November 21, 2014

Bond Risk

Short piece from Ineichen.  Quick read with a couple good charts on stocks vs. bonds.  While stocks are more risky by vol, bonds can slowly bleed to death in inflationary times… Chart then link: —- —- PDF MYTH: Time reduces risk […]
November 16, 2014

13F: Akre

13F week 3 includes our third manager profile (after Buffett & Abrams)… AKRE
November 14, 2014

Mo Fundy Value

I haven’t read much of interest lately (if you see anything great pass along as always!). We’ve featured a lot of Research Affiliates though, and this email they look at some very simple factors back to 1960s.  Nothing you probably […]
November 9, 2014

13F: Pros and Cons & Abrams

13F week 2 includes pros and cons of the strategy and our first manager profile! PROS & CONS & ABRAMS
November 2, 2014

13F: Introduction

I promised to start sending out a series of posts on tracking my favorite hedge funds and their stocks picks.  Starting today I will be sending out a weekly post on Sunday for you to read with your NFL consumption.  […]
October 23, 2014

Sharpe Sweet Spot

I like reading Niels Jensen’s Absolute Return letter.  He’s been absent for awhile due to a bike accident (get better Niels!), and below is his October piece.  I have seen the below chart with real returns but never Sharpe Ratio […]
October 21, 2014

Trendfollowing in Rising Rates?

I sat on a panel with Vineer at a conference and found him to be quite intelligent in our wide ranging discussion.  Below is a fun new paper from PIMCO on trendfollowing(!) in various interest rate environments. Below is a […]
October 17, 2014

Oh, Hell Yes

Research Affiliates just launched a Capital Assets Forecast Portal – and it is awesome.  Shiller CAPEs, fixed income, and more all with cool graphics….No download, just a picture. Go to the website and spend some time…one of the cooler resources of […]
October 15, 2014

All the CAPs in the World

Great news!  I partnered up with Ned Davis to build all the cyclically adjusted metrics and they are letting me send them out…I sorted them based on the average across all four metrics in the second table.. I also included […]
October 10, 2014

Road to 2030

I read everything CSFB puts out here, and so should you. Chart then download: —- —- Download PDF The Road to 2030 Website
October 7, 2014

CAPE Values

I have been traveling in Asia (Bhutan!), and the CAPE updates should follow soon.  However, in the meantime I am going to pass along a simply terrific new resource. Farm subs should remember a piece I sent out a few weeks ago […]
October 4, 2014

The Power

I thought I had sent this piece out this summer but I didn’t see it in the archives.  You know I love it of course, but it drills down an important point – when using buybacks, also sorting on value […]
October 2, 2014

Ivy Portfolios

This is the last report of the Mendillo era at Harvard.  I have to think the institutional stampede into, and now out of, commodities could signal a good long term buying opportunity at some point.  But if you know me, […]
September 29, 2014

Heavily Invested

I’m off to Asia, and have updated the archives up to about two weeks ago.  Will send out the quarterly CAPE valuations in a few days.  I’m hoping NDR will allow me to send CAPD, CAPCF, and CAPB too… Below […]
September 22, 2014


We’ve featured a few of Novus’s pieces in the past.  The spend a lot of time with public filings, 13F research, and hedge funds.  Lots of fun reads on their site but this one focuses on the activists… Chart then […]