but I’ll let you digest it without my input. —- —- Download PDF Rates and Active Management Website www.nomura.com
January 18, 2015

13F: Chieftain & Brave Warrior

After a brief holiday hiatus we’re back with the weekly 13F profiles and this week is #9…Chieftain & Brave Warrior. Download PDF CHAPTER 9 – CHIEFTAIN CAPITAL MANAGEMENT / BRAVE WARRIOR ADVISORS “So the question is why should a decent […]
January 17, 2015

You Had One Job…

Mauboussin had a nice piece a few months ago on capital allocation in the United States.  Below is a version applied to the international markets. What an intro to the paper in the below quote! —- “Capital allocation is a […]
January 11, 2015

Yield Distortions

I’m going to have to read this twice, but it’s good.  The IMF on bubbles. Chart and download: —- —- Download PDF Identifying Speculative Bubbles: A Two-Pillar Surveillance Framework Website http://www.imf.org/
January 9, 2015

P/CF All Time High

Median price to cash flow for US stocks all time high. Table and download: —- —- Download PDF Multiples at All Time Highs Website http://wellscap.com/
January 6, 2015

Tail Risk

You could switch out the words “down trend” from my old paper for “high vol” in this paper and would have similar conclusions. Interesting nonetheless! Table and download: —- —- Download PDF How Tail Risk Changes Over the Market Cycle Website http://www.firstquadrant.com/
January 1, 2015

CAPE Sector Values

And CAPE sector values…yowza for consumer discretionary! Discretionary 37.6 Health Care 27.9 IT 27.4 Telecom 26.1 Materials 25.1 Staples 23.4 Industrials 22.6 Utilities 19.3 Energy 17.1 Financials 14.7
January 1, 2015

CAP Values

Below are all of the CAP values from Ned Davis, and a composite average across all of them.  Not surprising to see Europe still in the lead for cheap countries…As a reminder there will be some variation, largely due to index […]
December 31, 2014

All Weather of Your Own

Happy New Years to all – as a reminder for all of your friends an colleagues, prices go up tomorrow so let them know they can still subscribe at the lower rate for one more day!  Below is a fun […]
December 22, 2014

Checking in with Maketa

Meketa puts out a few good pieces every quarter, and while this one is a few months old it is worth bookmarking the website. A few charts then the downloads: —- —- Download PDF Capital Markets Outlook Website http://www.meketagroup.com
December 21, 2014


13F week 8…my favorite, Baupost! Download PDF CHAPTER 8 – BAUPOST GROUP “In capital markets, price is set by the most panicked seller at the end of a trading day. Value, which is determined by cash flows and assets, is […]
December 15, 2014

Top Reads of 2014

In the spirit of the year end lists, below are my favorite reads from 2014.  Pour yourself another glass of eggnog as this is a lot of material… Download PDFs Predicting Stock Market Returns – Star Capital The Final Bubble Frontier – […]
December 14, 2014


13F week 7...BARROW, HANLEY, MEWHINNEY & STRAUSS Download PDF CHAPTER 7 – BARROW, HANLEY, MEWHINNEY & STRAUSS Over the course of the past 30 years, Barrow, Hanley, Mewhinney & Strauss (BHMS) has proven that you do not need to take […]
December 12, 2014

5 Years

It is easy to get caught up in short term results in markets (just look at zero coupon bonds this year!), and 5 years can feel like a lifetime.  Below Cliff looks at a basic three fund portfolio, short but […]
December 7, 2014

13F: Avenir

I’ve decided to both to make everyone happy…text in the body of the email and a PDF. 13F week 6…AVENIR Download PDF CHAPTER 6 – AVENIR CORPORATION “We focus on what is knowable, starting with the truth that the investment process […]