“Conventional wisdom results in conventional returns.”
– Mario Gabelli
State Street on inflation, the ECB’s dilemma, and the differential between fuel price and consumer food price inflation in emerging markets.
An Investor’s Guide to Crypto (29 pages)
Campbell Harvey et al. get into crypto and offer perspective on how to approach the asset class, the challenges of valuing cryptocurrencies, the role of cryptocurrencies in a broad portfolio, and more.
Source: An Investor’s Guide to Crypto (Harvey et al., 2022)
ICYMI: NEWSLETTER SAMPLER
This week, we shared a sample of Popular Delusions by Calderwood Capital, a semi-monthly newsletter covering macro topics and deep dives into specialist managers, sectors, themes and individual securities in equities and fixed income.
Be sure to check it out by clicking here.
We always jot down book recommendations people make on podcasts. Check some of the recent ones out below
Tobi Lütke (Founder & CEO, Shopify)
Chris Sacca (Lowercarbon Capital)
Marc Andreessen (Co-Founder, a16z)
Ed Thorp (Retired Hedge Fund Manager)
Mark Mobius (Mobius Capital Partners)
- Double Entry: How the Merchants of Venice Created Modern Finance by Jane Gleeson-White
- Cleopatra: A Life by Stacy Schiff
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Sohn 2022 | John Collison in conversation with Stanley Druckenmiller
[6/10/22 – 67 minutes]
Stan Druckenmiller and John Collison (co-founder of Stripe) talk about the markets, the economy, and his investment philosophy.
From The Episode:
“As an investor, I believe in streaks … One of my number one jobs is to know when I’m hot or cold. And when I’m hot, I’m supposed to turn the dial way up…you gotta make hay while you’re hot.”
Jason Josephiac on Portable Alpha, Risk Mitigation and the Future of Investing
Apple | Spotify | Google
Meketa’s Jason Josephiac shares his framework for asset allocation, why he believes hedge funds aren’t an asset class, and how to delineate between alpha and beta in the modern environment.
From The Episode:
“You can’t time this stuff and that’s why you need to set your strategic allocation across those three components, first responder, second responders, diversifiers, and just rebalance as those things pay off.”
Alpha Architect founder Wes Gray shares the three principles he uses to build his personal portfolio and how it relates to both his long-term investing goals and lifestyle he wants to have.
From The Episode:
“Unfortunately, people are learning that being long S&P 500 60% and long Treasuries 40%, which was the greatest hedge fund, 2.0 Sharpe Ratio strategy over the last 25 years, it’s not that easy. This year, you’re down 15-20% and your future looks pretty miserable.”
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