Posts filed under “Investing”
Hugh Hendry, of Eclectica Asset Management, takes the long view on investing at The Economist’s Buttonwood Gathering on October 25th 2012. He was interviewed by The Economist’s Philip Coggan.
Listen to his comments at the end to regarding uncertainty:
Hugh Hendry: God is dead, China will follow
Buttonwood, November 26, 2012
Great stuff . . .
click for ginormous chart Source: Kimble Charting Awesome chart from Chris Kimble showing the Nikkei going back to 1982 — in particular, the downtrend that began in 1989 and still persists to this day. Chris notes that Declines of 32% to 60% taken place at this level for the past 20 years! One would…Read More
Category: ETFs, Investing, Technical Analysis
Since it is a Friday before a 3 day holiday weekend, it is a good time to kick back and think about what the recent market action might (or might not) mean. • Most Day-to-day market action is noise, There is very little signal involved, with the vast majority of commentary simply after-the-fact rationalizations of…Read More
Category: Investing, Markets, Psychology, Rules, Sentiment, Technical Analysis
In our day job, we have a Fiduciary relationship with our clients. A Fiduciary has a legal obligation where all actions are performed for the benefit of the client. It is a much higher duty of care than the typical “Suitability” standard, which essentially says you cannot sell Facebook IPO shares to Grandma. We sit on…Read More
Category: Hedge Funds, Investing, Really, really bad calls
What year is it? That seems to be one of the themes that keeps popping up lately. What year is 2013 like? Is it 1999 and we are about to crash? Is it 1982 and we are on the verge of a multi-decade bull run? Or are we heading for a 1987-like debacle? The answer…Read More
Category: Investing, Markets, Psychology
Click to enlarge Fewer U.S. shares are available to purchase, which is driving prices higher. Repurchases are magnifying gains in U.S. stocks, and are poised to lift prices further, as seen in the Wilshire 5000 Total Market Index. According to Bloomberg, it has risen “more than the market value of all U.S. companies since…Read More
Category: Corporate Management, Investing
Several comments in yesterday morning’s post sent me back to GMO’s archive to pull some of Ben Inker’s work. You should read yesterday morn’s commentary (here), than come back and read Inker. In particular, his piece Explaining Equity Returns. The five takeaways are as follows: 1) GDP growth and stock market returns do not have…Read More
“If you’re bullish and wrong, you usually have plenty of company. But if you’re bearish and wrong, it’s almost unforgivable.” -Bob Kargenian, TABR Capital Management, Barron’s DECEMBER 15, 2012 The above quote from Barron’s has been on my mind for a while. I thought of it again as the markets have made…Read More
Category: Investing, Psychology, Sentiment, Valuation
Last week, I posted the above chart from the NY Fed’s Liberty Street Economics. This morning on Squawk Box, David Tepper of Appaloosa discussed it — and his comments reversed the futures from negative to positive. Here is a brief explanation of what this chart — a compilation of 29 valuation models — means:…Read More
