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Most recent postings

Pendulums, Ingrained Organizational Habits, and Spiritual Alignment 04/04/22 Fortnightly

What is Jack Bogle’s legacy? How important is good communication for investment professionals? Plus, block trading, inflation expectations, RIA acquisitions, pension obligation bonds, Ned Johnson, Orville Wright (?), and a due diligence question (and a due diligence reminder).
Steppingstones and Clues for Further Research 04/01/22 Charts

A Morningstar analyst’s downgrade of Fidelity Contrafund provides an opportunity to see the value of visualizations in determining good avenues for due diligence research.

Questions about the Dominance of Indexed Strategies 03/28/22 The Research Puzzle

A profound change has taken place in many portfolios that are supposed to produce alpha, from a focus on finding the best individual holdings to an environment in which many are “agnostic to security-level information.”
Unpredictable People, Leverage, and Walking the Talk 03/21/22 Fortnightly

Everything from direct lending to a new way to train advisors, from co-investing to block trading, and auditors, investor relations, greenwashing, and more. Plus, a Wall Street legend, a fool and his gold, and the amazing 60:40.
Two Sides of Ambivalence 03/20/22 Due Diligence

Confidence is highly prized in the investment world, even though the essence of the endeavor involves uncertainty. Perhaps there is an unappreciated superpower worth discovering.
OCIOs: History and Evaluation 03/14/22 Asset Owner

In many ways, outsourced chief investment officers are a return to the distant past. Some history, comments on the current environment, and considerations for those interested in this hot industry trend.
The Best of Times, the Worst of Times, and Adversarial Collaboration 03/07/22 Fortnightly

Culture, first principles, greenwashing, due diligence, intangible assets, laws of the internet, inspiration, and more. Plus some new resources and a look back at the BRICs.
The Star Analyst Years 03/06/22 Learning Curve

The decades of the 1990s and 2000s transformed the investment business. This is the first in an occasional series of postings about that era.
Decisions with Other People’s Money 02/27/22 Asset Manager

If the goal of an asset management firm is to provide attractive performance that meets the expectations of its clients, then the impediments to that happening should be top of mind for the leaders of an organization.
Less-Private Funds, A Really Long Bond, and Molecules Wanted 02/20/22 Fortnightly

The typically wide array of stories in this version of the Fortnightly includes great readings on venture capital, company analysis, allocator bureaucracies, emotion in organizational culture, and much more.
When Does Scale Impede Returns (and When Doesn’t It)? 02/17/22 Asset Owner

Size matters. Big organizations have advantages and disadvantages, as do small ones. What are the general principles for thinking about scale and performance, and what are the exceptions?
We Need Some New Terminology (Part 2) 02/12/22 Investment Advisor

Quick, define “passive investing.” Now take a look at the messy way the term is used in today’s investment industry.
From the Supreme Court to the Plant Manager 02/06/22 Fortnightly

This issue covers elusive edges, short-selling, private equity, background checks, option market structure, and other investment topics. (Plus reality tunnels, nepotism, and moral calculations.)
The Teacher 02/02/22 Learning Curve

Aswath Damodaran shares his ideas across a variety of platforms, weighing in on controversial investment topics of the day and providing valuation insights. Here are some highlights of a recent conversation, along with his advice to learners.
Addressing the Culture Gap 01/26/22 The Research Puzzle

Every industry has its own ways. To what extent can those in the investment world learn from other kinds of organizations (and the research about them) as a means to continuous improvement?
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