Category Archives: Investment management
Is Bridgewater A Fraud? Here Are The Troubling Questions Posed By Jim Grant
Jim Grant, author of Grant’s Interest Rate Observer, first hinted last week that not all is well when it comes to the world’s biggest hedge fund, Ray Dalio’s $160 billion Bridgewater (of which one half is the world’s biggest risk-parity juggernaut). Speaking to Bloomberg last week, Grant said he was “bearish” on Bridgewater because founder […]
Jack Bogle Slams Wall Street’s “Unrealistic” Earnings Guesses, Says Market Valuations “Rather High”
88-year-old investing icon John "Jack" Bogle, founder of the Vanguard Group, says that the market seems to be "fully valued," and suggests investors adjust their asset allocation. In an interview with The Street, Bogle said: "The valuations of stocks are, by my standards, rather high," adding that "my standards, however, are high." When considering stock […]
Mapping The World’s Trillion-Dollar Asset-Manager Club
In the late 1700s, it was the start of the battle of stock exchanges: in 1773, the London Stock Exchange was formed, and the New York Stock Exchange was formed just 19 years later. And while London was a preferred destination for international finance at the time, Visual Capitalist's Jeff Desjardins notes that England also […]
Matt King: Global QE And “ETFs Everywhere” Have Created An Unstable, One-Way Market
While the financial industry remains divided over what precisely is the cause of the malaise that affects modern markets, characterized by plunging volumes and trading activity, record low volatility and dispersion, a relentless ascent disconnected from fundamentals, and generally a sense of foreboding doom, manifested by an all time high OMT skew – or record […]
Cryptocurrency Hedge Fund Returns 2,129% YTD
We’ll preface this post by saying we have never heard of the Alternative Money Fund – which “Specializes in Returning Freedom and Value” – and very well may never hear of it again, however it is notable for two things: i) it is a “hedge fund” invested entirely in cryptocurrencies and ii) it has allegedly […]
T.Rowe Price Issues A Warning For Investors, Cuts Stock Allocation To Lowest Since 2000
One day after DoubleLine chief Jeff Gundlach told Bloomberg TV that it is time for investors to head for the exits as his highest conviction trade is “volatility is about to go up”, and that he is reducing his positions in junk bonds, EM debt and other lower-quality investments on fears investor sentiment may roll […]
How Passive Investing Distorts Earnings Season
In a spirited defense of today’s inefficient market, one which is allegedly unimpaired by the relentless metastasis of passive investing, Bloomberg wrote an article using Macro Risk Advisors data, in which it said that “for all the handwringing about how the growth of passive investing strategies is distorting the stock market” it concluded that “there’s […]
15% Of Greenlight Capital Investors Submit Redemption Requests
While, inexplicably, Bill Ackman’s Pershing Square remains immune (according to Ackman at least) to redemptions despite posting a terrible return in the past two years, another hedge fund from the “glory days” is having less success in keeping LPs: the WSJ reports that Einhorn was “forced to pay back more than $400 million in clients […]
“It’s A Series Of Rolling Mini-Bubbles”
Authored by Kevin Muir via The Macro Tourist blog, Think back to earlier this year. At the time, the market was convinced Trump was about to usher in a new wave of free market nirvana. Hedge fund managers piled into small cap equity long positions, confident the pro-growth policies would fuel a massive outperformance for […]