While it is only a single data point, our October attention measure rose from its very low base over the prior three months. Our aggregate…
After climbing as usual (and, we think, in more muted fashion) in connection with mid-term elections, attention to US Fiscal Policy narratives ticked down modestly…
While articles including key credit terms continued to rise in October, their internal coherence continued to fall. This means that stories tended to cover individual…
A stalking horse is a familiar shape that a hunter hides behind in order to get close to his prey. Once you start looking for them in markets, you will see them EVERYWHERE.
Using facts in your analysis doesn’t make your analysis a fact. Punchy language that leans on these ‘facts’ doesn’t often stand up to scrutiny.
Sometimes the absence of a clear central Narrative can tell us something about a stock, too.
I can’t advise you on the Answers. I won’t advise you on the Answers. But I will advise you on the Process. Because that’s what we do for our fellow pack members.
The paradox of the Widening Gyre is that even when you’re right, you may be wrong.
“Just when I thought I was out, they pull me back in!”
Vito got out. Michael never did.
Allocators and investors can learn a lot from professional baseball about how to structure incentives and compensation for portfolio managers. And how NOT to do it.