The Cost of Protection
This blog post can be downloaded here. Summary One of
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Our Favorite Commentaries from 2015
This commentary is available for download here.
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When ingredients spoil
This post is available as a PDF here. Summary We break
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Due Diligence: Ask This, Not That
Summary Due diligence is an important practice in our industry
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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?
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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?
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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?
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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.
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“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."
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When process and performance disagree
Due diligence focuses on the 3 Ps: people, process and philosophy. But what happens when performance and process disagree?
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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?
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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?
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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.
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Putting Current Volatility Into Perspective
Putting the current S&P 500 downside volatility into perspective.
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