Practical analysis for investment professionals

US Treasuries


Russell Napier: Equity Markets and Structural Change

“Most people tell me that long-run equity valuation data is meaningless," says Russell Napier. "I think they’re wrong.”

Book Review: A Theory of Accumulation and Secular Stagnation

The author investigates Thomas Malthus’s theories of secular stagnation and uses his findings to shed light on the sluggish growth and lethargic employment rates that have recently plagued the US economy.

Dumb Alpha: How to Build an Above Average Hedge Fund

Joachim Klement, CFA, demonstrates a method for beating average hedge fund returns — without the fees. It's the best dumb alpha can offer: a simple, low-cost investment strategy that outperforms more sophisticated and expensive alternatives.

Who Protects You from Losses?

Gains and losses are the product of human behavior, driven by greed, fear, and sloppiness, with an accelerator of leverage thrown in to shorten the terminal period. This is the way it has always been and probably always will be.

James Grant: “Bull Cases Are Always Hypothetical. Bear Cases, Self-Evident.” (Video)

In this video, Jim Grant of "Grant's Interest Rate Observer" offers an economic history of the world, discusses the odds of a new financial crisis, and evaluates Puerto Rico as an investment opportunity.



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