Lance on Nov 05 2009 | Filed under: Absolute Return, Alternative strategies, Arbitrage
At the end of last year, my opinion was the fattest pitch in investing over the near term was convertible arbitrage. The downside seemed very limited, the upside large and unlikely to correlate with the market. Well, it did correlate with the market, at least once the market turned. In essence everything did. Before that, [...]
Lance on Mar 18 2009 | Filed under: Absolute Return, Great Investors
I just saw this and am very distressed. Bennet has been a ray of light in a world filled with people trying to obscure the truth. His passing is a sad moment.
For some of the best and most insightful financial writing around I recommend combing through his archives. I occasionally do. Revisiting past musings of [...]
Lance on Feb 20 2008 | Filed under: Absolute Return, Asset Allocation, Great Investors, Relative Return
The Financial Times writes of his feeling of vindication.
Jeremy never falls out of favor here, but then, we are a client.
Inevitably when he is early, as he generally is, people take it as a sign he is wrong, and note the returns he gives up when he frequently goes against the tide. However, the true [...]
Lance on Feb 12 2008 | Filed under: Absolute Return, Asset Allocation, Relative Return, Risk
The whole world of economics is enormously more complex than the world of physics. And therefore the teaching of business schools, including Yale’s, is unrealistic. Even though economics is a very old subject, it has not truly come to grips with the main difficulty, which is the inordinate practical importance of a few extreme events.
-Benoit [...]
Lance on Feb 11 2008 | Filed under: Absolute Return, Asset Allocation, Domestic Equities, Great Investors, Hedge Funds, Relative Return, Risk, Valuation, indexes, real estate
The recent downturn from the high in October has led to a great deal of chatter about the markets being cheap. That the recent turmoil has presented us with wonderful buying opportunities based on valuation. Readers here know that I disagree, and vehemently. Which doesn’t mean there isn’t money to be made as speculators. Certainly [...]
Lance on Jan 29 2008 | Filed under: Absolute Return, Asset Allocation, Commodities, Developing Markets, Domestic Equities, Domestic Fixed Income, Great Investors, Hedge Funds, International Equities, Managed Futures, Portable Alpha, Relative Return, Risk
Finally it is the long-term investor, he who most promotes the public interest, who will in practice come in for most criticism, wherever investment funds are managed by committees or boards or banks. For it is in the essence of his behaviour that he should be eccentric, unconventional and rash in the eyes of average [...]
Lance on Jan 28 2008 | Filed under: Absolute Return, Asset Allocation, Market Data
Some big losers we had profited from, small cap and REIT’s, had a big comeback last week. We still did fine, but not as well as we could have had they not.
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Lance on Jan 25 2008 | Filed under: Absolute Return, Asset Allocation, China, Domestic Equities, Economic Indicators, Economics, Federal Reserve, Global Equity, Hedge Funds, International Equities, Latest data, Risk, today's links
Morningstar takes a look at the Long/Short category of mutual funds. They, like I, appreciate John Hussman.
China turned in yet another double digit year:
China’s economy grew by 11.4 per cent in 2007, the highest pace in 13 years, but the trend of decelerating exports to a slowing US recorded in the final two quarters is [...]
Lance on Jan 15 2008 | Filed under: Absolute Return, Asset Allocation, Hedge Funds, Latest data, Risk
For investors with the assets to use a full fledged fund of hedge funds, who do we turn to? A collection of Tiger Cubs who had a fine year, so this does not surprise us. From Bloomberg:
Hedge-fund managers known as the Tiger Cubs because they learned to pick stocks at Julian Robertson’s Tiger Management LLC [...]
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