June 2013

The Real Problem

Like Simon & Garfunkel, developed and emerging markets can only remain decoupled for so long, until their undeniable interdependence snaps them right back together again. This is the new reality of global markets, you can throw out your playbook from the 1990’s. What’s really holding back global growth and risk markets, according to a small…

Defending 15,000

Just kidding. Some thoughts on today’s Biebering in the stock market: It’s jarring to be experiencing genuine volatility in both stocks and bonds for the first time in what seems like half a year. Nobody expected it except for the people who’ve been expecting it daily since the year began – and they don’t count…

The Days of Wine and Roses

It’s a tough moment to beat for my profession  – investors have been returning to the markets and putting money to work, asset markets have been fairly non-volatile and almost all market charts are moving “up and to the right.” The fear of crises past is still with us – which is restraining the behavior…

Like Toy Soldiers

Every outperformance strategy gets “discovered” right before it’s time to chisel out the letters on its tombstone. Dogs of the Dow Moving Average Crossovers “Buy What You Know” Sell in May, Buy in November The Permanent Portfolio Deep Value The Low Volatility Anomaly CAN SLIM Growth at a Reasonable Price Buy and Hold Sure they…