Drew's Views

Insights from the CIO of Albert Bridge Capital

Portfolio Management

The Albert Bridge Factory

Define your process, and follow it, but don't completely ignore the regime we are in.
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Hedge Fund Investing, Turnover, and Taxes

For taxable investors, the impact of taxes on long term post-tax returns really, really matters. But how much exactly do they matter? What sort of outperformance does one of your managers need to generate to offset the penalty of not buying and holding forever?
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For Investors, a "Never-Sell" Mantra is a Song for Fools

On the misleading claims of Hendrik Bessembinder about diversification; and the convenient, post-hoc, and the spurious conclusion to always buy and hold.
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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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Archegos, Disclosure, and Price Discovery

This had a lot to do with bad banking, but most to do with an overzealous client. Meanwhile, it had very little to do with holdings disclosure. Sure, our kneejerk reaction is (always) for more regulation, because we want to believe that some regulatory response will immediately solve all our future problems. But we should question this intuition.
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On Unlimited Upside

He implies that a biased sample of self-selected winners suggest that it is a mistake to ever sell any shares in any companies that you think are “winners” either historically or prospectively. That sure would be nice, wouldn't it?
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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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The Sacrilegious Diaries: The Benefits of Turnover

For a fundamental, value-oriented investor, we are reasonably active in the management of our portfolio names.
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Woody was Right

If you are managing a portfolio of equity investments, whether personally or institutionally, there are many factors that (should) go into its construction.
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The Mathematics of Maintaining Bet Size

We aren’t big fans of dipping our toes in the water when entering a position, nor of timidly reducing when exiting.
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Half 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?
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