NY Office

110 E 25th Street
New York, NY 10010
1.914.393.7555

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.
Keep reading

It is our belief that capital markets are becoming increasingly reflexive. They are more financialized, reflecting flows ahead of fundamentals and all that entails. An excerpt from our 4Q21 investor letter.
Keep reading

Macroeconomic risk for investors has bifurcated. On one hand, duration looms large for growth assets and fixed income. On the other hand, secular stagnation has been an impediment to rate normalization. What are investors to do?
Keep reading

Assuming stationarity in long-term trends can lead to a poor application of base rates. This plagues various “mean-reversion” market calls. To avoid this, we must understand the principals and formulation underlying long-term metrics and find ways to unearth potential non-stationarity
Keep reading