The Reformed Broker


#SomethingMatters [-0.06]

Posted on Aug. 16, 2017, 6:58 p.m. by The Reformed Broker @ [source]

But apparently, something matters. But now we know that something does matter.

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One more from that James Montier GMO letter I linked to yesterday.

Markets appear to be governed by complacency at the current juncture.

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Hot Links: Apple Takes Hollywood [0.27]

Posted on Aug. 16, 2017, noon by The Reformed Broker @ [source]

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QOTD: Saying No to the S&P 500 [0.07]

Posted on Aug. 15, 2017, 4:47 p.m. by The Reformed Broker @ [source]

Being a US equity investor over the past several years has felt glorious. Over the last 7 years, the S&P is up 173% (15% annualized in nominal terms) versus MSCI EAFE (in USD terms), which is up 71% (8% annualized), and poor MSCI Emerging, which is up only 30% (4% annualized).

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My middle name is danger [0.10]

Posted on Aug. 15, 2017, 12:50 p.m. by The Reformed Broker @ [source]

Where do the biggest gains come from? Come check it out.

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QOTD: a matter of personal conscience [-0.04]

Posted on Aug. 14, 2017, 6:29 p.m. by The Reformed Broker @ [source]

Is this the beginning or just a one-off? Who, if anyone, will be the next to stand up and say that racial hatred and violence is not okay?

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Counter-trend [0.05]

Posted on Aug. 13, 2017, 12:13 p.m. by The Reformed Broker @ [source]

Yesterday, thirty people were injured and three killed at a white supremacist demonstration in Charlottesville, Virginia.

Yesterday’s response to the demonstration proves this.

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Yacht Rock [0.11]

Posted on Aug. 11, 2017, 12:31 p.m. by The Reformed Broker @ [source]

What a breath of fresh air.

Stocks decided to pay attention to the back and forth nuclear rhetoric between North Korea and Donald Trump this week.

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Who coulda seen this coming? [0.07]

Posted on Aug. 10, 2017, 5 p.m. by The Reformed Broker @ [source]

For computerized strategies that are supposed to be making people obsolete, quants are looking decidedly human in 2017. Today’s arms race into quantitative and algorithmically driven strategies will be no different than all other Wall Street arms races of the past: The getting is good at first, until it works.

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There were newspapers and articles on the web and magazines. And the vast majority of what you’d read from day to day was stock picks, economic forecasts, “8 Mutual Funds To Stuff Your Stockings With This Christmas”, market timing calls and then more stock picks.

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Hot Links: Dumb Money Wanted [0.27]

Posted on Aug. 10, 2017, 12:29 p.m. by The Reformed Broker @ [source]

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Fidelity and Coinbase team up [0.31]

Posted on Aug. 9, 2017, 7:31 p.m. by The Reformed Broker @ [source]

Starting Wednesday, most Fidelity clients will be able to authorize Coinbase, one of the largest crypto-currency exchanges in the United States, to provide the fund manager with data on their holdings. You’ll notice, however, that there’s no mention of transacting or trading BTC directly on Fidelity, you’ll still have to have a Coinbase or similar service to so.

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A brand new book came out yesterday that I’m bursting to tell you about.

This book, created and curated by the estimable Meb Faber, takes the best thing that each of us has written and turns it into a chapter.

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What are you even looking at? [0.10]

Posted on Aug. 1, 2017, 2:05 p.m. by The Reformed Broker @ [source]

Where the hell did these people learn to invest or trade?” There is no doubt that the bull market in the S&P 500 could stop at any time, but how could you possibly look at it now and say it’s imminent?

I get rooting for a bear market – lots of people run strategies where their ability to earn a living depends on bear markets.

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Blind Ambition [0.11]

Posted on Aug. 1, 2017, 1:24 p.m. by The Reformed Broker @ [source]

Watching people I respect destroy themselves of late.

And these aren’t even people that have to do this.

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QOTD: What to focus on [0.23]

Posted on July 31, 2017, 3 p.m. by The Reformed Broker @ [source]

Instead of continuing to torture the data—and ourselves—in effort to find meaning in the noise, we should instead focus on building portfolios that are robust to many potential outcomes rather than being perfect for a single one. It is an approach where we openly admit, “I don’t know.” This admission of uncertainty allows us to focus on being vaguely right instead of risking being precisely wrong.

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Chart o’ the Day: August Sucks Sometimes [-0.04]

Posted on July 31, 2017, 1:26 p.m. by The Reformed Broker @ [source]

Jon Krinsky at MKM Partners with a little bit of seasonal awareness for you as we head into August, the “worst” month for S&P 500 performance statistically speaking.

Markets tend to act up in August for the same reason why shootings rise – it’s hot out, people are losing their minds and everyone is spending more time outdoors interacting with each other rather than sitting quietly indoors.

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Hot Links: Misconceptions [0.27]

Posted on July 31, 2017, 11:58 a.m. by The Reformed Broker @ [source]

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Meet John Delaney [0.04]

Posted on July 30, 2017, 5:30 p.m. by The Reformed Broker @ [source]

Rep. John Delaney may not be the presidential candidate Democrats want.

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