February 15, 2017
rcm-alternatives
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With billions in oil and gas royalties flowing into the school’s endowment coffers, the UT Regents and UTIMCO board historically has not felt the need to push the investment boundaries. Their mantra was make a decent return and don’t lose the money.
A CONVERSATION WITH UTIMCO’S BRUCE ZIMMERMAN – (All About Alpha)
After becoming the world’s eighth-richest man at his peak in early 2012, the Brazilian tycoon lost $35 billion in a single year as his commodities empire collapsed.
Batista Bounces Back From $35 Billion Loss, but He’s Still Stuck in Prison – (Bloomberg)
This chapter discusses the evolving thinking about time-varying expected returns, the reasons behind it, and its practical relevance in today’s environment of low expected returns.
A Historical Perspective on TimeVarying Expected Returns – (AQR)
The reality of 2017 is sure to be a bit more nuanced and complicated than just Trump = unpredictable = volatility = good.
How will Trump Affect the Global Macro / Managed Futures World? – (RCM’s Attain Alternatives Blog)
“For many investors, their mental representation of a stock is given by the distribution of the stock’s past returns. The most obvious reason why people might adopt this representation is because they believe the past return distribution to be a good and easily accessible proxy for the object they are truly interested in, namely the distribution of the stock’s future returns.”
Swedroe: Prospecting For Returns – (ETF.com)
Eliminating immigrant labor would reduce the U.S. dairy herd by 2.1 million cows, milk production by 48.4 billion pounds and the number of farms by 7,011. Retail milk prices would increase by an estimated 90.4 percent.
The Economic Impacts of Immigrant Labor on U.S. Dairy Farms – (National Milk Producers Federation)
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