Stop Demonizing Stock Buybacks

“I had no ambition to make a fortune. Mere money-making has never been my goal—I had an ambition to build.”

– John D. Rockefeller



Nathaniel Bullard – Decarbonization: The long view, trends and transience, net zero (141 slides)

Bullard’s presentation looks at the state of climate and decarbonization: how we got to now, where we are going, and how to think about what’s next.

Meketa – Functional Allocation Framework (18 pages)

Meketa covers functional allocation frameworks, where assets are aligned based on their functional role within a portfolio.  They look at why the functional allocation framework is useful, why it saw more adoption after the Great Financial Crisis, and some potential challenges it faces. Some key points:

  • Seeks to improve portfolio transparency and oversight, not alpha or outperformance
  • Provides governing bodies with quick and intuitive transparency into the major risks and roles among portfolio components
  • Unlike an asset class framework, there is no consensus as to what a functional allocation framework should look like
  • Makes it easier to find a home for assets/strategies that do not fit neatly into traditional asset allocation frameworks


Research Affiliates’ Rob Arnott on why he’s forecasting inflation to decline in 1H23 and rebound in 2H23. Link


Jason Zweig with a factual look at stock buybacks and why politicians should stop demonizing them. Link 

Plus, here’s an FAQs on share buybacks for lawmakers, journalists, and investors. Link


Ben Thompson on his eye opening experience with Bing chat. Link


Meb Faber asks: why aren’t more investor’s allocated to trend following? Link 


John Authers looks at the US outperformance vs. the rest of the world in 2023, the rebound in the dollar, and the US market internals.  Link

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Refer A Friend


Richard Oldfield on Value Investing, Warren Buffet and Elon Musk
[2/10/23 – 67 minutes]
Apple | Spotify | Google

Value manager Richard Oldfield shares what led him to become a value manager, why he believes value has done poorly in the past decade, and his take on Elon Musk.




Shane Parrish: Why Discipline Doesn’t Matter – Outside Insights
[1/31/23 – 60 minutes]
Apple | Spotify | Google

Farnham Street & The Knowledge Project host Shane Parrish walks through his approach to learning, the benefits of rituals, and how both help him become a better investor and operator.




Eric Liu, Co-Founder and Head of Research, Vanda Research
[2/16/23 – 54 minutes]
Apple | Spotify | Google

Liu joins the podcast for a fun look at alternative data.  He shares how he analyzes positioning and sentiment data, takeaways from tracking retail flows since March 2020, and how he discerns signal from noise.





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