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MARKET COMMENTARY

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Back to the Future

Apr 1, 2019

11:42 am

“Financial markets do not play a purely passive role; they can also affect the so-called fundamentals they are supposed to reflect. These two functions, that financial markets perform, work in opposite directions. In the passive or cognitive function, the fundamentals are supposed to determine market prices. In the active or manipulative function market, prices find…

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The Third Investor

Mar 18, 2019

1:17 pm

“While we are in an industry that often blends art and science, our preference is to have a strongly objective, scientific, and quantitative bias to our work.” – Martin Zweig We’ve had a non-consensus, cautiously optimistic view on equities since the beginning of the year, and going further back to Oct 26th (commentaries here, here…

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Ten Investment Factors to Consider in 2019

Mar 5, 2019

12:16 pm

“The biggest mistake investors make is to believe that what happened in the recent past is likely to persist.” – Ray Dalio, Bridgewater An event such as the India Pakistan escalation illustrates the highly unpredictable nature of politics, markets and the global economy. Anticipating the future decisions and actions of hundreds of key players globally…

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The Untouchables

Feb 18, 2019

2:41 pm

“The contrary investor is every human when he resigns momentarily from the herd and thinks for himself” – Archibald MacLeish Chile’s Acclaimed F.M. Visits India – His Comments on Fiscal Austerity vs Profligacy Before we get to our commentary, a quick note. Last week, Andres Velasco, former finance minister of Chile, was in town. Andres…

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