Timely investment themes informed by deep historical research
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.
Read MoreThe 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.
Read MoreMaking money has been too easy since 2009. It’s about to get harder.
Read MoreThere are a hundred ways to evaluate whether an investment is cheap--discounted cash flows, competitor multiples, mean reversion, multiple of projected earnings--the list goes on...and on. What's cheap now form a factor perspective?
Read MoreOne of the things I’ve learned over the years is that there is a persistent dualism in conducting research balance—a between reliable preexisting findings and questioning preconceived notions.
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