Looking back at 2017, the resounding theme from our clients has been disbelief around the perplexing nature of the runaway U.S. equity markets. However, most are quite…
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What’s Attractive in this Environment?
Recession Signals that are Flashing Red
“There are decades when nothing happens, and weeks when decades happen.” – Uday Kotak, founder of Kotak Mahindra Bank The gap between how people are feeling about the economy and what’s happening is bigger than the Grand Canyon. The soft...
read moreOver-Diversification
“Your portfolio is a bowl of soup of random investments, seemingly cobbled together over time.” Meb Faber, Cambria Investments We review outside investment statements quite…
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Why Clients Fire their Advisor
Change is hard. Humans like patterns, routines, and familiarity. This is especially true when dealing with sensitive issues like financial affairs. We rely on people…
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What Happens After a +25% Year?
I have an evening routine of perusing Twitter for market research nuggets. I email myself interesting articles to read the following morning. I’m not looking…
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What’s All This Volatility Talk?
“When you compare the fundamental risks that we see all around the globe with the lack of volatility in our securities markets, it’s profoundly troubling.”…
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Following the Herd: Short-Term Bonds
The current tightening cycle has so far been reminiscent of its mid-2000s counterpart. At the time, Federal Reserve Chair Alan Greenspan had characterized the fall…
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Tis the Season for Wall Street Forecasting
“It’s not easy to be as bad as they are. They are much worse than random chance alone would predict.” Salil Mehta, Statistical Ideas The annual…
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Delusional Return Expectations
“Returns expectations are simply too high. It means that many will face a shortfall when they come to realize their investments in the future as…
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Signs of a Market Top? Valuation
We continue our series featuring data from VR Research on “characteristics of a market top.” The summary is broken down by corporate, valuation, economic, market,…
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