Market Commentary

Squirrels 2 – Central Bankers 0

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A squirrel stored 300 pounds of acorns inside a transmitting antenna.  At this point, is there anyone who thinks our debt/money printing/currency debasement regime is superior to a small rodent who saves during the summer so it has food (income) during the winter? The squirrel stocked about 150 kilos of acorns inside the transmitting antenna. … Read more

Do You Adapt to Changing Market Conditions?

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I’ve worked for and run a variety of different hedge funds with multiple strategies: concentrated long-only, long-short equity, long-term value, special situations, growth investing, options-based hedging, and even risk arbitrage (betting on the results of an announced but not completed merger or acquisition).  The best investors have a clear understanding of what makes a good investment … Read more

Questioning the “Bonds are Cheap” Narrative in Pictures

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Introduction: We’ve noted in the past that many market participants are eagerly waiting for the “Fed pivot”; the time when they expect the Federal Reserve will reassure investors that it’s done raising rates and can get back to more of the fun zero-interest rate combined with trillions of dollars of quantitative easing.  Of course that … Read more

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