There are returns, and there are risks. We think of them individually, and then we combine them into a portfolio. We think of returns and opportunities as coming from those things... Read More

Michael Mauboussin's paper from May 24, 2004 has three parts. First, we will review these three elements, drawing input from successful people in various probabilistic domains. Second, we go from... Read More

Stocks and bonds – a legendary paper matched set.  According to conventional financial wisdom, they go together like a horse and carriage: We should buy stocks for capital appreciation,... Read More

Even though equity markets around the world continue to march higher, and show no signs of slowing down anytime soon, it seems investors would still instead invest in bonds. According... Read More

In his recent Fundsmith Annual Shareholders’ Meeting, Terry Smith discussed market timing, and even if you had perfect foresight it would still be impossible to predict how the market... Read More

During his recent interview with Tobias, small cap value manager Eric Cinnamond discusses how value investors can find opportunites in cyclical commodity stocks but it’s important to use a... Read More

Last year saw something exceedingly rare.  For a period of 9 months there were exclusively rate hikes by the major central banks we monitor.  But this period of tightening... Read More

Let’s say next week you make a profit of $1,000 in the market. And the following week, you lose $1,000. Q1 hedge fund letters, conference, scoops etc 1820796 / Pixabay Of course,... Read More

In his ongoing media blitz, Flash Boys author Michael Lewis told Bloomberg Surveillance that a big part of why Wall Street has evolved the way that it has in... Read More

In their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discuss Small-Caps Cheaper Than The Market. Here’s an excerpt from the episode: Q3 2021 hedge fund... Read More