You don’t have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of…
Position-level analysis doesn’t get enough attention. It helps get to the why not just the what. In this post we unpack key methods to improving prediction.
What is success for an active manager? It really boils down to two things. Generating alpha, and growing assets. In an ideal world, the two are symbiotic. In reality, they…
the problem is not merely with claims that are ridiculous on scientific grounds, but more broadly that many statistically significant claims will be in error. – Andrew Gelman In the…
This is the first post in a two part series. To skip ahead, here is Part II Former NBA basketball player Rasheed Wallace was a polarizing figure. A cerebral big…
Successful investing is analogous to habit formation. They both involve adjusting our evolutionary wiring for short-term reward in place of long-term superior gain. We of course know that forming long-term…
Financial market participants struggle with tail risk scenarios. This is an undeniable fact, going back to the days of Black Friday, LTCM, and Lehman. This has recently come to focus…
Over the last cycle, one of the key trends driving equity markets has been value vs growth. We’ve in fact written about the subject. Very few articles go beyond the…
It’s no secret that members of the Trump Administration have had their hands on the tax code. It of course started with landmark legislation passed towards the end of 2017…