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(The categories Charts and Market Stories are currently inactive, but previous postings are available in the archives.)

Most recent postings

When Analysts Throw in the Towel 10/21/23 Learning Curve

Investment recommendations, even those presented with a high degree of confidence, can easily go wrong. What factors affect whether someone reverses their previous recommendation or sticks with it?
NAV Loans, Due Diligence, and CEO Rewards 10/16/23 Fortnightly

In addition to the headline topics, there are items on AI in asset management, investing as science/art/practice, a research tip, hedge funds, investment philosophy, annual letters, politics, changing factor results, and more.
Buying Businesses, Winning in Different Ways, and Uncommon Levels 09/25/23 Fortnightly

Readings on opening up the due diligence process, finding alpha from asymmetry, market anniversaries, the R&D factor, five ways of thinking about China, a history of the VIX, narrow perspectives, and much more.
Becoming a Learning Organization 09/21/23 The Research Puzzle

Across the history of the Central Intelligence Agency, there have been efforts to understand and take advantage of lessons learned in practice. Maintaining that commitment should be a goal for investment organizations too.
The Paradox of Manager Selection Practices in a Changed World 09/15/23 Due Diligence

A thoughtful paper offers perspective on the changing nature of performance persistence in alternative investments and some recommendations for changing manager selection practices.
First Principles, the Missing Piece, and Winning Lessons 09/11/23 Fortnightly

Quite a mix of topics in this edition: the Yale model, portfolio optimization, asset management success, machine learning attribution, investment conferences, correlations, and Santa (a little early).
Identifying the Complexity Risks in an Organization 09/09/23 Investment Advisor

Complexity is found across an organization, from investment strategies and vehicles to due diligence, communication, operations, technology, and regulatory considerations. There are ripple effects among them.
Sharks, Machines, and Pod Masters (Among Others) 08/28/23 Fortnightly

It may be the August lull, but peek inside for articles on Goldman Sachs, AI investing, ideas from “Twitter,” multi-manager hedge funds, private credit, moats, macro illusions, investment networks, how many managers you should have, and still more.
Reposting: Analyzing Internal and External Investment Networks 08/17/23 Sampler

This Sampler posting combines two essays from December 2022 that explored the networks of information that feed the investment process of an organization.
Systematic Evaluation, Nuanced Factors, and a Very Toxic Cocktail 08/14/23 Fortnightly

Among the many topics in this issue: the single decision facing asset managers (and how they should meet allocators), a short history of the bond market, partisan portfolios, private debt, target-date funds, and innovation opportunities.
Examining the Investment Memos Produced by Asset Owners 08/09/23 Asset Owner

What do we know about the reports prepared by institutional asset owners regarding the asset management organizations they hire? A review of a new paper on the topic (and some ideas of our own).
Life Cycles, Faded Giants, Operational Improvements, and AI Hype 07/31/23 Fortnightly

In addition to the titled themes, some of the topics in this issue are lowball guidance, looking for truthful filings, alpha from index funds, infrastructure, subscription lending, and behavioral attribution. Plus a bunch of good questions and Goldilocks models.
The Dawning Era of Qualitative Analysis 07/27/23 Due Diligence

Information about performance gets sliced and diced in innumerable ways. Additional quantifiable attributes of asset managers have also been studied, but other factors (ones that really matter) are difficult to analyze.
Growth, Value, Indexing, and Evolutionary Investing 07/17/23 Fortnightly

The beliefs of two successful investment firms, subscription lines, the most successful ETF launch, sovereign development funds, endowments and inflation, CFA formulas, and “sex, drugs, and spreadsheets.”
Orbiting the Asset Management Hairball 07/15/23 Asset Manager

Individuals within organizations face impediments in trying to escape the established order. Similar forces are a factor for organizations, especially in the asset management business.
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