Meb Faber Research – Stock Market and Investing Blog

(Quick note - I'm playing around with Twitter, and you can follow my updates here.  I would be surprised if I last more than a month or two on here but who knows...) ---- Q: What country's equity market has had the best performance over the past 109 year? This is an awesome PDF from CSFB - lots of good commentary from...

I am traveling to Big Sky this weekend, so if there are any readers in Bozeman or on the ski hill drop me a line. . . ---- Longtime readers will know that I am a big fan of the work put out by Bridgewater Associates.  In fact, the subtitle of the blog, "Engineering Targeted Returns and Risk" is lifted from...

Results for risk-parity versions of the GTAA model.  ----   If you have had an overdraft at Bank of America, they probably owe you some $$. (HT: Sea.) ---- Hussman on the need for debt restructuring.  He includes some highlights from the great interview with Ray Dailo in Barron's this weekend. ---- LovelyCharts ---- Global X has ETFs in the works for Argentina, Egypt, Peru, Nordic, Philippines, and...

I was at dinner the other nite and someone mentioned Decision Moose, so I thought I would do an update on a very simple system.  I have written a lot on World Beta about cross market momentum in the past (ie asset class rotation).  Some previous posts are listed at the end of this blog.  Anyways, below are some log...

This is a nice paper by the folks at Barra, although I am not so sure why this doesn't fall in the portable alpha camp... Portfolio of Risk Premia: a new approach to diversification by Briand, Nielsen, and Stefek  

I remember clipping this graphic out of the newspaper in college (I may still have it somewhere).  Although it seems to me the current value is closer to previous market tops than bottoms, no?  From Fortune mag:    

Kahneman and Taleb ---- Great post over on dshort focusing on serial correlation in market returns.  ---- Arnott on fundy indexing and vol as an asset class. ---- Why SPAC Investors Should Listen to the Market Abstract:      Special purpose acquisition companies (SPACs) have raised around $21bn from investors since 2003, and comprised 20% of total funds raised in US IPOs in...

Anyone going to this conference next week?  I will be there Monday, and if you're there drop me a line.   Although I wish I was going to the TED conference.  Anyone want to sneak me in? ---- I just added a linkfest of books and research papers on the reading list tab above.    If you have any links, papers, or...

This is going to be the most subjective and least quantitative post out of the 500 odd posts I have written.  I am not a gold bug, and while I have written that gold shares are attractive relative to gold in the past, I don't see a lot of strategic value of gold to a portfolio (tactical, yes).  Gold is...

are trading at ridiculous discounts (ala closed-end funds in the US) right now.  Third Point is trading at a 30% discount to NAV (and it was 50% at the end of the year)! http://www.thirdpointpublic.com/ Update: You have to be careful with these funds as they can be illiquid and trade widely around their NAV.  There are also some screwy tax issues...