Research Library - Flirting with Models

The three oenophiles

This commentary is available as a PDF here. Summary Most investment

Dissecting a trend following strategy in 2015

This blog post is available as a PDF here. Summary

If you’re going to sin, sin systematically

This commentary is available as a PDF here. Summary There is

The Cost of Protection

This blog post can be downloaded here. Summary One of

Our Favorite Commentaries from 2015

This commentary is available for download here.

Returns don’t mean revert, fundamentals do

This blog post is available for download here. Summary While

When ingredients spoil

This post is available as a PDF here. Summary We break

Risk cannot be destroyed

You can download this blog post here. Summary Risk cannot

When can income be growth?

Summary Traditionally, stocks have been used for growth and bonds

Due Diligence: Ask This, Not That

Summary Due diligence is an important practice in our industry

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?

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?

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?

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.

“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."

When process and performance disagree

Due diligence focuses on the 3 Ps: people, process and philosophy. But what happens when performance and process disagree?

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?