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When a Picture is Worth 1000 Dollars. . .

The first chart is the spread between corporate bonds and 3-Month T-Bills. The second chart is the spread between emerging market bonds and U.S. Three possible plays on tight credit spreads would be to buy AFBIX, or to short LQD or HYG.

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Buying the Highs vs. Buying the Lows

Turning your back to all of the available information can lead to false conclusions. . . When it comes to selecting stock factors, I am admittedly agnostic. I constantly remind myself to let the data speak for itself, all while layering in a bit of…

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Q & A on Commodities

Here is a link to the original PDF, “Strategic Asset Allocation and Commodities“, and also to the Q&A with Bob Greer from PIMCO. Put your thinking cap on – I am still undecided about a few of the conclusions in the paper. . . (Bolding…

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A Few Good Quotes From Capital Ideas Evolving

Blake Grossman [Barclays], “The markets are very efficient, very dynamic, constantly reaching greater levels of efficiency that makes them more and more difficult to beat. The half-lives of our strategies are shrinking” Bob Litterman [Goldman], “I am not worried that markets are fully efficient –…

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The Endowment Portfolio

It’s the Covariance Stupid! There is a great discussion of some asset allocation topics in Bernstein’s new book, “Capital Ideas Evolving”. (However, the first half of the book I skimmed). In the chapter profiling the Yale Endowment: Swensen describes the process this way: “Mean/variance was…

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Badonkadonk and More Books

While idolized in music lyrics, fat tails are to be avoiding in trading systems and investment funds. There is typically little crossover in the hip-hop and country music genres. Trace Adkins made the leap when he penned his chart topping song, “Honky Tonk Badonadonk” in…

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What is the Best Value Hedge Fund?

You can choose more than one, and if your favorite isn’t listed, type it in “Other”. Others listed: * Fairholme * Brightline Capital * Tuckerbrook Long/Short Value * Kiefer Total Return Growth Fund * kinetics * Fir Tree * Arcadia Value Partners * Landmark Select…

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