Reminiscences of a Hedge Fund Operator
Recently, I revisited one of my favorite investment books and what stands out are the striking parallels between trading markets of a century ago and those of today.
September 16, 2024
Hyper-Financialization
In this hyper-financialized world, traditional notions of value are left behind, and what ultimately matters is the supply and demand of capital.
March 11, 2024
The End of Capital Gains - Take Two
Is it time for a new paradigm?
July 20, 2023
11 Lessons Learned
Priceless advice from my mentor.
December 28, 2022
Uh-Oh
Twenty years of micro-managing capital markets is coming to an end, in an abrupt fashion.
October 25, 2022
Consensus
Not being a consensus investor can bring derision. The trick is learning to ignore it, and enjoy the comfort of knowing what we know, and ignoring what we don’t know or don’t understand.
June 3, 2022
The End of the Capital Gains Era
Inflation and shortage of goods may still be the proverbial “straw that breaks the camel’s back” in regard to modern central bank monetary policy.
March 7, 2022
Skepticism
Skepticism is perhaps one of the most powerful tools available to investors when making investment decisions.
November 5, 2021
Risk & Reward
Investing is about understanding risk. More than only thinking about investments, risk is also a fundamental component of everyday life.
September 28, 2021
What keeps you up at night?
I am often asked by clients the following question: “what keeps you up at night”? The truth is that there is no good answer.
July 8, 2021
The Future of Europe
As we think about the European experiment, the successful disengagement of the UK may actually herald the beginning of the end of the European project.
January 6, 2021
The Illusion of Wealth
The endless supply of free money is going parabolic.
December 11, 2020
Inflation and Monetary Confidence
Price of gold is at an all-time high, money supply is up 25% and 10-year US treasuries have hit negative 1.0% real yields. Should we worry about inflation?
September 24, 2020
Liquidity, Market Pricing and Passive Investing: A Dangerous Trifecta
The free-riding of passive investing has, in our view, reached its limits.
June 23, 2020
Looking beyond COVID-19
In the face of a new normal, how will companies perform after lockdowns are lifted, regardless of when it happens.
May 12, 2020
