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Investment Insights
322 Results-
![Updating the Triangle]()
3 Jan, 2018Updating the Triangle
Last year, I introduced my big picture framework of assessing the relative attractiveness of markets Inside the Triangle through the lenses of valuation, momentum and sentiment. To recap, the ...
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![(Not) Recommended Reading]()
20 Dec, 2017(Not) Recommended Reading
I dont like recommended lists. They turn experiences into a contest (and the winner is), and one reviewers preferences may have ...
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![Hot As Hell]()
16 Nov, 2017Hot As Hell
Hell is hot, as everyone knows. Everyone knows this, but there really is no conclusive evidence: no eyewitness reports, no scientific instruments to measure ...
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![3RD QUARTER 2017 - GHOST MOVES]()
31 Oct, 20173RD QUARTER 2017 - GHOST MOVES
Wei Qi translates as "surrounding game". It is the oldest board game in continuous play in its original form, some 3,000-4,000 years old. Confucius wrote of the many benefits in developing the mind and spirit for those who study the game..
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![It's About Time]()
22 Sep, 2017It's About Time
Lost Time is never found again, advised Benjamin Franklin in Poor Richards Almanack. And Dante Alighieri observed, The wisest are the most ...
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![For What It's Worth]()
21 Aug, 2017For What It's Worth
In the summer of 1966, throngs of young people crowded the Sunset Strip in Los Angeles to hear their favorite bands. Over at the Sunset Tower, Jim Morrison ...
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![2ND QUARTER 2017 - CINCINNATUS]()
27 Jul, 20172ND QUARTER 2017 - CINCINNATUS
Henry Knox was the proprietor of a popular Boston book store, which afforded him time to read up on his favorite topic: military tactics and strategy. When the British occupied Boston in 1775, Knox, with no military experience...
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![Toes in the Sand]()
20 Jul, 2017Toes in the Sand
For me, and I think I speak for everyone on the planet, the feeling of warm sand between the toes is one of lifes great pleasures. And for virtually everyone on the planet, including those of us who ...
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![Not Dead Yet]()
13 Jul, 2017Not Dead Yet
According to the National Bureau of Economic Research (NBER), the self-acclaimed arbiter of economic debate in this country, the current ...
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![Humans! What Are They Good For?]()
29 Jun, 2017Humans! What Are They Good For?
It looks like the world is turning against humans. Ive talked before about the rise of robots in manufacturing (2016 Angeles Independent School Endowment Symposiumsee graph below). But robots are ...
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![Beware Parabolas and Populists]()
13 Jun, 2017Beware Parabolas and Populists
In scouring the world for investment opportunities, the chart above caught my attention. It shows the ...
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![Economics in Action]()
12 Jun, 2017Economics in Action
The intersection of supply and demand determines price and quantity: there is no more fundamental principle of economics (see graph below). We rarely ...
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![Job Growth is Falling. The Sky is Not.]()
2 Jun, 2017Job Growth is Falling. The Sky is Not.
Today's jobs report was disappointing: only 138,000 net new jobs created in May (the consensus had it pegged at 182,000), another ...
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![1ST QUARTER 2017 - THE LAST SHOGUN]()
8 May, 20171ST QUARTER 2017 - THE LAST SHOGUN
Japan has been ruled by the Yamato dynasty for nearly 2,700 years, the longest continuous monarchy in the world. From Jimmu to kihito, 125 emperors have held the Chrysanthemum Throne.
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![Hope and Reality]()
6 Apr, 2017Hope and Reality
Why is everyone so happy? Well, maybe not everyone, but a lot of people are as optimistic as theyve been in a long while. Start by looking at consumer ...
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![Chasing the Red Baron]()
31 Mar, 2017Chasing the Red Baron
You cant eat relative returns is an old aphorism. It sounds like it could come out of Poor Richards Almanac (Benjamin Franklin), and Im not really ...
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![Non-Zero Sum]()
17 Feb, 2017Non-Zero Sum
There are prominent voices (and tweets) urging us to pull back, dig in, and lock the gate. This rising chorus of nationalism and protectionism sees a ...
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![LOVE]()
14 Feb, 2017LOVE
Its probably no surprise to you that I see offering world-class investment advice as a valuable service for the long-term well-being ...
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![4TH QUARTER 2016 - FINLAND STATION]()
25 Jan, 20174TH QUARTER 2016 - FINLAND STATION
After three years of war, and really, three centuries of Romanov repression, the Russian people had reached their breaking point. The Tsar's army suffered defeat after defeat against the Kaiser's superior...
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![Shock, Part 4 (Divided We Are)]()
21 Dec, 2016Shock, Part 4 (Divided We Are)
We began this series with a review of the likely economic policies and their implications of the new Trump administration, and discussed the long-term ...
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![Shock, Part 3 (The End of Pax Americana)]()
13 Dec, 2016Shock, Part 3 (The End of Pax Americana)
We are all trying to make sense of the election of Donald J. Trump to the presidency, and a few weeks ago I outlined the possible economic agenda and its ...
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![Shock, Part 2 (The Asset Allocator's Dilemma)]()
28 Nov, 2016Shock, Part 2 (The Asset Allocator's Dilemma)
In Shock (Part 1) (), we looked at a possible Trump economic agenda and its consequences. A large increase in government spending, tax cuts ...
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![Shock (Part 1)]()
22 Nov, 2016Shock (Part 1)
Shock, a sudden drop in blood flow, is a serious medical condition. Untreated, it can quickly be fatal. There are numerous types and causes of shock, ...
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![3RD QUARTER 2016 - CHANCELLORSVILLE]()
4 Nov, 20163RD QUARTER 2016 - CHANCELLORSVILLE
Abraham Lincoln suffered from clinical depression his whole life, but as 1862 drew to a close, even the most cheerful were likely to be losing faith in the Union cause. Virginia was turning from battlefield to graveyard for the Union armies.
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