In the late spring of 1991, I entered the Mariner S Eccles building on 20th Street and Constitution Ave in Washington DC for the first time. I had just finished my fourth year of graduate school in the Economics Department at the University of Rochester, and I was...
For the naysayers who have completely misjudged financial markets this year, the word “uncertainty” has become a constant cover for failure. These folks have let politically charged hostility take over their investment process. As a result, they are now in desperate...
Before turning to the hot topic of future Fed rate cuts, let me say a few words about performance. So far this year, our beloved risk parity trading strategy registered a +13.75% total return, with spoos +7.75% and blues +6%. That +29.4% annualized run rate ranks as...
Here is a link to a column I penned for the Financial Times. It was just published in the online edition, and it will appear tomorrow in the print edition. It is a synthesis of my last two commentaries on overly emotional markets. Good luck trading. ______________...
With the markets calming, I have not written in a couple weeks. That said, during the chaos of April and early May, I wrote much more than usual. And in each of those past notes, I tried to counter the relentless negativity from so many clients, competitors, and...
Towards the end of the 1987 movie classic Wall Street, as BlueStar Airlines stock was collapsing, a calm Bud Fox enters into the following telephone exchange with an emotional Gordon Gekko: Bud: "You once told me don’t get emotional about stock, Gordon. Don’t. The bid...
Towards the end of the 1987 movie classic Wall Street, as BlueStar Airlines stock was collapsing, a calm Bud Fox enters into the following telephone exchange with an emotional Gordon Gekko: Bud: "You once told me don’t get emotional about stock, Gordon. Don’t. The bid is 16 1/2 and going down, and as your broker […]
