The stock market has a long memory. Investors make mistakes, and the collective market intelligence is replete with investment theories that quickly or slowly turned sour, damaging investor bottom lines and inflicting emotional scars. Fool me once, shame on me, fool me twice, I won’t get fooled again. The widely discussed “retail apocalypse” of 2016-2020…
Tag: Quant Investing
Bikes, Physics, Taxes: March 2021 Newsletter
For better or worse the capital markets never stop moving. They are constantly evolving, assimilating data, adjusting their prices, speeding up, and then slowing down. To navigate them successfully requires balance, and the ability to continually change your views as the data changes. If your portfolio stays static for too long, chances are it will…
The Dark Knight and Rising Rates: February 2021 Newsletter
There is something endlessly enthralling about Batman and his place in the realm of superheroes. Batman has no super-powers. No super-strength, no X-ray vision, no magical abilities. He had to work to build himself into a crime-fighting powerhouse, something relatively unique within a universe of super-powered beings. And despite its elements of fantasy, the story…
Gamestop, Coronavirus, And A REIT Turnaround: January 2021 Newsletter
Has the market gone mad? Last week a mob of faceless internet warriors pushed an obscure video game retailer into the living room of mainstream America. Along the way they took down a variety of multi-billion-dollar hedge funds and seemed to turn the edifice of Wall Street firmly on its head. Trading was frenzied, emotions…
November REIT RECAP: The End Of The Beginning
If you are suffering from feelings of ROMO (regret of missing out), you are in good company. Most REIT investors were not heavily allocated to ANY of the above property types going into last month. And for good reasons! Office REITs continue to suffer from low utilization, Hotel REITs are still mostly empty, and Mall…