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 ...
Position Crowding and Valeant20160130204022

Position Crowding and Valeant

mmamoumaniJanuary 30, 20163 comments
Position crowding is when a bunch of similar investors own a stock.  When those investors rush for the exits at the same time, the price drops a lot m...
The Trouble with Oil (Part Two)20160129201734

The Trouble with Oil (Part Two)

mmamoumaniJanuary 29, 20160 comments
Two weeks ago we wrote a post on oil (The Trouble with Oil Part 1)  – why it matters to equities these days, and how the initial market response (and ...
Japan & Abenomics redux20160129192454

Japan & Abenomics redux

mmamoumaniJanuary 29, 20160 comments
Overnight, Japan’s central bank pushed short term interest rates into negative territory and pledged more monetary stimulus.  For a brief overview of ...
Why Don’t Value Investors Always Buy the Dips?20160120192947

Why Don’t Value Investors Always Buy the Dips?

mmamoumaniJanuary 20, 2016, 0 comments
In the short run, the market is a voting machine; in the long run, it’s a weighing machine. For fun, let’s assume you’re a value investor looking at G...
The Trouble with Oil20160116192938

The Trouble with Oil

mmamoumaniJanuary 16, 20163 comments
In an earlier post, we talked about market volatility when new risks move to center stage. Well, crude oil is center stage, to say the least.  Why?  O...
An Excerpt from the Mid-Month Update20160115192619

An Excerpt from the Mid-Month Update

mmamoumaniJanuary 15, 2016, , , 0 comments
Given the market volatility, we provided a mid-month update to our investors.  The following is a brief commentary on the markets: For purposes of thi...
Market Psychology and the Investor Narrative20160107152634

Market Psychology and the Investor Narrative

mmamoumaniJanuary 7, 20163 comments
History doesn’t repeat itself, but it often rhymes. So said Mark Twain, or possibly someone else, depending on whom you believe. You might say the sam...