The changing winds in Chinese government is leaving Western investors in a conundrum.

What is the right equity risk premium? Investors finally have an alternative to ‘equities only', but the effect on equity valuations isn't so clear.

In the third part of our inflation series, we turn to the greatest investor and a mental model of his for unpacking the impact on inflation on equities.

Three Observations - August 2022: Index Rebalance Arbitrage Edition.

The perception of inflation’s impact on stocks is mixed. A pair of researchers in the late 1970s sought to find out why. Their conclusion? A Money Illusion.

Part I of a series on inflation: we survey the literature and establish a base rate of asset class performance during different inflationary regimes.

Three market observations - dated May 25, 2022

Myside Bias, as detailed by Professor Keith Stanovich in his wonderful book The Bias That Divides Us is a unique risk. It is uncorrelated with intelligence, as many other forms of bias are. This makes it a silent killer for investors.

If monetary policy is making an abrupt U-turn, can hedge funds adapt to the old ways of managing risk?