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INSIGHTS THAT MATTER

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Game of Thrones

Published Apr 15, 2019

Disagreeable data are streaming out of the computers of Merrill Lynch and other performance measurement firms. Over and over and over again, these facts and figures inform us that investment managers are failing to perform. Contrary to their oft articulated goal of outperforming the market averages, investment managers are not beating the market: The market…

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Repo Rate Cut by 25bps, Policy Tone unchanged at “Neutral”

Published Apr 4, 2019

The Reserve Bank of India today decided to reduce the policy repo rate to 6.00% from 6.25% with four out of six members voting in favour of the cut. However, the MPC decided to keep the monetary policy stance unchanged at “neutral” with an objective of achieving a medium-term target for CPI of 4% within…

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Back to the Future

Published Apr 1, 2019

“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

Published Mar 18, 2019

“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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