“There’s something that feels right about trying to figure out how everything works and is interrelated, along with identifying new trends and what will happen next in the markets. And yet, in what is perhaps the cruel irony, it is arguably better to know almost nothing — if the goal is to build wealth.”
– Eric Balchunas
Michael Mauboussin and team give a primer on ROIC – how to measure it, how to handle intangibles, and the limitations of using it.
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Paul Tudor Jones on why he believes now is a great time for macro investing, why he thinks monetary policy went off the rails in 2018, what he expects during the 2020’s, ESG, and more (23 minutes). Link
Rob Arnott discusses value opportunities in Europe and emerging markets, Cathie Wood & bubbles, and the relationship between inflation and valuations. Link
The Bridgewater team speaks with energy expert Daniel Yergin and Russia expert Angela Stent on the Ukraine War (1 hour). Link
Ben Hunt on why he doesn’t expect what happened with UK pension plans to be the last shock from changes in interest rates. Link
The real problem is that every pension fund in the world has implemented some sort of Wall Street securitization/leverage concoction, intentionally designed to make the managers look good in their quarterly reviews, intentionally designed to use short-term leverage against long-term obligations, intentionally designed to use the math of the past thirty years to obfuscate the risks of a regime change not found in the past thirty years.
Morningstar on what sectors in the US and Europe win and lose given the strength of the dollar. Link
Hussman shares his view on how this cycle compares to 2000 & 2008, the impact zero interest rates had on speculative fever, and whether he thinks the market has reached fair value today.
From The Episode:
“The best situation for the market is when you have an adequate risk premium that’s being pressed lower. “
Low Volatility Investing and the Conservative Formula with Pim van Vliet
[10/6/22 – 58 minutes]
Apple | Spotify | Google
Pim van Vliet is the Head of Conservative Equities and Quantitative Equities at Robeco. He discusses his research into low volatility stocks, the potential benefits of blending it with other factors, and what his research says about how factors perform in different economic environments.
Jason Calacanis touches on his journey into venture investing and media, the origins of the All-In Podcast, and his goals for the rest of his career.
Draho is the Head of Asset Allocation Americas for UBS. He discusses the overall macro environment, the effects of stagflation, and the economy versus the markets. Plus, what’s the bull case for the US from here?
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