Financial News Aggregator and a little more!

  • EP: 128 Josh Foer: Mastering Memory
    Today James welcomes Josh Foer to the podcast. Josh is a U.S. Memory champion, award-winning journalist, and bestselling author of Moonwalking with Einstein, which details ...
  • The 1% Rule for Creating All Habits
    She kept throwing food at me. I was 19 and bought two tuna bagel sandwiches for myself for breakfast. That was the way I rolled. ...
  • What I Learned from Chess
    Chess got me a girlfriend, it got me into college, it got me into graduate school, it got me my first job, it helped me ...
  • In A Crisis… Wait
    I got fired. Security escorted me out. They would send me my box later. A few weeks earlier Amy dumped me for another guy. I ...
  • EP 127: James Hong, Hot or Not
    James Hong is one of the founders of the infamous site Hot or Not. What started out as an innocent experiment turned into a cultural ...
  • The death of the European dream
    Belgium’s prime minister has called for the re-introduction of border checks. Meanwhile, European leaders are struggling to agree a system of refugee quotas. Matthew Partridge ...
  • Stocks: down 50% from here
    Bill Bonner explains why he's forecasting a 50% fall in stock prices over the next ten years. The post Stocks: down 50% from here ...
  • A dangerous new phase in the currency wars
    China reportedly sold off a chunk of US debt recently. Dan Denning looks at what that says about the latest salvo in the currency wars, ...
  • Petrol isn’t at £1 a litre just yet – but it’s possible
    Petrol under a quid? John C Burford uses his chart-trading methods to show why he wouldn't rule it out. The post Petrol isn’t at ...
  • Properties for around £1m
    From a converted 15th-century military fortress in La Dombes, France, to a Grade II-listed former chapel in London. The post Properties for around £1m ...
  • Croissantonomics
    AIRY croissants, rich chocolate-chip biscuits, wedges of succulent cake—the goods at the City Bakery, in Manhattan, look delicious. Maury Rubin, its founder, studied in France. ...
  • Snap judgments
    A WHOLE generation of young people has been snapped up by Snapchat. Every day around 100m people worldwide ...
  • A brand new game
    EARLIER this year BMW advertised on WeChat, a popular messaging app in China with around 550m monthly users. ...
  • Patently problematic
    CLARITY or chaos? Supporters of the Base Erosion and Profit-Shifting (BEPS) project, being worked on by the ...
  • Manage like a spymaster
    UNTIL recently, for most businesses security was a question of buying decent locks, doors and windows, installing CCTV, ...
  • RS Charts of The Week
    Point and Figure RS Charts are calculated by dividing one security by another and plotting the ratio on a PnF chart.  When the ratio is ...
  • How Do You Manage Risk?
    That is the question that has been top of mind for many investors over the past several weeks as the markets have done their best ...
  • Relative Strength Spread
    The chart below is the spread between the relative strength leaders and relative strength laggards (universe of mid and large cap stocks).  When the chart ...
  • High RS Diffusion Index
    The chart below measures the percentage of high relative strength stocks that are trading above their 50-day moving average (universe of mid and large cap ...
  • The Cost of Emotional Investing
    Food for thought from FiveThirtyEight’s Ben Casselman: Financial markets around the world continued to melt down today. The Dow Jones Industrial Average was down 1,000 ...
  • Friday links: rapacious algos
    Book notes: 10 underrated quotes from Charlie Munger from Tren Griffin’s Charlie Munger: The Complete Investor.  (A Wealth of Common Sense)
  • Podcast links: election bets
    Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at the...
  • Thursday links: the face of illiquidity
    Book recommendation: Steve Lohr’s Data-ism: The Revolution Transforming Decision Making, Consumer Behavior, and Almost Everything Else is an interesting read.  (Reading the...
  • Longform links: a cultural monopoly
    Thursdays are all about longform links here at Abnormal Returns. You can check out last week’s links including a look at whether...
  • Wednesday links: volatility problems
    Book list: A summer reading list for geeks including SuperBetter: A Revolutionary Approach to Getting Stronger, Happier, Braver and More Resilient by...
  • More Risk, Less Reward: The Changing Market Environment
    One of the casualties of zero-interest rate policy has been the important balance in investing between risk and reward. After three rounds of quantitative easing ...
  • The Revenue Recession
    What do General Motors, JPMorgan Chase, Microsoft, IBM, Proctor & Gamble, Citigroup, Johnson & Johnson, Coca-Cola, Oracle, and Caterpillar all have in common? 1) They ...
  • Anomalies, Cycles, and Inevitable Periods of Underperformance
    You’re new to investing and want to pursue a small cap value strategy. You’ve read that value stocks and small caps tend to outperform over ...
  • The Illusion of Stability
    U.S. equities continue to trade like a risk-free money market. Over the past seven months, the range (from high to low) in the Dow Jones ...
  • Stocks Fall On…
    Stocks are down today and you want to know why. We all do; the need to explain things is an innate characteristic of humans. A ...
  • More Good Economic News
    This morning, we learned that personal income rose 0.4% last month while spending rose by 0.3%. This is one of our first looks at data ...
  • CWS Market Review – August 28, 2015
    “Every once in a while, the market does something so stupid it takes your breath away.” – Jim Cramer I’m going to forego our normal ...
  • Morning News: August 28, 2015
    Ukraine and Top Creditors Agree to Restructure $18 Billion in Foreign Debt Japan Inflation Dips But Avoids Turning Negative While Many Panicked, Japanese Day Trader ...
  • Q2 GDP Revised Higher to 3.7%
    The second-quarter GDP was revised higher today to 3.7%. That’s a revision from the initial report of 2.3% growth. This probably helped calm the market’s ...
  • Morning News: August 27, 2015
    Yen Nurses Losses as Stocks Rally Cheers Mood, Dollar Eyes Data China Billionaire Wang Jianlin Says Drop Growth Targets China Falters, and the Global Economy ...
  • Maximizing the experience of the people who have the most aptitude and the most determination as learning machines...
    From Poor Charlie's Almanack:Another idea that I found important is that maximizing non-egality will often work wonders. What do I mean? ...
  • Links
    Horizon Kinetics - Under the Hood: What’s in Your Index? (LINK)The ETF Flash Crash (LINK)Stock Halts Added to Monday’s ...
  • A rule of intuition...
    From Thinking, Fast and Slow:It is wrong to blame anyone for failing to forecast accurately in an unpredictable world. However, it ...
  • Links
    Ruane, Cunniff & Goldfarb Investor Day Transcript (May 2015) [H/T market folly] (LINK)Pershing Square Holdings' interim report [H/T Will] (LINK)
  • Links
    The Trajectory of a Crash (LINK)Glut of Chinese Steel Looms Large [H/T Matt] (LINK)The 27 Must-Follow Feeds in the ...
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  • Weapons of Economic Misdirection
    “Measurement theory shows that strong assumptions are required for certain statistics to provide meaningful information about reality. Measurement theory encourages people to think about the ...
  • The Corruption of American Freedom
    This is going to be an unusual Outside the Box. I’ve been part of the political process, both as a practitioner and an observer, for ...
  • Playing the Chinese Trump Card
    “I know the Chinese. I’ve made a lot of money with the Chinese. I understand the Chinese mind.” – Donald Trump, 2011 Back in the olden days ...
  • Another Day Younger and Deeper in Debt
    My friend Neil Howe, author of Generations, The Fourth Turning, and other books and president of Saeculum Research, joins us today in Outside the Box ...
  • Riding the Energy Wave to the Future
    “Formula for success: rise early, work hard, strike oil.” – J. Paul Getty This week’s yuan devaluation was big news, but it’s really part of a much ...
  • Long-Term Trigger
    The SPX made a bull market cycle high on 5/20/15 at 2134.72 and a monthly low of 2067.93 A monthly close below the low of ...
  • Trade What Is, Not What Should Be
    The SPX bounced off its 200DEMA inflection point and made a 8-day Fib day count run to test the highs of its 2015 relatively narrow ...
  • Significant Time Symmetry
    The SPX finished +0.1% for May on below average volume, which is the norm these days, but the Central Bank manipulated market continues to get ...
  • Enhanced Trade Selection
    The SPX bull market top in 2007 was 2,757 CD`s from the 3/24/00 bull market top, and this week is 2757 CD`s from that 2007 ...
  • Inflection Point Zone with Symmetry
    The SPX made a cycle high of 2120 on 2/25/15 and a closing high of 2117.52 on 3/2/15. It has since declined -3.8% to the ...
  • Timing the Markets with Value and Trend
    I like Five Thirty Eight.  Their data driven approach certainly appeals like a quant to me.  However, like many people out there, when they apply ...
  • Your Buy and Hold Allocation Doesn’t Matter
    Not sure why I didn’t include this chart in my Global Asset Allocation book, but below is the basic return/vol chart.  It demonstrates how clustered ...
  • Blog Redesign
    I am told I need to do a blog redesign to make my website “mobile friendly”.  Since they are going to have to recode it ...
  • Has Einhorn Lost His Mojo?
    I send out a weekly hedge fund profile with 13F stock picks and results to The Idea Farm each week.  At the bottom of the ...
  • July Tweets of the Month
    [View the story “July Tweets of the Month” on Storify]
  • Beyond value traps: The value graveyard
    He couldn't stop talking about the great deal he got on his boat.  My friend purchased his boat over the internet from what he considered ...
  • Recent interview and podcasts
    I recently began co-hosting the Bulldog Investor Podcast with Fred Rockwell.  For anyone who didn't know I was doing this I wanted to share ...
  • Neglected or distressed?
    There is a common perception about value investing that it involves purchasing shares of companies on the brink of financial ruin with the hope they ...
  • The Solitron proxy battle heats up
    The proxy battle between Solitron management and Eriksen Capital Management has reached new heights.  Solitron is clearly worried that they will lose this battle, and ...
  • Announcing The Microcap Conference
    One of the most common questions I'm asked regarding micro cap stocks is "how do you find new investment ideas?" One problem with ...
  • Clips from Today’s Halftime Report
    Watch the video inside. ...
  • The Data Still Says “Go”
    Ethan Harris, US economist at Bank of America Merrill Lynch, put this out to clients two days ago: As the markets continue to sell-off, an ...
  • The new 1% regime
    Nicholas Colas, chief market strategist at Convergex, a global brokerage company based in New York, has this to say about the proliferation of “1%” days we’ve ...
  • Computers are the new Dumb Money
    You want the box score on this latest weekly battle in the stock market? No problem: Humans 1, Machines o Because if you think it ...
  • The Dow Roundtrips
    Five trading days in the Dow Jones Industrial Average and a roundtrip between here and the close last Friday. God forbid you had gone a ...
  • Stop cheering, Keynesians
    THE appeal of Jeremy Corbyn, the likely Labour party leader, is said to be that he offers an ...
  • The primary effect
    THE primary effect is a long-established problem in American politics. Candidates must tack to the extremes in order ...
  • The curious case of China's currency
    THERE have been some dramatic devaluations in history—think of sterling in 1967 and 1992, or Argentina in 2001/2. ...
  • EET your TEE, George
    ELECTION promises, they are so hard to keep, aren't they? On April 11th, Britain's Conservative party said in ...
  • The people's QE and central bank independence
    ENTHUSIASM for political outsiders is not confined to Donald Trump, Greece's Syriza or France's Marine Le Pen. In ...
  • China’s Troubles May Drive Down Autoliv Earnings
    Car sales have plummeted in China and Asia as Chinese economic growth slows down and its stock market feels the pain. Autoliv Inc. (ALV.N) (ALIVsdb.ST) ...
  • S&P 500 Earnings Today
    August 28, 2015 update of the Thomson Reuters Q2 2015 S&P 500 Earnings Today report. Source: Thomson Reuters I/B/E/S EARNINGS:  The Q2 2015 blended Earnings ...
  • S&P 500 Earnings Today
    August 27, 2015 update of the Thomson Reuters Q2 2015 S&P 500 Earnings Today report.   Source: Thomson Reuters I/B/E/S EARNINGS:  The Q2 2015 blended ...
  • S&P 500 Earnings Today
    August 26, 2015 update of the Thomson Reuters Q2 2015 S&P 500 Earnings Today report. Source: Thomson Reuters I/B/E/S EARNINGS:  The Q2 2015 blended Earnings ...
  • Idea Of The Week: Can Wynn Play Through China’s Storm?
    Among companies with particularly high exposure to Chinese government policies, economic growth and currency, Wynn Resorts Ltd. (WYNN.O) stands out. China has designated the peninsula ...
  • I believe two things (and that might be enough)
    Smart guys are the most dangerous. They are the most prone to overconfidence and the most susceptible to overthinking–both deadly sins in money management. Nowhere does overthinking ...
  • Views on the Big Dollar (and the euro)
    No note on currencies can be taken seriously these days without at the outset swearing fealty to the mighty greenback. In short, it seems the state ...
  • China’s FX Paradigm Shift: What Are They Doing?
    The modern Chinese economic era really kicked off when it joined the WTO in 2001. This launched China’s integration into the global goods market.It soon became ...
  • The Curious Case of Silver Coins
    Twice I remember reports of silver coin shortages. I vaguely remember a third, but was unable to verify. The first was in January 2013. I ...
  • Why Emerging Markets Won’t Crash
    Markets are about discounting the future. Analysis, however, starts by looking backward. When forming views for the first time we tend to get out the rear ...
  • Twitter Digest: 2013-06-09
    Given that I block NSA & PRISM tweets, was entertaining tuning into twitter & trying to figure why everyone was on about Lord Snowdon -> ...
  • Twitter Digest: 2013-06-07
    Photo-set: Flooding Across Central Europe – http://t.co/8G6j8teCbd -> CDC Update: Severe Respiratory Illness Associated with Middle East Respiratory Syndrome Coronavirus – http://t.co/hWqN1338VN -> Col Flagg: ...
  • Twitter Digest: 2013-06-05
    FRED: Free Energy Data – http://t.co/90H7GVDazO -> Solipsisms ‘r’ us, courtesy of my friends at @thinkup: I apparently mention me a lot – http://t.co/9rTRXvBM9D -> ...
  • Twitter Digest: 2013-06-04
    The new Google Maps is truly Windows-ishly slow loading. I find myself non-clicking map links to avoid the dot-dot wait screen. -> Looking at 1980 ...
  • Weekend Top 100
    Here’s your weekly look at the top 100 ranked stocks inside of Exodus. This screen searches for the top ranked stocks, all with positive free cash flow. Stocks must trade an ...
  • You Are Cordially Invited, Once Again
    Bear in mind, the iBankCoin 2nd Annual Investors conference is right around the corner, with a decadently arranged VIP party to follow that evening, on ...
  • BREAK SOME NECKS INTO THE BELL
    My swan dive into the waterless pool has been enjoyable, thus far. Into the final hour of trade, I hereby call upon all of the ...
  • Check Me Out Now, Son
    I bought some motherfucking YELP, straight out of the garbage can next to the spoiled carrots and cabbage.
  • IT’S NOT A GAME ANYMORE
    I’m not fucking around anymore. Mr. Nice Guy is over. Here comes the guy who kicks older men in wheeled chairs down sewer drains and ...
  • Market Recap Aug 28, 2015
    After all the volatility this week it was ironic to finish on a day much more typical of a lazy August. The S&P 500 ...
  • Market Recap Aug 27, 2015
    After Tuesday's failed rally we've now had a powerful but totally unsurprising 2 day rally. Hopefully you did not panic Monday or Tuesday as ...
  • Market Recap Aug 26, 2015
    Wednesday began as carbon copy of Tuesday's action with a big gap up at the open and looked very similar until up to 3 PM. ...
  • Market Recap Aug 25, 2015
    While someone who only looks at the daily close today would think it was a much better day than yesterday, in many ways it was ...
  • Market Recap Aug 24, 2015
    We'll start today's recap with more prose than we normally do as we like to usually stick to a more visually oriented discussion but today ...
  • guerrilla girls
    It's a big investment industry blind spot that took me years to address. Perhaps we can change things for the better by asking a ...
  • behind the curtain
    An ongoing rift between an asset manager and a research firm prompts some questions about the degree of transparency and understanding needed to make investment ...
  • the flow of ideas
    What organizational structures foster good performance? A research paper takes an interesting look at how portfolio positions migrate within mutual fund families.
  • finding the gaps
    On the seventh anniversary of this blog, a look at a foundational theme in the analysis of investment organizations.
  • picking winners
    The business of investment consulting has remained relatively unexamined given its importance to institutional asset owners. An analysis from an unlikely source might help ...
  • The Argumentative Theory of Reason
    From Rationally Speaking: The traditional story about reason is that it evolved to help humans see the world more clearly and (thereby) make better decisions. ...
  • In Times Like These
    “My Mama told me there’d be days like this.” – Van Morrison Stock markets are in turmoil all over the globe. Monday was especially violent ...
  • A Musical Lesson for Investors and Advisors
    The August edition of Research magazine is now out and my column is now available online and is linked below. Here’s a taste. Sometimes near ...
  • Happy Blogiversary to Me
    I have been now been writing Above the Market for four years. I began on August 1, 2011. I started and still write largely to clarify ...
  • What Makes an Advisor Blog Great?
    In addition to my regular column, the July issue of Research magazine includes an article about advisor blogs. It features many of the terrific advisor ...
  • Weekly Market Summary
    Summary: Strong downward momentum usually has follow through. US indices are mostly within a few percent of significant support levels. The selling this week registered ...
  • Fund Managers' Current Asset Allocation - August
    Summary: Overall, fund managers' asset allocations in August provide conflicting views on sentiment.On the one hand, fund managers' cash remains at the highest ...
  • How Asset Classes Have Responded To The First Rate Hike
    Summary: How have different asset classes in the past responded when the FOMC has raised rates for the first time? Commodities were the best performing ...
  • Weekly Market Summary
    Summary: Price action in US equities is weak. Two potential opportunities to kick off a rally failed this week. Despite this, short term sentiment and ...
  • Why High Yield And Equity Markets Have Diverged
    Summary: The apparent divergence between credit-risk, as seen in rising high-yield bond spreads, and equities is due primarily to the 60% drop in oil prices ...
  • The ETF Flash Crash
    In the early minutes of the stock market open on Monday morning things got a little crazy. After a huge whoosh down in overnight futures ...
  • When Correlations Go to One
    There haven’t been many safe places to hide from the current market sell-off. Here are the returns through the end of the day on Tuesday ...
  • Things People Say During a Market Correction
    In my younger days I used to get my haircut at an old school barber shop. It had the candy cane red and white pole ...
  • Crash Rules Everything Around Me
    U.S. stocks were up nearly 400% in the 1980s. All anyone remembers is the 1987 crash. Bonds gave investors a total return of more than ...
  • 10 Underrated Charlie Munger Quotes
    Early on in my career I was gifted a copy of Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger. Up until that point ...
  • Wearable: 'Hardware Ponzi Scheme'
    If "fitness bands are like hardware Ponzi schemes" where device suppliers must sell more and more new hardware while amusing bored users, can this be ...
  • Giga-Scale Challenges Plague Memory Design
    Advanced designs are more complex and larger than ever before and designers are balancing between accuracy and performance for large scale memory simulation and verification, ...
  • EUV Breaks Through to Angstrom
    A new type of extreme ultraviolet (EUV) microscope designed at the University of Colorado can take optical images with angstrom resolution.
  • Intel's Open-Source Fabric Supersizes Comm for Data
    Intel's Omni-Path Arcitecture (OPA) build on Infiniband and to provide superior fabric communications among heterogeneous computers from datacenters to supercomputer.
  • Wireless Charging Visits The Hospital
    Wireless charging is making its way into hospitals with the goal of eliminating power issues in everything from surgical tools to defibrillators.
  • Guardian Fund Thesis On Precision Castparts
    Precision Castparts is the largest investment of our fund. We believe that the true value of the company is far in excess of the USD ...
  • The David Einhorn Misstep
    David Einhorn, Greenlight Capital founder, manages some $10 billion, having started out with just $900,000, half of which was borrowed from his parents. Greenlight is now ...
  • The Attack On Buybacks Is 'Reasonable'
    Companies tend to do one of two things with their cash, either return or reinvest. Reinvesting is all about pumping money into in new plants ...
  • Wynnefield Capital And The Diworsification of Omega Protein
    Omega Protein, the developer of nutritional products for both animals and humans, has an activist investor, Wynnefield Capital - the small activist fund sent a ...
  • Activist newsletter time
    For now, the weekly newsletter has gone the way of the dodo, thanks to a hefty current workload. Rest assured, I'm working on getting things ...
  • The Argumentative Theory of Reason
    From Rationally Speaking: The traditional story about reason is that it evolved to help humans see the world more clearly and (thereby) make better decisions. ...
  • In Times Like These
    “My Mama told me there’d be days like this.” – Van Morrison Stock markets are in turmoil all over the globe. Monday was especially violent ...
  • A Musical Lesson for Investors and Advisors
    The August edition of Research magazine is now out and my column is now available online and is linked below. Here’s a taste. Sometimes near ...
  • Happy Blogiversary to Me
    I have been now been writing Above the Market for four years. I began on August 1, 2011. I started and still write largely to clarify ...
  • What Makes an Advisor Blog Great?
    In addition to my regular column, the July issue of Research magazine includes an article about advisor blogs. It features many of the terrific advisor ...
  • Planning for Trustee Succession
    The heart of every estate plan is providing for those you love. That means not only distributing the assets accumulated during your lifetime but also ...
  • Who’s on Your Money Team?
    When it comes to building wealth, it pays to have a money team. As Thomas Stanley, author of The Millionaire Next Door, found in his ...
  • Living and Dying in a Digital World
    In addition to our lives in the “real world,” many of us also maintain assets in the digital realm. But in keeping up with the ...
  • Understanding Socially Responsible Investing
    Our everyday lives consist of making decisions that are greatly influenced by our experiences and principles. These ideals help us determine what we want to ...
  • Supreme Court Ruling on Same-Sex Marriage
    Recently, the U.S. Supreme Court again addressed the issue of same-sex marriage, this time in a series of cases collectively known as Obergefell v. Hodges. ...
  • August 26, 2015
    The Dow Jones Industrials dropped over 1,000 points for only the second time in history on Monday as the market went into full “crash” mode ...
  • August 23, 2015
    The market turned into a “profit-fest” for short-sellers on Thursday and Friday as a cascading sell-off took hold and sent the NASDAQ Composite Index flying ...
  • August 19, 2015
    The market demonstrated quite nicely today why it is a short-term trader’s market unfit for trend-following investors as it spun around in psychotic fashion both ...
  • August 16, 2015
    The market has had the feel of a big algo swamp as stocks slop back and forth in the muck, as we can see on ...
  • August 12, 2015
    The market remains a volatile beast with two sharp downside breaks over the past two days that reversed the big upside jack we saw on ...
  • What Happens When A Regulator is Reactive and not Proactive?
      August 2015 – ITG fined $20.3 million for operating a secret trading desk and misusing the confidential trading information of dark pool subscribers. “ITG ...
  • Heart Of Darkness
    Let us start this morning by reminding you that the vast majority of ITG employees are of high caliber and ethics, and are a credit ...
  • The Role of an Exchange
      Earlier this week, BATS announced that the SEC approved their request to add another options exchange in the U.S.  This will be the second ...
  • More Dark Pool Shenanigans
    Dark pool violations and their subsequent fines by regulators are becoming common place events in the US.  Recent violations included UBS being fined $14 million for dark pool ...
  • Yabba-Dabba-Doooo! Let’s Talk About Closing Time
    At the Slate Rock and Gravel Company, the dodo bird – sundial watch system is what closed the plant each day. Fred Flintstone lived for ...
  • Dipbuyer absconds, market dumps
    Hoo boy, now that was an interesting day.Fresh on the heels of being log-rolled by Zee Krauts, Alex Tsipras quits and calls a ...
  • China and the Fed, Part 2
    For what seems like the thousandth time over the past few years, the market has read the tea leaves from Fed communication (in this case, ...
  • China and the Fed
    On Monday, the RMB fixed dramatically lower.  In developed markets, stocks sold off hard, short ends were bid, and the dollar rallied sharply.On ...
  • If you were Chinese....
    ...would you expect either of these to stop here?USD/CNH weekly:
  • One down, four to go
    Well, by the sound of it, we're one down, four to go in terms of lift-off next month.  Dennis Lockhart's comment that he is "very ...
  • Gold’s Short Squeeze
    Gold has staged a powerful rally while stocks have been under pressure Source: Short Side of Long According to various sentiment measures, including hedge fund positioning via ...
  • S&P Breaks Below 200 MA
    S&P 500 has finally broken below the 200 day moving average Source: Short Side of Long For awhile now the Short Side of Long blog has been ...
  • Emerging Markets Sell Off
    EM equities are down 16% over the rolling quarter and 22% over the rolling year Source: Short Side of Long MSCI Emerging Markets Index (NYSE: EEM) is ...
  • S&P 500 Ready To Rally?
    The bull market in US equities (NYSE: SPY), which started in March 2009, has been anything but quiet and calm. For years, volatility has been one ...
  • Short Side Of Long Portfolio
    Portfolio performance for newsletter subscribers over the last ten weeks Source: Short Side of Long Short Side of Long Portfolio inception date for newsletter subscribers was on ...
  • The worst question of them all
    It’s summer, or at least it was recently until our oldest went back to preschool.   Summer means family gatherings and kid’s birthday parties and BBQs and ...
  • Perpetuating Nonsense & Ignoring the Facts
    A client sent me this piece from last weekend’s WSJ: “An Index Fan Goes More Active” (paywalled, sorry). The Journal does this regularly, interviewing an ...
  • Enough
    I think a lot about the concept of “enough.” Of course, it comes up regularly with clients. How much of a nest egg is enough? ...
  • Fireside Markets Episode 09: Quantitative Value with Wesley Gray
    In this episode of Fireside Markets, host James Osborne has an extended conversation with Dr. Wesley Gray, Executive Managing Member of Alpha Architect.  The discussion centers ...
  • Medicine, Finance, Paternalism and Duty of Care
    Recently on his excellent podcast EconTalk, host Russ Roberts had a conversation with Eric Topol, author of The Patient Will See You Now. They spent the episode discussing ...
  • The ETF Flash Crash
    In the early minutes of the stock market open on Monday morning things got a little crazy. After a huge whoosh down in overnight futures ...
  • When Correlations Go to One
    There haven’t been many safe places to hide from the current market sell-off. Here are the returns through the end of the day on Tuesday ...
  • Things People Say During a Market Correction
    In my younger days I used to get my haircut at an old school barber shop. It had the candy cane red and white pole ...
  • Crash Rules Everything Around Me
    U.S. stocks were up nearly 400% in the 1980s. All anyone remembers is the 1987 crash. Bonds gave investors a total return of more than ...
  • 10 Underrated Charlie Munger Quotes
    Early on in my career I was gifted a copy of Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger. Up until that point ...
  • Company Notes Digest 8.21.15
    Each week we read dozens of transcripts from earnings calls and presentations as part of our investment process. Below is a weekly post which contains some ...
  • Company Notes Digest 8.14.15
    Each week we read dozens of transcripts from earnings calls and presentations as part of our investment process. Below is a weekly post which contains some ...
  • Company Notes Digest 8.7.15
    Each week we read dozens of transcripts from earnings calls and presentations as part of our investment process. Below is a weekly post which contains some ...
  • Company Notes Digest 7.31.15
    Each week we read dozens of transcripts from earnings calls and presentations as part of our investment process. Below is a weekly post which contains ...
  • Company Notes Digest 7.24.15
    Each week we read dozens of transcripts from earnings calls and presentations as part of our investment process. Below is a weekly post which contains ...
  • Cheaper oil does not spell doom
    Once again, the world is in a tizzy as falling oil prices threaten the profits of the energy sector, which in ...
  • TIPS see more growth, less inflation
    Thanks to TIPS (Treasury Inflation Protected Securities), the U.S. bond market gives us a reliable and up-to-the-minute reading of the market's inflation expectations, unsullied by ...
  • Budget deficit down to only 2.2% of GDP
    Not too long ago, it looked like the U.S. federal budget deficit would be measured in the trillions of dollars and ...
  • Napili rainbow
    Can't resist posting this photo taken ...
  • A tale of two currencies
    Why is the world so exercised over a 4% "devaluation" of the Chinese yuan? The Euro recently suffered a 25% "devaluation" ...
  • Berkshire Hathaway
    My taste in financial advice runs toward the simple and the lessons I’ve learned the hard way. But I still like reading about investing/finance, and ...
  • My next project: AutoSEO
    This was an April Fool’s joke. I’ve been working really hard with some friends on a project to handle SEO automatically. Now we’re ready to ...
  • Next 30 day challenge: social media/news cleanse
    For January 2015, I tried to declutter around the house for 15 minutes a day. We now have a couple rooms that are much cleaner, ...
  • Fixing “full path disclosure” issues
    Whether you’re running a web service or a blog, you should always keep your software fully patched to prevent attacks and minimize your attack surface. ...
  • Lessons learned from the early days of Google
    Earlier this month I did a talk at the University of North Carolina at Chapel Hill about lessons learned from the early days of Google. ...
  • Is China’s Growth Miracle Over?
    The recent slowdown in China’s growth has caused concern about its long-term growth prospects. Evidence suggests that, before 2008, China’s growth miracle was driven primarily ...
  • Interest Rates and House Prices: Pill or Poison?
    Policymakers disagree over whether central banks should use interest rates to curb leverage and asset price booms. Higher interest rates make mortgages more expensive and ...
  • Assessing the Recent Behavior of Inflation
    Inflation has remained below the FOMC’s long-run target of 2% for more than three years. But this sustained undershooting does not yet signal a statistically ...
  • The Recovery’s Final Frontier?
    The U.S. economy is looking quite good. Growth is on a solid trajectory, and the FOMC’s maximum employment goal is in sight. Risks from abroad ...
  • Finding Normal: Natural Rates and Policy Prescriptions
    Over the past several years, the Federal Open Market Committee’s longer-run forecasts of the short-term interest rate and unemployment rate have steadily declined. These forecasts ...
  • Two curious crude charts
    In line with our expectations spot oil has double dipped this summer, with spot WTI back at its lows for the year and Brent rapidly ...
  • FT: EM: Redrawing the World Map
    Comments from JP Smith on how the term EM has become obsolete: http://www.ft.com/cms/s/2/4a915716-39dc-11e5-8613-07d16aad2152.html
  • Share radio: Why EM is a meaningless term
    JP Smith talks to Ed Mitchell on the Investment Perspectives show on Share Radio about how EM is a meaningless term: https://audioboom.com/boos/3440299-why-emergingmarkets-is-a-meaningless-term-with-john-paul-smith-ecstratldn  
  • The Economist: The Bears Growl
    Comments from JP Smith in the Buttonwood Blog of the Economist on how we may be approaching the denouement of the EM bear market: http://www.economist.com/blogs/buttonwood/2015/07/emerging-markets ...
  • China: Reform and omnipotence myths dispelled
    ‘Pay no attention to that man behind the curtain’ Wizard of Oz The nature and scale of Beijing’s reaction to the bursting of the China ...
  • Dow Sharp Drop – CAUTION Highly Warranted
      The Dow has dropped sharply ever since it elected the first two Weekly Bearish Reversals at 17732 and 17510. The next key Weekly Bearish ...
  • Reversals Are Scalable
      This video demonstrates the different results obtained from trading the long-term major number vs. the short-term and all numbers. We will incorporate scalability eventually ...
  • Berlin WEC November 28 & 29
    Unquestionably, the overwhelming majority of “analysts” are predicting “a stock market crash for the fall of 2015”. Most predictions are centered on our target date, ...
  • Socrates & Trading
    QUESTION: Hi Mr.  Armstrong, What it exactly means  when Socrates  says  :  ” on the Weekly level we are currently with three short positions”   OR  ...
  • Markets in Review
    The markets are generally staging quite nicely for the ECM turning point. What generally rises into the turning point turns back down, and that which ...
  • Sefirot Freestyle
    And so the frustration continues. Struggling to make headwinds, it will come ……    
  • A Bear Perspective
    I found this chart a nice visual display of important information. As a data scientist I am intrigued to see how the world of data ...
  • Bear Out of Hibernation
    Could it be that the bear has finally poked his head out from hibernation? I have just found myself scrolling through some charts of major ...
  • Rich Peoples Problems
    I was speaking to one of my investors today and something was said that triggered a memory of something I recall learning from King Solomon ...
  • Shiller PE Timing Model Update
    It has been some time since I updated my Shiller PE timing model. I am pleased to say that the model was able to participate ...
  • Dipexium surpasses 50% treatment in Phase 3 trial
    Dipexium Pharmaceuticals’ (NASDAQ:DPRX) OneStep-1 Phase 3 clinical trial has passed the 50% enrolment milestone. OneStep-1 and OneStep-2 are identical, pivotal Phase 3 clinical trials, with 180 ...
  • HCW starts Biocept at buy
    H.C. Wainwright has initiated coverage of Biocept (NASDAQ:BIOC) with a “buy” rating and $4 price target. The stock closed at $1.96 on Tuesday. Biocept is a ...
  • Cellectar Biosciences refocusing on therapeutics
    After completing a strategic review of its cancer therapeutic and cancer diagnostic assets, Cellectar Biosciences (NASDAQ:CLRB) has refocused the company on its phospholipid ether drug ...
  • Microbix revenue climbs 12% for 9 months
    Microbix Biosystems (TSX:MBX) reported revenue of $6.8-million for the first nine months of 2015, ended June 30, up 12%, from $6-million a year ago. Net ...
  • BioLight in first IOPtiMate system sale in Peru
    BioLight Life Sciences Investment (OTCQX:BLGTY; TASE:BOLT) has announced the first sale of the IOPtiMate system to a medical center in Peru. The IOPtiMate system is ...
  • Daily Note – Fed fears
    Summary Corporate finance views US rate rises – someone has to be wrong! United States: Retail Sales hit by weather China: Economy being pumped with ...
  • Daily Note – The Return of Politics
    Summary Geo-political risk: It hasn’t gone away United States: Consumer confidence slows modestly Explosion in M&A deals tells its own story The week ahead: Important ...
  • Daily Note – France in big trouble
    Summary France: A picture tells a thousand words Eurozone:Euro economists’ consensus offers opportunity Eurozone: Gotta love Greece China: Premier Li has his eye on the ...
  • Daily Note – Jittery markets result in trading opportunities
    Summary Jittery Markets: We are trading away in this volatility United Kingdom: The UK is flying, rates to move sooner not later. Russia: Not cheap ...
  • Daily Note – Fake boobs, real money
    Summary Tech: The comeback of Larry Page Botox: Beauty is in the eye of the shareholder Ukraine: serious escalation in past 24 hours Turkey: Posh ...
  • August 1, 2015
    Dear friends, Welcome to the dog days. “Dog days” didn’t originally have anything to do with dogs, of course. It derived from the ancient belief ...
  • Vanguard STAR (VGSTX), August 2015
    Objective and strategy This fund of funds seeks to provide long-term capital appreciation and income. As a fund of funds, Vanguard STAR invests in other ...
  • TIAA-CREF Lifestyle Conservative (TSCLX), August 2015
    Objective and strategy The fund seeks long-term total return, consisting of both current income and capital appreciation. It is a “fund of funds” that invests ...
  • Eventide Healthcare & Life Sciences Fund (ETNHX)
    Objective and strategy The Eventide Healthcare & Life Sciences Fund seeks to provide long-term capital appreciation. The manager selects equity and equity-related securities of firms ...
  • James Balanced Golden Rainbow Fund (GLRBX/GLRIX), August 2015
    Objective and Strategy The James Balanced Golden Rainbow Fund (GLRBX/GLRIX) seeks to provide total return through a combination of growth and income and preservation of ...
  • Kraft, Campbell Soup, Nestle…and More
    All Facing Enormous Headwinds The newly formed Kraft Heinz food giant’s announcement to slash 2500 jobs is a harbinger of much worse headwinds facing all ...
  • Why L Brands CEO Les Wexner Needs to Spend a Day in London
    Victoria’s Secret, the $7 billion brand known for its sexy lingerie, scantily dressed models and world-famous intimate apparel runway show, is opening more than a ...
  • Polo Ralph Lauren – Adventures in Brand Architecture
    A New Take on an Old Story In 2004, Ralph Lauren launched Rugby, a new brand to appeal to a new customer. The company was ...
  • Old Power Brands Are Asleep
    Sephora Leads a Wake Up Call One thing the overly heralded tech-driven start-ups do not have is brand recognition. They do not have the indelible ...
  • My View
    A Series of firsthand views from industry leaders on the retail landscape, careers, personal insights, and the future of retail. Michael Gould – Leadership, Marketing ...

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