This was written before yesterday's selloff in the global markets.  The premise still holds true, except the decline is larger now.   Two States A portfolio can only be in two states:  a drawdown or making new highs.   The definition of a drawdown is the decline from a peak value (new highs) to a trough (the … Continue reading Two States

At the beginning of 2017, no one could have predicted what would be in store for markets, politics, and even football.  The Bostonians and the Atlantans are aware of expecting something is going to happen and then the unthinkable occurs.  The Patriots, who were favored to win the Superbowl, were losing 28 – 3 with … Continue reading The Year of the Positive Outcome

2017 is coming to an end.  Stock markets around the globe are having above average years in terms of return.  Record highs in the US stock markets are occurring every week.  Corporate profits are near all-time highs and Congress just passed a bill that will lower corporate tax rates.  We could see new all-time highs in corporate … Continue reading Themes from 2017

I will admit it - I missed it.  I did not buy Bitcoin when I first heard about it in 2011.  I then read about Bitcoin again when those twins from Harvard (the portrayed villains in the movie The Social Network) were first trying to start a Bitcoin ETF.  I dismissed (and by dismissed, I … Continue reading My Humble Experience with Bitcoin

Our clients do not have any positions in the securities discussed below; however, I do believe that ValueShares US Quantitative Value (“QVAL”) ETF and MomentumShares US Quantitative Momentum (“QMOM”) ETF are the two best ways to the capture the value premium and the momentum factor in the asset management business. I offer two simple definitions … Continue reading Value and Momentum