Trying to keep delta neutral wrt SPX.
Some exposure to commods via PAAS, VALE, KL, GLD but very little.
Hanging onto Incredible Hulks trade, but yet to see much return (grrr, Kuppy!).
Slight exposure to energy via RDXUSD.
Really hanging on for markets to get rational.
I’m desperate to …
read moreI love long-form interviews, especially when driving or otherwise unable to read. I listened to The Econtalk Episode in which Russ Roberts talks to Martin Gurri about his 2014 book, “The Revolt of the Public”. You can read the highlights here.
The basic thesis is that Poltical Taylorism has had …
read moreKelly was a smart guy who worked with the legendary Claude Shannon at Bell Labs. He worked out an optimal betting strategy for games of chance. This can be applied to investment, where an investment decision has a payoff probability distribution where a holding (e.g. of stock) will produce …
read moreI’ve been very bearish about ‘purpose built student accommodation’ for a long time. The UK has been following the US in tertiary education, just as it always follows it in primary and secondary education.
I have some experience of renting to students. It’s not easy, and it’s …
read moreWe seem to be returning to the 30s. But this time populist governments are desperate to keep voters on board. So they have no option but to cushion unemployment. The big debate of the 30s was whether this would put off the evil day when the economy …
read moreCharlie Bilello is one of the many great commentators who collate data and give analysis to us for free. He has collected together some recent data which shows just how enormous the C-19 disruption has been over the …
read moreNot traded for a bit. Some small trades:
Today, I read this article, from Wolf Richer’s blog. I think that Druck had previously said how grateful we should be for all these high-tech companies providing valuable services to us below cost (or, maybe in the case of Amazon, barely above cost). Well, yes, these are very convenient …
read moreVincent Deulard is a very interesting commentator. Without the inimitable Kevin Muir & Patrick Ceresna, I would never have encountered this witty and thoughtful Frenchman.
Deluard believes that it’s different this time. That the demographic challenges facing the Boomers mean that …
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