I have worked for a hedge fund, and I have many friends that work for hedge funds. I understand hedge funds well.The “Little Book” people at Wiley should indeed have done this book, but with a different author. Why?...
Read MoreI received the following from a reader:My primary motivation for writing to you is this post by Jeff Miller:http://oldprof.typepad.com/a_dash_of_insight/2012/06/the-quest-for-yield-part-7-what-about-bonds.htmlIn my mind, you are...
Read MoreSo SEC Chairman Mary Shapiro wants money market funds to use mark-to-market accounting, and publish a daily NAV. Well, why not impose mark-to-market accounting on banks, and force them to report the fair market value of their...
Read MoreThis book is written by a man who wants to see the European experiment succeed, but is not confident that it will succeed. I think this is a fair book on the topic; it does not absorb all of my biases on why I think the Eurozone...
Read MoreApril 2012 June 2012 Comments Information received since the Federal Open Market Committee met in March suggests that the economy has been expanding moderately. Information received since the Federal Open Market Committee met in...
Read MoreAs you might know, I reviewed Howard Marks’ excellent book The Most Important Thing, and its enhanced version, The Most Important Thing Illuminated. Some PR flacks are more tenacious, and some less so. Some come to me...
Read MoreThese articles appeared between February and April 2011:On the Percentage of Market Cap held by Domestic Stock ETFsImplicationsDomestic stock ETFs tend to pick more volatile stocks.Domestic stock ETFs tend to pick stocks held by...
Read MoreIf you’ve read me for more than two months, you probably know that I am an actuary, though not a practicing actuary at present. I grew up in the life insurance industry. It’s an unusual place for an investor to...
Read MoreMy main industry model is illustrated in the graphic. Green industries are cold. Red industries are hot. If you like to play momentum, look at the red zone, and ask the question, “Where are trends under-discounted?”...
Read MoreHere’s one thing I am not worried about: suppose the Bush tax cuts go away, and the budget is cut pro-rata. That would be a good thing. I have always believed in balanced budgets. Yes, restoring balance may be painful for...
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