Back to Drew's Views
Asset Pricing
Was “Value” Just a Hot Hand Thing?
In 1861, at the outset of the Civil War in the United States, Union Pacific issued 20 shares in its IPO.
Read MoreBubblicious?
COVID-19 and related counteractive policies have had an extremely negative impact on domestic and global economies. Whether or not you believe that the policies weren’t strong enough, or if they were overzealous, we are where we are.
Read MoreEverybody Was Kung Fu Fighting?
Last week, Finance Twitter erupted over a Bloomberg article about Michael Burry [i] and how he likened passive investment in equity markets to the bubble in the synthetic CDO market back in 2007, which he famously – thanks to Michael Lewis and Christian Bale – identified.
Read MoreVoting Machines and Weighing Machines
Ben Graham is famously attributed for stating that the market was a voting machine in the short term, but a weighing machine in the long term.
Read MoreGroundhog Day and Overnight Returns
Over the past few years, some of the finance literature has started addressing the phenomenon, if not the apparent puzzle, of overnight returns (close-to-open) vs. intraday returns (open-to-close).
Read MoreVisualizing the Arithmetic of Active Management
It’s been said that a picture can be worth a thousand words.
Read MoreRisk and Portfolio Theory
As we’ve discussed, efficient market academia suggests that Mr. Market actually only cares about systematic risk.
Read MoreOn Sexual Chocolate and Semi-Annual Reporting
The presupposition that quarterly earnings and guidance somehow breeds short-termism and suboptimal business strategy,
Read MoreIsland Economies and Risk
In this economy there are two companies, a resort hotel, and an umbrella manufacturer.
Read MoreHunting for Alpha
But Can a Stock-Picker Really Generate Alpha, and is it Luck or Skill When it Happens?
Read MoreCareer Risk, Alpha, and Contrarian Investing
At our firm, one of our main goals is, very simply, to generate excess returns from equity investing without taking commensurate risks.
Read MoreGod Bless the Shorts
Elon Musk made a lot of news last week, refusing to answer “boneheaded” questions from “boring” sell-side analysts.
Read MoreEquilibrium Happens
There is a great deal of discussion these days regarding the impact of passive investing
Read MoreHalf Hearted Is Half Minded
After discovering the next great investment idea, why is it so easy to start with a half-sized position, watch it a bit, and then go full-sized later?
Read MorePegs, P/E'S and the Value Premium
Several years ago, we did an analysis of companies starting with a specific starting growth rate, and assumed that they would do a straight-line ten-year fade to a growth rate equalling inflation.
Read MoreRobots and Alpha
The trend from active to passive (or systematic) investing is now well-entrenched.
Read MoreTopics
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
How to get in Touch
Michelin House
Suite 109, 81 Fulham Road
London, SW3 6RD
Suite 109, 81 Fulham Road
London, SW3 6RD
+44 (0) 203 826 0206
