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Most recent postings

The Anthropologists and the Pension Funds 04/27/23 Asset Owner

This posting begins a series about how the cultural analysis of investment entities can reveal how decisions are made and why.
EPS Maximizers, Investment Beliefs, and Knowing Everything 04/24/23 Fortnightly

This edition of the Fortnightly features a few items about private equity, context on Silicon Valley Bank, and a peek in a black book about the new investment regime. Plus a wide range of other readings of interest.
The Banality of Investment Process 04/21/23 The Research Puzzle

A documentary about the Beatles provides examples that are instructive regarding investment teams and the nature of process.
Cognitive Diversity, a Whole Bunch of Risks, and a Secret Third Thing 04/10/23 Fortnightly

This edition explores risk-mitigating strategies, group effectiveness, investor psychology, the culture of busyness, and GPT coming to the investment world. But that’s just a slice of what’s here.
Forbearance (Regarding Performance) is in the Eye of the Beholder 04/06/23 Due Diligence

What length of time makes sense when you are evaluating the performance of an asset manager? A research survey makes judgments in response to the industry’s standard frame.
Reposting: Dimensions of Learning for Investment Professionals 04/03/23 Sampler

What types of knowledge are important for investment professionals? How should they be trained? Alix Pasquet offers some thoughtful and differentiated ideas.
Anticipating Change (and Calibrating Confidence) 03/27/23 Fortnightly

The latest biweekly collection of curated articles runs the gamut from anomalies to Z-Scores (with M-Scores somewhere in the middle). Asset classes, organizations, people, and flux.
The Killer App Still Dominates in Middle Age 03/24/23 Learning Curve

Microsoft Excel is everywhere in the investment world. A reflection on uses, errors, and history, as well as some wizards of columns and rows.
Ascendance of the Pod Masters 03/18/23 Asset Manager

Multi-manager, multi-strategy funds are the subject of attention and fascination now. What are the implications of their success and popularity?
Investor Identities, Availability Cascades, and Unknown Unknowns 03/13/23 Fortnightly

It didn’t even take two weeks (since the last edition of the Fortnightly) for things to change in a big way. A bit about that, plus a wide-ranging set of reads about other important ideas in the ecosystem.
Are Hedge Funds Aligned with Their Investors? 03/12/23 Asset Owner

A paper based on a recent survey of hedge fund managers prompts questions about the alignment of interests between hedge funds and their investors.
The Outsourcing Debate: Principles and Rules 03/07/23 Investment Advisor

A proposed SEC rule regarding the outsourcing of capabilities by investment advisory firms shines a light on how they evaluate and select third-party providers.
Managers, Machines, and the Conveyor Belt of Finance 02/27/23 Fortnightly

Included in this issue are readings about machine learning, meeting with asset managers, black swans, private equity, technical analysis, liquidity challenges, ESG, failures of due diligence, and much more.
Reposting: Cliques and Claques in the Ecosystem 02/21/23 Sampler

While not often taught to investment professionals, the disciplines of sociology and anthropology are essential to understanding both asset pricing and how organizations operate.
Four for Friday ~ Letters from the Ecosystem 02/17/23 The Research Puzzle

Communications from MITIMCo, Permanent Equity, Jefferies, and Lindsell Train offer examples and lessons about conveying messages to clients and stakeholders.
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