From the monthly archives:
One of the best parts about being tactical manager in global markets is that there is no real information “edge” that our competitors can get from from their analysts or the old-school network. The edge in tactical asset allocation resides in having a repeatable research process that can quantify supply and demand, and implement decisions [...]
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Continue ReadingThe Pinnacle of Borrowed Money
At this stage of the Sovereign Debt Crisis (Europe behind on their bills) , it’s fascinating to observe how little professional politicians know about what they don’t know. From Athens to Albany, finding [...]
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Continue ReadingETF News
iShares launched three new country-specific ETFs last Friday, which pushed the total combined number of ETFs and ETNs available on the US market to 1001. The iShares MSCI USA Index Fund (EUSA) will be an all-cap fund seeking to measure the performance of the top 85% of U.S. securities (based upon market capitalization). The iShares [...]
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Continue ReadingIt seems that everywhere we turn we can’t help but bump into negative news. In our opinion, it’s a viable strategy to take the headlines of every piece of financial news and just do the opposite. Reading everything the financial media throws your way can cause anyone to make emotional investment decisions, much less make their head spin. But as Harry [...]
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Continue ReadingThe business of investing is the business of managing a battle with two primary fronts. There is the risk management front and there is the emotion management front, and it is hard to assign a greater importance to one versus the other, as a neglect of either will lead to disaster. Today I want to share [...]
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Continue ReadingInvestors Gone Wild
Capital markets are designed to reallocate money from dumb people to smart people. If that weren’t true, smart people wouldn’t play. Smart people don’t play unless they have a probability of winning. For example, smart people don’t tend to play the lottery. (If you have ever wondered why the PowerBall winner is [...]
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Continue ReadingOctober 2008: The Dow declined 700 points in the morning and came back 600 points to close down about 100 on the day
The title helps remind us that we’ve seen this before and not that long ago. It seemed like everyone gave up on the world at the same time yesterday. When you look at [...]
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Continue Reading“In three words I can sum up everything I’ve learned about life: it goes on.”
- Robert Frost
Thursday’s market was not particularly kind to domestic stocks across all sectors and styles. In a matter of minutes, we witnessed The Dow drop over 1,000 points along with the other major domestic indices. Although the market was [...]
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Continue ReadingSELL IN MAY AND GO AWAY?
Years ago we learned about the reference tool, Stock Trader’s Almanac, published by Yale Hirsch. One of their notable pieces of information is called “Market Seasonality.” The premise this study is that the market performs far better during the November through April time period than it does from May through [...]
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