#portfoliomanagement

Fed Raises Another 75bp – Still no “Pivot”

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We’ve spent the better part of the last few weeks hearing from the “pivot” people.  These are the market participants who have been advocating for, hoping and praying for, and betting on a Federal Reserve pivot.  An astute reader recently pointed out that the definition of the Fed pivot has shifted from reducing interest rates … 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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