Are Unicorns Overvalued?

Startups strive for the magic $1 billion valuation to become a so called “unicorn”, but even when they do, is it always justified? In many cases, not so, at least according …

Oil and Stocks Don’t Mix

One of our favorite investment games is called “What if I told you…” Some examples: What if I told you the Republican Party will hold on to the House and Senate …

Birds of a Feather Fall Together

If February’s sell off gave you flash backs to 2008 or 1987, there’s a good reason. Asset class and sector correlations spiked this month, just as they do in every …

Inverse VIX ETFs Are Growing Again

If you thought that Inverse/Leveraged/Volatility exchange traded funds and products had lost their investor appeal of late, you would be very wrong. Over the past 5 days: Inflows into Inverse …

Churches & Bars, Bitcoin & Stocks

Many of you know I went to the University of Chicago for my MBA many years ago. At the time the school was best known for steely-eyed quantitative analysis. Occasionally, however, …

Volatility is Disruptive, Too

Outsized stock market declines are like accidents on the freeway: they take our attention away from the big picture and refocus it on one narrow issue. We get so fixated on …