Valeant: Position Crowding, Intrinsic Value – an Update20160608130525

Valeant: Position Crowding, Intrinsic Value – an Update

mmamoumaniJune 8, 2016, 0 comments
In January, we wrote a post on Position Crowding and Valeant – the poster child in 2015 for a crowded hedge fund name.  One of the points we made was ...
Brexit in 22 Days?20160601165828

Brexit in 22 Days?

mmamoumaniJune 1, 20160 comments
A new Guardian poll reveals a 52 – 48 split among Britons in favor of leaving the EU. The alarming result represents a sharp decline in support for th...
Chasing Fund Returns is a Very, Very Bad Idea20160509183323

Chasing Fund Returns is a Very, Very Bad Idea

How does a fund earn over $500 million in management fees yet lose over $1 billion for investors since inception? No, sorry.  It’s not a hedge fund.  ...
Why Apple is NOT a Top Ten Holding of 93% of Hedge Funds20160308151554

Why Apple is NOT a Top Ten Holding of 93% of Hedge Funds

mmamoumaniMarch 8, 2016, , 0 comments
To infinity and beyond Buzz Lightyear   A recent report by Goldman Sachs describes Apple (AAPL) as a “Very Important Position” (top ten holding) ...
Is Warren Buffett a Value Investor?20160229081145

Is Warren Buffett a Value Investor?

mmamoumaniFebruary 29, 20163 comments
  The best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return. Warr...
When a Client Asks, “What is Brexit?” Here’s Your Quick Guide20160225100755

When a Client Asks, “What is Brexit?” Here’s Your Quick Guide

mmamoumaniFebruary 25, 2016, , 3 comments
As we discussed in a post on Market Psychology and the Investor Narrative, the markets get very volatile when a new, large and unfamiliar risk surface...
Market Pundits in 2016 – A Reality Check20160218134045

Market Pundits in 2016 – A Reality Check

mmamoumaniFebruary 18, 20161 comment
Most successful pundits are selected for being opinionated, because it’s interesting, and the penalties for incorrect predictions are negligible...
How Smart is Smart Beta?20160216090029

How Smart is Smart Beta?

mmamoumaniFebruary 16, 20162 comments
If smart beta is smart, is my beta dumb? First, a definition:  smart beta strategies are (allegedly) better ways of getting exposure to equities, bond...
The Commodity Head Fake20160209104553

The Commodity Head Fake

mmamoumaniFebruary 9, 20160 comments
Prediction is very difficult, especially if it’s about the future. Niels Bohr In the annals of modern portfolio theory, commodities deserve an award f...
The Trouble with Oil (Part Three)20160201205252

The Trouble with Oil (Part Three)

mmamoumaniFebruary 1, 20160 comments
One thing that I’ve realized is that there’s a disconnect in how different investors think about oil. For asset allocators, oil and commodities are a ...