We should weigh Warren Buffett’s words carefully, given his success and wisdom. Of course, he’s got an error rate, too, like we all do. For investors who don’t care about the volatility of their investment returns, money managers who hedge their portfolio exposures may not be a good fit, as their returns will be muted […]
I caught a little bit of Julian Robertson last evening, and found his comments to be similar to the ones Leon Cooperman made four weeks ago to CNBC (Robertson actually made some comments about Cooperman as well, wishing him well). When the bubble (caused by low interest rates) bursts, people are going to get hurt. … It’s […]
Wall Street celebrity conferences such as CNBC’s Delivering Alpha are always fun. While I find them to be roughly 60% entertainment and 30% “talking your book”, there are also some nuggets of inspiration, friction with some of my priors, and even worthwhile tweaks to my portfolio (especially hedges) on occasion. Ray Dalio of Bridgwater Associates, with […]
In my old days of proprietary trading (mid-2000s), I was a voracious reader (when I wasn’t trading index or managing risk). I’d read a couple of hundred blog posts, journal articles and the occasional research paper weekly. One of my favorite bloggers–in those early days of blogging–was Eric Falkenstein, whom I likened to Thomas Kuhn, for finance. Reading the […]
Warren Buffett on obscene management feesFebruary 28, 2017 - 2:30 pmWe should weigh Warren Buffett’s words carefully, given his success and wisdom. Of course, he’s got an error rate, too, like we all do. For investors who don’t care about the volatility of their investment returns, money managers who hedge their portfolio exposures may not be a good fit, as their returns will be muted […]
Julian Robertson talks hedge funds at primetime Bloomberg SurveillanceSeptember 28, 2016 - 6:12 pmI caught a little bit of Julian Robertson last evening, and found his comments to be similar to the ones Leon Cooperman made four weeks ago to CNBC (Robertson actually made some comments about Cooperman as well, wishing him well). When the bubble (caused by low interest rates) bursts, people are going to get hurt. … It’s […]
Thoughts on CNBC’s Delivering Alpha quotablesSeptember 14, 2016 - 2:22 pmWall Street celebrity conferences such as CNBC’s Delivering Alpha are always fun. While I find them to be roughly 60% entertainment and 30% “talking your book”, there are also some nuggets of inspiration, friction with some of my priors, and even worthwhile tweaks to my portfolio (especially hedges) on occasion. Ray Dalio of Bridgwater Associates, with […]
Eric Falkenstein’s Finding AlphaSeptember 9, 2016 - 2:04 pmIn my old days of proprietary trading (mid-2000s), I was a voracious reader (when I wasn’t trading index or managing risk). I’d read a couple of hundred blog posts, journal articles and the occasional research paper weekly. One of my favorite bloggers–in those early days of blogging–was Eric Falkenstein, whom I likened to Thomas Kuhn, for finance. Reading the […]