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Friday, October 19, 2018
The concept of risk parity was a novel conception based upon the premise of an allocation of risk, usually defined by volatility, rather than an allocation of capital. In a traditional 60/40 equity/bond portfolio allocation, the risk allocation is far […]
Every family has its own holiday traditions; my family is no exception. One memorable Easter stands out. See 2017 Hedge Fund Letters. My brother and I awoke quite early and raced to the living room to see what the Easter […]
Following a solid 2017 (229 IPOs), initial public offerings on U.S. exchanges slipped in the first quarter of 2018. There were 51 IPOs in the first quarter; this was down 31% from the 74 companies in the fourth quarter of […]
To assess the performance of analysts over the past year, FactSet divided the stocks that were in the S&P 500 on March 31, 2017 into five equal-sized groups (quintiles) based on the percentage of Buy ratings on that date. The […]
Much of the focus on mergers and acquisitions is on mega deals that change industry landscapes (Disney/Fox, Amazon/Whole Foods, CVS/Aetna). However, these deals are typically only relevant and dissected at announcement, when the shock of a deal makes for good […]
Cost control is key to long-term investment success, but trading costs associated with portfolio rebalances add up over time, decreasing returns overall. This slippage is hard to measure, because it is never explicitly stated in annual reports. Yet market impact […]
Over the past year, cryptocurrencies have garnered considerable investor attention as much for their volatile swings as their ability to make millionaires overnight. Originally created to facilitate global digital transactions, trading by speculators has led to volatile short-term market fluctuations […]
Christa Forte, Strategic Consultant; Matthieu Savi, Strategic Consultant; and Lynsey Ashford, Strategic Consultant also contributed to this article. There’s been an ongoing debate on whether Facebook, Amazon, Apple, Netflix, and Google (collectively known as FAANG), and the technology sector in […]
After seven consecutive annual increases, 2017 marked the first year in which U.S. vehicle sales declined. Following a record-high 17.9 million units sold in 2016, total vehicle sales retreated to 17.6 million in 2017 according to data from the U.S. […]
We are now a week into February and I feel safe exclaiming “wow, I didn’t see that one coming!” The chart of the 10-year Treasury looks like the front range of the Rockies, jumping 31 basis points in January and […]
