The January Effect Starts Early

12/26/18 Even with today’s rally, December’s 11-13% declines (S&P 500, Russell 2000) for US stocks couldn’t have come at a worse time for markets. First, there is the psychological damage of …

Powell to Markets: “You’re Wrong”

“Today’s prices are wrong” is the central tenet of active portfolio management. Without that belief, no manager could justify his or her role in capital markets. Systematically identifying mis-priced assets is …

Two Contrarian Sector Trades

Every Friday evening I watch a show called Ancient Aliens with my 91-year-old mother. She likes it for the visuals; every episode has detailed images of hundreds of archaeological sites she …