Markets


Mar

08

2016
Hitting the Mute Button on Returns

Hitting the Mute Button on Returns

Antti Ilman calls the calculation of expected returns an art form.  Antti is a managing director at AQR Capital and has authored several publications on the subject of expected returns, including a comprehensive book (Expected Returns: An Investor’s Guid to...

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Oct

06

2015
Book Review: DIY Financial Advisor

Book Review: DIY Financial Advisor

DIY Financial Advisor is the second book from the team at Alpha Architect.  As described by the authors (Wes Gray, Jack Vogel and David Foulke): DIY Financial Advisor outlines a step-by-step process through which investors can take control of their...

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Sep

23

2015
The Bear Market Paradox

The Bear Market Paradox

Michael Covel pointed out a great quote in a recent episode of his popular Trend Following podcast.  The quote came from a white paper authored by Graham Capital Management (emphasis my own): …“events” do not happen in a vacuum. They...

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Aug

24

2015
Weekend Reading 8/21/2015

Weekend Reading 8/21/2015

Chickity China the Chinese market is the flavor of the month.  During the first half of the summer, olives, feta cheese and gyros dominated the headlines.  Now, as worries about an economic slowdown in China creep into the markets, the...

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Aug

12

2015
Oil Decline May Present Opportunity in MLP CEFs

Oil Decline May Present Opportunity in MLP CEFs

I thought I’d share a very general investment idea that with further diligence, could develop into a decent opportunity.  Given the recent decline in oil prices, I decided to look at closed-end funds (CEFs) that hold master limited partnerships (MLPs). Investopedia has...

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Jul

30

2015
Learning from Legends

Learning from Legends

I always tell my clients that I believe in investing in smart people and smart ideas.  Fortunately, for small advisors such as myself, we are living in an age where huge amounts of information flow freely and access to that...

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Jun

25

2015
Irrational Value Opportunities

Irrational Value Opportunities

It is always interesting to watch how investors react to news events.  When presented with unexpected information, market participants are often hasty in their decision making.  Loss aversion and fear of missing out are two emotions that can drive this...

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May

28

2015
No More Monthly Happy Meals

No More Monthly Happy Meals

Yesterday I was talking with a friend who works for a major technology company about the way many public companies are forced to live quarter to quarter.  Information that is relatively obscure and difficult to decipher when viewed on a...

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