The Trouble with Alpha: Part I20160623124038

The Trouble with Alpha: Part I

mmamoumaniJune 23, 2016, 0 comments
Investors equate “alpha” to outperformance.  A high alpha fund presumably delivers substantial excess returns relative to its benchmark. True alpha is...
The Rise of Populism and the Fall of Economies20160616163624

The Rise of Populism and the Fall of Economies

mmamoumaniJune 16, 2016, , 0 comments
Recent election cycles in the U.S. and Europe have seen the ascendance of political parties whose platforms are significantly shaped by populist initi...
Why a ‘Replication’ Strategy Trumps Liquid Alt Funds20160614134722

Why a ‘Replication’ Strategy Trumps Liquid Alt Funds

mmamoumaniJune 14, 2016, 0 comments
Catch Andrew Beer interviewed on TheStreet. The liquid alternatives movement is trying to bring hedge fund strategies to ordinary investors. Unfortuna...
Brexit in 10 Days?20160613134124

Brexit in 10 Days?

mmamoumaniJune 13, 20160 comments
A new poll from the Bruges Group gives the Leave camp a 19 point lead over Remain. According to the poll, 52% of respondents supported a Brexit, while...
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...