Value and Momentum VAMO

Quick test, nothing too exciting but agrees with most research.  Simply ranked 13 top world equity markets by a value composite (average of ranks for Earnings Yield, FCF Yield, Dividend Yield, and Book Yield) as well as 12-Month returns.  Yearly rebal.  Gonna add CAPE next.

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Cocktail Indicator

I am wrapping up my trip in Sydney (wonderful country, people, and beaches), and mentioned on Twitter yesterday that I thought the AUS $ was overpriced due to the prices of cocktails in the country.  I was specifically referring to the Green Bison, which sounds a bit more manly than Green Destiny, but in any…

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Active ETFs – $50(0) Billion in 5 Years?

I look forward to meeting a few readers at the conference in Sydney tomorrow, and I’m chatting a bit about active ETFs.  The active ETF space is still relatively small (about $5billion in the US), and is dominated mostly by currency and bond funds (about 50 funds).  But if McKinsey is right, that is going…

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We Need More of This

Longer form, thoughtful analysis. Institutional Imperative

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Assessing Performance – A Case Study

HT: ZK Great read from Howard Marks in this months Chairman Memo. “Thus timing – and in particular the selection of the beginning point and end point for studying a performance record – plays an incredibly important role in perceptions of success or failure” We have been managing clients assets for five years (!) at the…

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Norway vs. the Endowment Model

aiCIO is quickly becoming one of my favorite reads. Here is new article on a white paper examining the Norway pension funds vs. the endowment model popularized by Yale by a few of my favorite authors. Abstract: The Norwegian Government Pension Fund Global was recently ranked the largest fund on the planet. It is also highly rated…

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Obama’s Budget Proposal Will Drive Fewer Companies to Pay Dividends

It is often very difficult to determine how geopolitical events will play out in markets.  However, there are some cases where a structural change will have a very logical influence on a market and a substantial impact on investment strategies and outcomes. Today there is news that in his recent budget proposal Obama outlines taxing…

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Lifestyle Companies

Totally unrelated to markets, but lots of interesting lifestyle companies popping up.  I am inherently skeptical about most of these (Groupon and sites like it are my worst nightmare – ie buying more things I don’t want).  However, there are a lot of sites that simply reduce the costs or improve what you are already…

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Guide to the Markets

Following on the heels of the awesome GIRY download a few posts back, here is a very cool PPT from JPMorgan: Guide to the Markets, 1Q 2012, Market Insights Download here. Highly recommended.

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Travel

I will be in Australia the week of February 20th, as always if you are around feel free to drop me a line to meetup.  I’ve never been to Australia, so if you have any recs fire them over! Speaking at the ETF Conference here.

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