Drew's Views

Insights from the CIO of Albert Bridge Capital

Passive vs Active

Volkswagen and Porsche SE are stuck in Wall Street’s pits. Stock investors, start your engines.

In our view, Porsche SE, with a recent 14 billion euro market cap (and trading over €40 billion a day), is one of the most underpriced, liquid, listed assets available to investors.
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Drew Chats with Downtown Josh Brown

The impact of flows on security pricing, and investment opportunities.
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Finding Alpha in Europe

Drew and Toby chat about narrative-driven investing, Ben Graham's voting machine, behavioral explanations for stock mispricing, and managing a concentrated portfolio of investment ideas.
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The Politics of Passive Investing

Most of us in the finance world are well aware of the evolution of “passive” equity investing over the years, and have witnessed its tremendous growth. Some of us have asked questions about it. We’ve asked is it all good? Is it mostly good? Are some aspects perhaps bad? Are some really bad?
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Do Short Term Flows Permanently Affect Share Prices?

I’d like to think that prices can get out of whack for some period of time, and in that window, the nimble, unbiased, fundamental stock picker can take advantage of overreactions and underreactions. If they don't, then the M&M propositions truly hold, and I don’t have a meaningful job. However, if this paper is right, and it is only flows that matter, then while the M&M theorems are overturned, I don't have a meaningful job either. If it is all about flows, then I shouldn't play the game.
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A Memo to Investors

I know, these are weird and trying times. It all makes you wonder what the point of stock-picking is. What is the purpose of kicking the tires, looking under the hood, and doing our jobs?
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Everybody 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.
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Passively Irrational?

Some of you may remember the quant crash of August 2007.
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123 Years of the Dow

Presented without comment.
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Data Science and Alpha

As the investment community embraces data science, we should not be blind to the reality that many of our active-management peers are
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Passive Flows and Wheelbarrows

A nightly sort of the most active US names is usually dominated by ETFs. Earlier this month, we took a peek at the most heavily traded names on one particular day.
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On Passive Flows, Smart Money, and Alpha

The trend from active to passive (or systematic) investing is now well-entrenched.
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