“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 form of “stocks generate higher returns than that”. Meaning, why 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 it, or 100% depending on how you perceive it, is 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 are curious, read that post. Many things happened in these 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 inspiration from the structure of a barbell, where most of 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 of increasing CPI above 3%. Do you remember all those 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). A few days later, it was confirmation bias time. The 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 think is the most common question related to it, i.e. Read more…
Thanks to Bankeronwheels, last week I read this post from Early Retirement Now on trading options. A quick self-reflection digression. I know the existence of ERN because Mr.Rip once told me about it. I had a peek at the blog and immediately my brain rejected it because of “bad layout Read more…
Did I buy a billion of bonds, as notional amounts, in my career? Probably. For sure if I consider various bond buyback exercises. Did I buy every single one on Bloomberg? YES (or…no? I recall once I implemented TradeWeb but I am not 100% certain I ever use it outside Read more…
In the years between the end of high school and the beginning of university, I tried to participate in Magic the Gathering Pro Tour. How to define “trying” is pretty tricky. I was dedicating a lot of time to it, skipping lessons here and there, but I was not skipping Read more…