Drivers of Value
Often the price battle between buyers and sellers is described as the battle between fear and greed. I see the conflict as being between two vastly different sets of fears, with very little greed involved. The focus is not… READ MORE ›
As the founders of the first generation of institutional hedge funds reach the twilight of their careers, allocators are beginning to think about “retirement risk” in their hedge fund portfolios. For the better part of two… READ MORE ›
As new “smart beta” strategies become more popular, how can investors choose among hedge fund beta, alternative beta, liquid alternative beta, exotic beta, smart beta, scientific beta, and the many others that are increasingly available?
“Hedge fund beta” is one… READ MORE ›
A surviving investor is always learning beyond what is obvious from platform presentations and gaining additional insights from past experiences. As almost all the investing world knows, there is a five-hour question and answer session at the annual Berkshire… READ MORE ›
For three of the largest religions of the world, last week was an important week of cherished celebrations. Just as each of these institutions needs to look after its flock both now and in the future, financial capital investment… READ MORE ›
“Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.”
— Archimedes
Keen observers of the financial markets and dedicated readers of the financial press over time… READ MORE ›
Book value may not be valuable. Changes in reported earnings per share is not growth. How can we use that insight to select funds?
I am focusing today on the kinds of “elevator comments” that one hears in the lift… READ MORE ›
Economic observers and money managers have faced a confusing environment since last summer, when then-Chairman Ben Bernanke shook the complacency of the market and signaled a tightening.
Markets are made at the margin, and in this case the tightening,… READ MORE ›
Over the past 20 years, from January 1992 to December 2012, China’s GDP per capita grew about 17 times and India’s GDP per capita grew about 4 or 5 times. These are astronomical increases.
Now,… READ MORE ›
Overview
Hearing or reading about the state of the beleaguered labor market is impossible to avoid. The financial crisis began more than six years ago, and it has been even longer, since May 2008, from the last bottom in the… READ MORE ›