Salient Partners

Salient is an Asset Management Firm Headquartered in Houston, Texas. Our clients have entrusted us with $18.7 billion* of their capital, which we invest and advise across a broad spectrum of traditional and alternative investments. Regardless of the business line, the unifying elements of our approach are: an emphasis on risk management, employing a research-driven investment process, and a focus on maximizing the impact of the fees and costs we incur in our investment implementation. In short, we believe that our clients should be compensated for the risks they take and the fees and costs they incur. Our collective experience tells us that this approach is the best way for Salient to help our clients achieve their financial objectives.

Inflation And Interest Rates Are Headed Up For Four Reasons

We’ve been publishing like demons this summer, so I thought it was a good idea to let the most recent … Read more

The 15 Classic Bonsai Themes - The Arborist

The arborist investor is always looking for a merely good idea to take out of the portfolio

Shape clay into a vessel; It is the space within that makes it useful. Cut doors and windows for a … Read more

US Labor Productivity Growth

I can accomplish amazing things with that untiring, never flagging, hundred-fold leverage. I can also kill myself

There is no animal more important in the ascendancy of Western Civilization than the horse, and no invention more important … Read more

Mailbag

They literally make The Money. And they control its distribution

Back by popular demand, it’s the Epsilon Theory Mailbag! Today’s edition covers notes from the past two months including “Tell … Read more

Wage Inflation

Wage Inflation – Gradually And Then Suddenly

“How did you go bankrupt,” Bill asked. “Two ways,” Mike said. “Gradually and then suddenly.” “What brought it on?” “Friends,” … Read more

hold rating A Random Walk Down Wall Street, analyst accuracy, forecasts, Stock selection criteria, Efficient-market hypothesis, EMH, Eugene Fama, random walk hypothesis, MPT, Fama, Fisher, Jensen, and Roll, CAPM, Modern Portfolio Theory,, monkey throwing darts, random stock picks, monkies beat stock pickers

The winter currently being experienced by Value investors only seems like it’s lasted for a generation

I’ve learned that people will forget what you said, people will forget what you did, but people will never … Read more

The easiest money to borrow that we have ever seen, why RISK Spending It?

A two-fer for Epsilon Theory readers this week! Today, a quick take below on why I think we have full … Read more

Global ETFs-ETPs

Do you really think that an ETF was designed for your benefit?

Epsilon Theory: The Horse in Motion o make a prairie it takes a clover and one bee, One clover, and … Read more

Federal Reserve Jeffery Lacker

Post-Fed Follow-Up

I sat on the porch Listened to the rain Smoked a cigarette And counted to ten Oh no, here it … Read more

epsilon theory whom fortune favors july 6 2017 return volatility

Have you ever tried sugar…or PCP?

The Vix INFOGRAPHIC Which Financial Assets Are Over Priced? MOST OF ‘EM. Is A Bubble Brewing In Income Assets? Private … Read more

Federal Reserve Jeffery Lacker

Fed’s reaction function has flipped 180 degrees since the Trump election

I sat on the porch Listened to the rain Smoked a cigarette And counted to ten Oh no, here it … Read more

Hollow Market – Tell My Horse

You may be a business man or some high-degree thief They may call you doctor or they may call you … Read more

Status Quo Political Systems

=Westworld

Bernard Lowe: Last question Dolores. What if I told you that you were wrong? That there are no chance encounters? That … Read more

The Horse in Motion

Epsilon Theory: The Horse in Motion

Between the wish and the thing the world lies waiting. – Cormac McCarthy, “All the Pretty Horses” (1992) I’ll start … Read more

Investment Philosophy

The right way, the wrong way and the Wall Street way

Mallow: It lacks glamour? Jael: It lacks mob emotion-appeal. Mallow: Same thing. – Isaac Asimov, Foundation It is the artist’s function not to … Read more