September 27, 2017


We haven’t featured Ineichen in awhile, but here’s a good piece from this summer. Chart then download: —- —- Links Peaks Website
August 27, 2017

Bonds and Low Rates

Great paper…don’t miss…people love to think in nominal returns, but it is real returns that matter… …chart then download: —- —- Link Asset Allocation in a Low Yield Environment Website
August 18, 2017

The Rate of Return on Everything, 1870–2015

This is a good, if long white paper.  I’ve also included a summary article from the FT.  (Note: Housing is appreciation and rental income) …chart then download: —- —- Link The Rate of Return on Everything, 1870–2015? FT: Housing for […]
April 14, 2017

The Bond Tolls

Some thoughts from the GMO crew, none of which will be too surprising…but sobering thoughts to consider… Charts and download: —- —- Link to Download For Whom the Bond Tolls Website
March 27, 2017

Smoking Crack

Let’s just go straight to the quote and then download shall we? —- “If bond markets are smoking weed, then the stock market appears to be hooked on crack.” —- Link to Download Six Impossible Things Before Breakfast Website
March 16, 2017

CAPE ratio and Target Date Decisions

Twofer from GMO. Chart then downloads: —- —- Link to Download The What-Why-When-How Guide to Owning Emerging Country Debt: 2017 Edition Target Date Decisions, Decisions…Getting the Biggest Bang for the Buck Website
January 29, 2017


Wes does a really nice summary of a white paper on stock distributions, along with a couple other great links from JPM and Longboard. Seriously, read all four.  Table then download —- —- Downloads TREASURY BILLS OUTPERFORM MOST STOCKS — […]
December 11, 2016

Soros the Trend Follower?

How did Soros, Buffett, and Lynch put together decades of great performance? AQR asks the question with some interesting answers… Chart and download: —- —- Link Alternative Thinking Website
December 2, 2016

Century City

Duration, 100 year bonds, Mnuchin, and “will France blow up the Euro?”. All in one three-pager from Dillian’s Dirtnap. Chart and download: —- —- Link Century City Website
November 8, 2016

Hellish Choices

No, I’m not talking about the US election today, but rather the new piece from GMO! It’s good so don’t skip. Two charts then download… —- —- Download Hellish Choices Website
September 19, 2016

Returns by Decade

Long piece from DB…lots of great tables at the end with historical returns, etc. Wowza DB one of the more bearish shops! Chart then download: —- —- Link to PDF: Long Term returns Website:
May 12, 2016

Yield vs Duration

Short but sweet article here on the yield vs duration of bonds in 2000 vs now.  The search for yield continues….(and you know my opinion here.) Chart then download: —- —- Article Link Negative Interest Rates Website Home Get a Free […]
May 10, 2016

Sovereign Debt Restructuring

What happens to equities after sovereign debt restructuring? Chart then download: —- —- Download PDF Global Debt: Challenges and Opportunities Website Get a Free Subscription! If you send me an email with a link or attachment to a piece […]
January 27, 2016

New White Paper

Attached is a short white paper I wrote on applying a value strategy to global sovereign bonds. It isn’t public yet so please don’t share!  I may have a few more edits to make… Chart then download: —- —- Download […]
June 15, 2015

A Simple System to Thump the Market

Three assets: stocks, long bonds, and gold. Equal weight whatever is above the long term trend (10 month SMA). That’s it.  Similar to our old QTAA paper, and so very basic (which is good). Picture, no download. Copyright 2015 Ned […]