Universa Investments LP published a paper to challenge the rationale behind the effectiveness of a leveraged diversified portfolio, in particular the infamous 60/40. Universa Investments has always stressed the importance of mitigating the largest drawdownsas the most effective way to Read more…
A couple of weeks ago, Adam Butler from ReSolve published a white paper called “Managed Futures Carry: A Practitioner’s Guide”. ReSolve AM is Corey Hoffstein’s partner in crime behind the Return Stack concept; they floated on Twitter the idea of Read more…
Being the one that “works in finance”, and more and more because of this blog, I have been asked for advice*. For this reason, and considering the dumbfounding difference between the state of the financial advisory industry in the US Read more…
“you do not eat risk-adjusted returns” How many times I have heard it. Well, not literally like this because, if you are able to frame it this way, you know it is not 100% true. Usually, it comes in the Read more…
Warning: this might be a self-serving post. A juice of pure confirmation bias. The comfy blanket I look for when I am scared. You probably know my model portfolio (and if do not, click on the link ;)). 66% of Read more…
More than three years ago I wrote this post about SONG, a closed-end fund listed in London that invests in music royalties. I would not explain again why I think investing in music royalties is a good idea, if you Read more…
If you are reading this blog, you already know who Nassim Nicholas Taleb is. In his book The Black Swan, he proposed the idea of the “barbell portfolio” as a way to manage risk in investment strategies. The concept draws Read more…
What’s the risk that the FED next move would be a rate increase? I just listened to The Compound and Friends podcast and someone mentioned this. I do not think is a far-fetched idea, considering that we had three months Read more…
Last week I published the quarterly update on the TILS model portfolio: it did 7.41% in just three months, a great result (yes yes, it can give it all back even faster but let me enjoy it for a bit). Read more…
In April 2022, I introduced on this blog The Italian Leather Sofa Model Portfolio. As a reminder, here is the portfolio composition: The idea behind the portfolio is stolen from here. The link offers the best explanation to what I Read more…