October 17, 2013

TIPS of the Iceberg

Ambassador Capital takes a look at TIPS, a poorly understood asset class.  They come to the simple conclusion – don’t buy them. Quick chart before the download: —- —- Download PDF TIPS of the Iceberg Website http://ambassador-capital.com/
October 14, 2013

The Worst Stock in the Market

I sat down for sushi with John Del Vecchio in Dallas this past week, and as always, it was an interesting conversation.  For those unfamiliar, John is a forensic accountant who worked for some of the most famous names in […]
October 11, 2013

Guide to Markets

I’m always a sucker for chart books, and we’ve featured JPM’s Guide to the markets before.  Here is their new quarterly update. Quick chart then the download: —- —- Download PDFs Guide to the Markets Website https://www.jpmorganfunds.com/
October 7, 2013

Quant Summaries

It’s hard to keep up with all the academic literature out there.  I used to post summaries from AlphaLetters, some of the banks do research summaries, and CXO always does a good job. Below are two summaries from another source, […]
October 6, 2013

Reducing Turnover with Smart Beta

I saw an analysis a few months ago on rebalancing portfolios sorted on CAPE monthly, which really didn’t make a lot of sense to me.  Many long term valuation metrics need a little time to work out.  Brightman talks about […]
October 5, 2013

Sector and index CAPEs

Below is our quarterly CAPE update with sectors and indexes… —- S&P 500 24 EAFE & EEM both 15 —- Website www.mebanefaber.com
October 1, 2013

CAPE Updates

Below is our quarterly CAPE update with the frontier markets included. —- Country Latest Greece  3.48 Ireland  6.45 Argentina  6.54 Russia  6.94 Italy  7.78 Jordan  7.86 Austria  8.92 Pakistan  9.39 Hungary  9.52 Spain  9.52 CzechRepublic  9.88 Israel  10.04 Lebanon  10.09 […]
September 29, 2013

Sunday Reading

A fun read from Grant’s to print out during Sunday football…I’ll be in NYC, Chicago, and Dallas next two weeks if anyone wants to meetup! Quick pic before the download: —- —- Link to the PDF Grant’s August 2013 Website […]
September 27, 2013

Cloning Managed Futures

A fun guide on how to clone or index managed futures.  Why pay for a Winton when you can do it all yourself? —- —- Link to the Article Demystifying Managed Futures Website http://pages.stern.nyu.edu/~lpederse/
September 26, 2013

Market Cap to GDP for Global

One of Buffett’s favorite indicators is stock market cap to GDP.  Below, Minerd looks at the indicator for global countries relative to their history.  Not surprisingly, lots of cheap countries out there… —- —- Link to the Article MKT CAP […]
September 25, 2013

Does CAPE Work on Stocks?

My buds Wes Gray and Jack Vogel  just put out a killer new paper where they asked the above question.  The simple answer is “yes it does”. The more interesting answer is 1) there are other cyclically adjusted measures that […]
September 23, 2013

Trade Ideas

Once a month I send out an email to readers that have not yet subscribed to The Idea Farm with a recent newsletter. Below is a recent piece from Waverly Advisors.  More info on their shop below,  but institutional investors and sophisticated […]
September 23, 2013

Research Affiliates on CAPE

I read everything Research Affiliates puts out – and you know I can’t pass up something with a CAPE chart! Quick screenshot before the download: —- —- Link to the Article The Impact of Tapering Website http://www.researchaffiliates.com
September 21, 2013

Rising Interest Rates Must End Soon

Many of you saw my blog post on bond drawdowns back in July.  If you didn’t, the summary is that bonds historically haven’t gone down much more than they have already.  In the attached note, Scott Minerd looks at previous cycles […]
September 19, 2013


Lots of legendary investors follow spin-offs.  Attached is a whopping 400 page research piece from Spin-Off Research, a research boutique focused on corporate spin-offs.  It has been published since 1997, and subs are $24k aimed at the institutional set.  A […]