It is the 19th of September 2019

News

Bloomberg Pronounces The Early Death Of The Traditional Long-Short Hedge Fund Model

Bloomberg has apparently just taken it upon itself to pronounce the early, unceremonious demise of the traditional Long/Short Hedge Fund model after seemingly declaring that stocks will continue to march higher in perpetuity, with minimal volatility, thus rendering traditional financial analysis and stock picking about as obsolete as a Motorola pager from 1982.  Of course, we embellish a little...but not much...here is Bloomberg's take:

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In Epic Letter, Elliott's Singer Rages Against Everything From Passive Investing To "Safe Spaces"

We've frequently warned about the myriad of potential risks arising from the massive capital flows from active to passively managed accounts which will eventually, and inevitably, wreak havoc upon the markets.  It is, in fact, this transition which is inextricably linked to the market's apparent disregard for traditional valuation metrics as it surges to all new highs with each passing day.

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Howard Marks Sounds The Alarm On ETFs And Passive Investing, Again

Back in March 2015, Howard Marks was among the first to sound the alarm on the encroaching danger posed by both ETFs in particular, and passive investing in general, when he memorably asked (rhetorically, for now), "what would happen, for example, if a large number of holders decided to sell a high yield bond ETF all at once?" and answered his own question:

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Pimco CIO Says Firm Is "Reducing Risk Across The Board"

Mark Kiesel probably isn't the first name that springs to mind when Pimco's investment strategies are being discussed.  That honor, ironically, still resides with Bill Gross even though he departed the firm for Janus over 3 years ago. 

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