Why Are Baby Boomer Wealth Transfers Failing?

Each year, high-net-worth families spend huge sums preparing their assets for transition to their heirs, engaging high-powered estate and tax planners who set up complex vehicles like family limited partnerships, life insurance, charitable remainder, charitable lead and various other kinds of trusts. Yet, despite the best efforts of top-notch [...]


Factor Investing Works (Despite What Some May Say)

Don’t fall for claims by highly respected asset managers that factor-based investing isn’t working. Factor-based strategies have outperformed capitalization-weighted indices over long time horizons. Q2 hedge fund letters, conference, scoops etc rawpixel / Pixabay The May 28, 2019, Institutional Investor article, Why Factor Investing Isn’t Working, began by noting, “Pension funds and [...]


Do Most Individual Stocks Outperform Cash? No.

I’d argue that a typical investor believes the following–In the past and over the long run, stocks outperformed bonds.(1) Q2 hedge fund letters, conference, scoops etc However, as highlighted here, an academic paper last year shows that the majority of individual U.S. stocks actually lost compared to Treasury Bills (i.e. the [...]


Paul Tudor Jones Warns On Buybacks: This Feels Like 2007

The longer the current bull market lasts, the more often we hear concerns about similarities between the current market environment and past periods of turbulence. In a letter sent to investors in June, part of which was reviewed by ValueWalk, Paul Tudor Jones compared the current situation involving share [...]


GreenWood Investors 2Q19 Letter: Pent-Up Alpha

GreenWood Investors letter to investors for the second quarter ended June 30, 2019, titled, "Pent-Up Alpha." Q2 hedge fund letters, conference, scoops etc Dear GreenWood Investor: Our quarterly performance, in addition to our performance over the past 6, 12 and 18 months, is not acceptable. The underperformance this year reflects irrational prices [...]


This Major Credit Fund Is Gearing Up For Volatility

Angelo Gordon's AG Super Fund was up 0.4% for the second quarter and 0.8% for July. In their second-quarter letter to investors, which was reviewed by ValueWalk, the fund's management cited "mark-to-market losses on a number of idiosyncratic positions" for the low Q2 returns. Q2 hedge fund letters, conference, scoops [...]


Millennium Management Add’s 5.6% YTD In Strong Markets

Israel Englanders's Millennium Management, one of the world's largest hedge funds, was one of the few funds that outperformed in 2018, the worst year for the industry since 2011. Last year the fund gained 5% compared to the industry average of -2.15%. Q2 hedge fund letters, conference, scoops etc Goumbik / [...]


Alluvial Fund July 2019 Performance Update

Alluvial Fund performance update for the month ended July 31, 2019. Q2 hedge fund letters, conference, scoops etc Dear Partners and Colleagues, Alluvial Fund, LP returned -0.9% in July, compared to 1.4% for the S&P 500 and 1.5% for the Russell 2000. Year-to-date, Alluvial has returned 13.3% versus 20.2% for the S&P [...]


The World’s $86 Trillion Economy Visualized In One Chart

The world’s GDP still grew a healthy 6.9% in 2018, up from $80.2 trillion in 2017 to $85.8 trillion. Nearly half of this growth came from the world’s two largest economies: the United States, at $20.5 trillion (up 5.4% from 2017), and China, at $13.6 trillion (up 10%). However, [...]


Recession Ahead? Oops, US Consumers Didn’t Get The Memo

FORECASTS & TRENDS E-LETTER Q2 hedge fund letters, conference, scoops etc by Gary D. Halbert August 20, 2019 IN THIS ISSUE: 1. Mainstream Media Wants Recession to Get Rid of Trump 2. July Retail Sales – Consumers Tune Out Global Slowdown 3. Temporary Treasury Yield Curve Inversion Rattles Markets 4. Dirty Little Secret: Stocks Tend to Rise [...]


Indian Bank Long Thesis

This article is written and researched by Amrit Mark Brar & Thillai Palanichamy. Q2 hedge fund letters, conference, scoops etc sarangib / Pixabay India comprises of 60% rural population to which formal banking services are completely inaccessible and fall prey to informal banking sector. With an aim to reaching out to the [...]


Which Countries Have the Most Wealth Per Capita?

Our animated chart this week uses data from the ninth Credit Suisse Global Wealth report, which ranks countries by average wealth, calculated as gross assets per adult citizen. Q2 hedge fund letters, conference, scoops etc While using such a metric certainly gives a quick snapshot of wealth per capita, it doesn’t [...]


The Great Crash And Depression: 90 Years Later

Ninety years ago this very month—August 1929—most stock investors thought they’d never had it so good. By November, they thought they’d never had it so bad. They were pretty much right on both occasions, though things would get a lot worse before they got better. Amid today’s gyrating stock [...]


E&P Activity At A High, E&P Efficiency Slows

The new pipeline capacity will cause WTI to rise as shipping costs are lowered materially. Q2 hedge fund letters, conference, scoops etc Davidson submits: E&P Activity at a high, E&P Efficiency stalls a little. The data for these indices have a 2mo lag. Key to this data is the recent stall in [...]


Seth Klarman: Where Most Investors Stumble

"Today," Seth Klarman wrote in his 1991 book, The Margin of Safety, " many financial market participants, knowingly or unknowingly; have become speculators." This is where most investors "stumble" according to the value investor. Q2 hedge fund letters, conference, scoops etc If you’re looking for value stocks, and exclusive access to [...]


Andrew Chanin And Micah Walter-Range: Global Macro Perspective

ValueWalk's Raul Panganiban interviews Andrew Chanin, CEO at ProcureAM and Micah Walter-Range, president of Caelus Partners. In this part, Andrew and Micah discuss what led them to the ETFs industry, how they started their career in space, investing from a global macro perspective, the benefits of ETFs, and the role [...]

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