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Timely investment themes informed by deep historical research

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Where is the Value?

January 29, 2019 by Ehren Stanhope

Investors always want to know what’s cheap—cheap relative to the opportunity set and relative to history.So it’s always interesting to take a look at the global landscape to see which markets are trading at attractive prices.

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January 29, 2019 /Ehren Stanhope
valuation, global stocks

Conviction, evidence, and accepting ignorance

July 24, 2018 by Ehren Stanhope

Coaches teach us the fundamentals of some activity. If there was an “ideal” investment coach, what fundamentals would she focus on? This is my current take.

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July 24, 2018 /Ehren Stanhope

False Promises: Going Passive is Not Momentum Investing

June 14, 2018 by Ehren Stanhope

There is some popular marketing spin going around that indexing—constructing portfolios based on market-cap weights—is effective because it allows an investor to own more of companies that have been successful and appreciated, while moving away from losers that have been unsuccessful and declined This sounds logical, but it is empirically wrong.

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June 14, 2018 /Ehren Stanhope
momentum, stocks

Dimensions of Return

May 22, 2018 by Ehren Stanhope

What are the levers that managers can pull to drive return for any investment strategy? This piece boils it down to consistency, magnitude, and conviction, and finds that even the best managers have done a poor job at portfolio construction. Most would be better off equal-weighting their own portfolios.

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May 22, 2018 /Ehren Stanhope
portfolio construction

When Breaking up is Easy To Do

April 04, 2018 by Ehren Stanhope

The first of many hopefully...my good friend Steven Wood and I have been tossing around the idea of collaborating on some work in hopes it ups both of our research games. I often get asked whether or not factors go out of favor. This is a pretty good case study that yes, sometimes what worked in the past doesn't continue in the future.

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April 04, 2018 /Ehren Stanhope
spinoffs, special situations
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