Human Behavior

Our Big Lesson From “The Big Short”

Our Big Lesson From “The Big Short”

In 2012 we published a whitepaper entitled “Adaptive Asset Allocation: A Primer” in which we built upon the simple, robust momentum framework proposed by Mebane Faber in his 2009 study “Relative Strength Strategies for Investing.” Our approach utilized a …

Bernanke & Citadel, Politicians & Priests

There’s been much made of the recent move by Ben Bernanke accepting a position – less than a year after leaving his position as Chairman of the Fed – with hedge fund Citadel. I’ll admit that my initial reaction was the populist one: Here we go again with the revolving-door between Washington and Wall Street […]

Pete Carroll Is Not the Fool, I Am

Abundant ink has been spilled on the subject of Pete Carroll’s decision to pass on 2nd down from the 1 yard line in the Super Bowl two Sundays ago. Some have come out and bombastically stated that it was the WORST CALL IN SUPER BOWL HISTORY!! Others have concluded that, in fact, Carroll was entirely […]

SNB, CHF and Our Colleague…

The Swiss Franc (CHF) was the talk of the financial world last week. We feel compelled to write something about it, but our response will be measured because we know someone directly affected by the situation. You see, we have this colleague…

The Ever-Depressing SPIVA: 2014 Mid-Year

The Mid-year S&P Dow Jones Indices SPIVA Canada Scorecard is out, and it’s everything that we’ve come to expect from the discretionary stock-picking world. But this time was unique even by our standards in that, for the first time in memory, not a single Canadian Dividend & Income equity fund outperformed it’s benchmark over the last 5 years. Not […]

Why Monkeys Hate Losing Grapes and You Hate Losing Money

In our lives, we believe it reasonable to endeavor to make better decision than monkeys.  This isn’t as easy as it sounds. In a famous experiment popularized by the the 2009 book SuperFreakonomics, Dr. Keith Chen conditioned Capuchin monkeys to understand the utility of money to purchase treats.1   It was compelling enough that the monkeys showed demand […]