Category: Risk Management

“All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.” – Arthur Schopenhauer The degree to which misinformation is spread and believed is remarkable, a theme I expressed in last week’s writing.  But what is even more incredible is the extent to which […]

“Every painting I do is related to the last one: it may be a continuation of a previous painting or it may be a reaction against it.”—William Scott Over the last few weeks, I’ve been making the case that inter-market trends suggest we are in the midst of a “melt-up” driven by exactly the right […]

“Don’t wait until you’re in a crisis to come up with a crisis plan.” – Phil McGraw Following a second nasty week for stocks, the media is now beginning to ask if we are on the verge of a recession.  Small-cap stocks have entered “bear” territory after a 20+% drop off the highs.  Recession or […]

Gold: What is it Good For?

In a world increasingly focused on the short term, five years can seem like an eternity. How many among us would stick with an investment that has gone nowhere for five years? That is precisely the question Gold investors are faced with today, with a return of -7.4% over the past five years. The case […]

The greatest fear in the investment management industry is not what one might expect. It is not losing money but the fear of not making enough money when the market is moving relentlessly higher. This “fear of missing out” strikes terror into the heart of portfolio managers as clients will simply not tolerate it; it is […]