Dividends *Can* Lie

Don’t get me wrong, I love dividends. I even have a money management strategy based off of them. But I know that dividends are more fickle than most of their fans admit. The infatuation that some money managers have with dividends is misplaced. To say that “Dividends don’t lie,” [...]

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ASEAN Can Be A Safe Haven

ASEAN is mainly correlated to Asia Pacific ex Japan and Emerging markets The region has a low correlation to the US, Developed Europe, and China A-shares In addition, ASEAN is the least volatile region A good region, when you want to play defense Q3 2019 hedge fund letters, conferences and more Article by Andrew [...]

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Issue Longer Treasury Debt

When I visited the US Treasury during the first Treasury/Blogger summit I encouraged the US Treasury to issue debts longer than 30 years, and also floating rate debt. I said the insurance companies, pension funds and endowments would be willing buyers, and that it would be cheaper than issuing [...]

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Gold’s Long-Term Gains Have Even Outperformed Warren Buffett…

Warren Buffett, despite his extraordinary investment success, has a rather famous and long-standing love/hate relationship with precious metals. Q3 2019 hedge fund letters, conferences and more Maybe it started with his dad– Congressman Howard Buffett of Nebraska– who, as a staunch advocate for the gold standard, argued to his colleagues on [...]

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Fed Policy: Easy In, Hard Out (IV)

This is the fourth in a series of posts regarding the Fed’s balance sheet, and quantitative easing. Unlike the first three, I’m not going to do the graphs of the composition of the Fed’s balance sheet that I did before, because I’m not sure it’s relevant to the present [...]

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Asset Class Scoreboard: US RE Up 26.52% In 2019

Is anyone going to be able to stop U.S. Real Estate and US Stocks? Yeeeeshh, those two classes rebounded big time in Sep, to get back into the 20%+ club. In the world of MF,  there was a classic reversion to the mean after a big August, causing managed [...]

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Talking Profit And Loss At Profit And Loss

RCM’s Jeff Malec was able to sit down on a panel at Profit & Loss magazine’s annual Forex Network conference here in Chicago, to talk profit and loss in the managed futures/macro space (Which sort of reminds us of the new Allstate commercial talking about being a tailgator tailgating [...]

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SmileDirectClub: Moving Fast And Breaking Things In People’s Mouths – 85% Downside: Hindenberg

Summary: SmileDirectClub (Nasdaq:SDC) SmileDirectClub is a company that claims to be disrupting orthodontics with its “teledentistry” platform and with its at-home ‘do it yourself’ model. We believe the company is carelessly cutting corners in a field of specialized medicine, putting customer safety at risk. Q2 hedge fund letters, conference, scoops etc Alabama [...]

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Four rules for storing physical gold overseas

In early May in the year 878 AD, Alfred the Great of the Kingdom of Wessex fought a decisive battle against a massive Viking army at a place called Ethandun in southwest England. Q2 hedge fund letters, conference, scoops etc Stevebidmead / Pixabay Alfred won the battle, defeated the Vikings, recaptured London, [...]

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Global M&A Roundup For Q1 – Q3 Of 2019

Mergermarket, an Acuris company, released its Global M&A roundup for Q1 – Q3 of 2019, including its financial advisors league tables. Take a look at the report HERE and don’t forget to review the charts breaking down the activity by sector, value, year-to-year analysis, etc. Q2 hedge fund letters, conference, [...]

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Saving: What If I Need Something More Important Later?

Some people find it difficult to save. This not only applies to people, but corporations, endowments, governments, etc. There is some amount of cash available to be spent. Why not spend it? There is some amount of borrowing that could be done that could allow you spend more. Why [...]

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Ray Dalio: Next Logical Steps In A Classic Dangerous Journey?

The Threat To Limit Capital Flows To China And Pending Impeachment Conflict: Next Logical Steps In A Classic Dangerous Journey? The 1935-45 Analogue Q2 hedge fund letters, conference, scoops etc Regarding that classic dangerous journey, you have heard me describe it many times but, at the risk of boring you, I [...]

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Why Value Investing Works For All Stock Categories

Introduction I would like to credit my good friend Jeff Miller for providing the inspiration for this article.  In his recent article titled “Weighing The Week Ahead: Falling Confidence A Possible Threat To Markets”  he suggested a must read article by Safal Niveshak titled “Why Value Investing Works.” Q2 hedge fund [...]

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A Thoughtful VIXperiment

We’ve all been rather trained to be very cautious around the VIX, you know – with infographics like this one showing you’ll likely lose all your money and VIXmageddon last February and all. But those who trade the VIX don’t just buy the VIX and hope for the best, [...]

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U.S. SMID Cap Managers Decrease Weighting To Technology

Portfolio holdings data provides insight into managers’ sentiment toward individual securities and sectors. Comparing positions and exposures at the universe level provides both investors and managers a better understanding of how their investments differ from their peers, to what degree they differ and in what ways their portfolios have [...]

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Commitments To Private Equity Funds

Seventeen public pension plans reported commitments to Private Equity funds in July 2019, accounting for $822 million of investments. Q2 hedge fund letters, conference, scoops etc Average commitment size by public plans was $29 million per commitment, with a total of 28 commitments reported. As of July 31, 2019, 100 public plans [...]

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Negotiated Versus Stated Hedge Fund Fees

eVestment’s Market Lens solution contains thousands of documents with information on the actual fees public plan investors have negotiated with their traditional and alternatives asset managers. This report provides an overview of the negotiated fees from a sample of 180 hedge fund commitments made by 50 U.S. public plans, [...]

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International Value: Optionality On Reflation

At some point the global economy will get a dose of reflation. Whether that comes from the current central bank easing cycle, fiscal policy response, coordinated fiscal-monetary action, or a détente in the US-Sino trade dispute is not yet known. However, when it happens a certain group of stocks [...]

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We Not So Crazy After All…: IPO Edition

I’ve never really been prone to schadenfreude— a feeling satisfaction from someone else’s misfortune. Q2 hedge fund letters, conference, scoops etc kaboompics / Pixabay But I am a big believer in the Karmic justice. If you’re a dirty scumbag who constantly lies, cheats, and steals, sooner or later the universe is going [...]

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