Machine Learning Meets Portfolio Management
Financial markets have become increasingly efficient, making it harder to beat them using conventional methods. While we are still in the early days, some professionals…
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Energy Not Adding Up
A barrel of oil, West Texas Intermediate, currently fetches $65 per barrel, that is a fairly decent price looking back over the past three years….
Active Beat Passive In 2017?
Sacrilege, right? Over the years, have we not been taught that actively managed funds simply don’t stand a chance against the index? Well something happened…
Avoiding Mistakes
If you believe most marketing material, it would be easy to come to the conclusion that great ideas are the primary driver of investment performance….
Cyclical Yield En Vogue
In the past three Market Ethos instalments, we covered the market correction and its most likely culprit, namely rising bond yields and inflation expectations. Turning…
Expectations Are Inflating
The U.S. Federal Reserve has a dual mandate of targeting 2% inflation and maximum employment. They are doing a great job of achieving their employment…
The Bell Has Been Rung
Last week we wrote a piece titled “Hey Equity Markets, Bond Yields Toll for Thee.” Well, bond yields tolled alright, and equity markets found their…
Hey Equity Markets, Bond Yields Toll For Thee
The TSX has dropped over 4% this past week, the S&P 500 is down almost 4%, about the same for global equities. Could the long…
All About FX
The S&P 500 is rocking new high after new high. Since the end of November, it is up 7.9% in under two months. But translate…
Growth vs Value And Your Age
It should not be lost on investors that in 2017 the S&P 500 Growth Index outperformed the S&P 500 Value Index by 13% (+25.4% vs…
Managing Your Biases
If you had to analyze every decision you make on a given day, you probably wouldn’t get much done. You might not even make it…
Stars Remain Aligned
This is an excerpt from our upcoming Redwood Core Income Investor letter which will be published and distributed this week. Market returns in 2017 were…
The Anatomy Of A Bubble
Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by misconception. – George Soros…
Performance Chasing
The most prevalent disclaimer in the investments world goes something like this – “past performance may not be repeated”. If you don’t believe us, just…
Profiting From Investor Misbehaviour
All investors make errors which can often be traced back to a behavioural bias or emotional mistake. If under certain circumstances these mistakes are systematic,…