2016 Year End Letter

The past year has been one of the most difficult investing environments for high active share strategies since the financial crisis.  In a nutshell, cheap money and accommodative central bank policy around the globe has artificially inflated both correlations and valuations in equity markets.  The result is a dissipation in the relative valuation of bad […]

A Tale of Two Hedges

“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it […]

Is Alpha Dead?

Is the persistent decline in active managers’ ability to generate excess returns permanent or simply a function of the current environment?

Blow Up Risk – How Tony Stark Would Build a Portfolio

Blow up risk is one of the most important and difficult investor risks to manage.  It comes in two flavors – manager blow up risk and market blow up risk.  Diversification is the best way to mitigate over concentration in a manager or investment product but diversification presents its own set of challenges.  What products […]

How to Access Hedge Fund Investment Skill Without the High Fees

Active managers, particularly hedge funds, do demonstrate stock selection skill but keep 2/3 of the investment gains for themselves. Active indexing can help investors access hedge fund investment skill without the high fees.

The Fast Money Takes It Slow

We take a definitive look at hedge fund holding periods. We analyze holding periods for all Form 13F disclosed securities as well as for those held with high conviction. We also look at whether the length of a manager’s holding period is predictive in any way to the efficacy of following their holdings.

The Dynamic Hedge Rule During Confused Market Environments

We analyze our rules-based hedging methodology to evaluate performance during confused, directionless, markets.

A New Way to Unlock Investment Success

The very nature of making investment decisions is difficult – an investor can only evaluate an investment based on historical returns and/or credibility. Yet both of these attributes are poor predictors of what the investor is actually paying for – future performance. Combine this with the fact that there are nearly 30,000 investment products to […]

Don’t Be DiCaprio and Suffer The Market’s Bear Mauling

Does 13F Investing Really Work? An Interview With Meb Faber

Halloween Markets Spook Investors

Find the Pattern

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AlphaClone Sponsors ETF Party at Schwab IMPACT 2016

CNBC: Invest Like a Whale

Fox Business News: Invest Like a Billionaire

Fox Business News: Activist Bill Ackman teams up with Valeant to buy Allergan

BNN: Hedge Funds Underperforming: Who’s Investing in Them & Why?