

The three oenophiles
This commentary is available as a PDF here. Summary Most investment
Read more.Dissecting a trend following strategy in 2015
This blog post is available as a PDF here. Summary
Read more.If you’re going to sin, sin systematically
This commentary is available as a PDF here. Summary There is
Read more.Returns don’t mean revert, fundamentals do
This blog post is available for download here. Summary While
Read more.When can income be growth?
Summary Traditionally, stocks have been used for growth and bonds
Read more.Due Diligence: Ask This, Not That
Summary Due diligence is an important practice in our industry
Read more.Rates fell, so why did Canadian preferreds lose 20%?
The Bank of Canada cut rates in 2015 – so why did Canadian preferreds lose 20%? And what can American investors learn from this experience?
Read more.I bought corporate bonds and all I got was this stupid currency exposure
Currency hedging has become a hot topic. ETFs offering currency-hedged equity exposure have exploded in popularity. But what about currency hedged bonds?
Read more.What happened to rising rates?
Rising rates seemed so imminent. What happened? And what do current federal fund rate futures say about when rates may rise in the future?
Read more.You do not experience summary statistics
Investment portfolios are often evaluated and selected based on summary statistics; but these summary statistics fail to capture investor experience.
Read more.“Price is a liar”
Humans love unifying theories – that price contains all relevant market information is one of them. But John Burbank thinks "price is a liar."
Read more.When process and performance disagree
Due diligence focuses on the 3 Ps: people, process and philosophy. But what happens when performance and process disagree?
Read more.Is trend following market timing?
Are trend following investors really just market timers? Or is there a difference between using momentum to track trends and predicting tops and bottoms?
Read more.How bad was August 2015?
The S&P 500 fell over 6% in August 2015. Just how bad was this drop from a historical standpoint?
Read more.Will You Be Able to Retire Without Tactical Asset Allocation?
A blog post exploring how realistic the assumptions for planning to retire are and addressing their shortfalls with tactical asset allocation.
Read more.Putting Current Volatility Into Perspective
Putting the current S&P 500 downside volatility into perspective.
Read more.