INSIGHTS
What Would a Rate Spike Look Like?
By: Matt Garrott The S&P 500 is up over 3% since the election. I hesitate to call this a “Trump Rally”, especially as the election looms so large in recent memory. For now, it seems prudent to recognize that the election has brought with it a [...]
Prediction Fiction
By: Mark Weiskind No matter your political leaning, you likely didn’t expect Donald Trump to win the election last week. Most of the “experts” (the pollsters, the pundits, the media) sure didn’t see it coming, Hillary Clinton seemed a lock. Nor did you likely expect the [...]
Angels’ Share
By: Matt Garrott As a whisky (whiskey here in the States) matures, it loses about 2% of its volume to evaporation each year. Distilleries call this The Angels’ Share. They fill oak casks with a precious liquid knowing that each year part of their hard work will simply [...]
Keeping up with the Joneses
By: Matt Garrott The 2016 Harvard Management Company Annual Endowment Report is out. What was once a great write-up about the cutting edge of investment management now serves as a warning that every investor can learn from. The endowment’s fixation on keeping up with the Joneses [...]
What Does a 20% Gain Feel Like?
By: Matt Garrott What do you remember most about the markets over the last 12 months or so? Was it the big drawdown in the first quarter? Brexit? Maybe the flash crash from a year ago? How did you feel during each of these supposedly world-ending [...]
Lessons from Musashi
By: Matt Garrott What is the most important action an investor can take? Sometimes it is taking no action at all. We were recently pitched a hot new hedge fund. It is run by an eclectic genius (aren’t they all?), has good performance, and the client [...]