Billionaire value investor and hedge fund manager, David Einhorn, said in an investor letter this week: “The market remains very challenging for value investing strategies, as growth stocks have continued to outperform value stocks. The persistence of this dynamic leads to questions regarding whether value investing is a viable strategy." Show More
As a follow up to my most recent commentary on gold and interest rates, I have attached what I consider to be two very interesting slides. The first relates to the net positioning of two of the most widely traded long-term US Treasury futures - 10-year and 5-year Treasuries. It... Show More
In The Australian Financial Review I reveal what is likely one of the best non-tech trades of the 21st century (with a 2,000% gross return) that I had to fly to Las Vegas to learn about; discuss the top trades in my own portfolios in 2016, which focussed on the... Show More
Fred Wilson is the founder of New York-based Union Square Ventures, an early-stage venture firm that’s achieved a US$1B+ exit each year since 2011 – including Tumblr, Twitter, Lending Club, and Etsy. He also writes AVC, the most popular morning read among ‘elite VCs’ based on guests from The Twenty... Show More
In The AFR I argue that loading up on long-dated interest rate duration across any asset-class---including the massive amounts embedded in equities, fixed-rate bonds and property---when yields have been at the lowest levels in human history is a self-evidently crazy-brave trade akin to financial Russian roulette with probabilities tilted towards... Show More
In my weekly column for The AFR I always like to engage with new investment talent, and my latest missive profiles Dr Desmond Lun, the Australian MIT PhD who is a professor of computer science at Rutgers University in the US and the manger of a systematic quant fund that... Show More
In my monthly column for the Smart Investor magazine I consider the rise of so-called "unconstrained" bond funds, the exemplar of which is co-portfolio managers Bill Gross and Kumar Palghat's Janus product which punts outright bonds, high yield (ie, sub-investment grade debt), listed equities, global currencies and likes to sell... Show More
In The Australian Financial Review I explain how Macquarie Bank has side-stepped the interest rate rigging scandal plaguing the major banks; examine the performance of some of Australia's best performing equity hedge funds (VGI and LHC are up 18% and 20% respectively over the last 12mths); segue into how you... Show More
In The Australian Financial Review I explain how the major banks have bashed the "johnny-come-lately" hedge fund barbarians at the gate who attempted to short-sell their equity and debt while going long their credit default swaps. The catalysts have been: a huge upside surprise in Australia's real GDP growth rate,... Show More
In The AFR I track the global hedge funds' "drive by" on the big banks over the last week, which involved an incredibly savvy media management campaign and triggered the largest "puke" in major bank spreads seen since the global financial crisis. Excerpts below: "The financial market impact of this... Show More