Category: Education

12 Sep 2018

Where’s the Wheat?

A drive across farming states of the US has a different look than it did maybe 20 years ago, but we’re not talking about shopping malls having popped up where there used to be a farm. We’re talking about the drive from say Cleveland to Dallas seeing less and less wheat – those famous “amber […]

10 Sep 2018

Looking Backward, Thinking Forward

Here’s the Chicago Board of Trade’s trading floor sometime in the 1990s. Down there in that mass of humanity and paper and colored coats were dozens of clerks.  These were (mostly) young people getting a foothold in the industry. Learning the ropes from the bottom rung. Interns, if you will, who weren’t just leaning how […]

20 Aug 2018

Set Phasers to ‘Systematic’

We had always assumed William Shatner had made a killing being the spokesperson for Priceline (now known as Booking Holdings $BKNG) , with the stock being one of the best performers in the US market over the past 10 years, up about 1,900% (yeah, with a comma). Here’s that price action:   Problem is (well, […]

14 Aug 2018

The huge world of farm subsidies:

We talked a bit ago in our piece “Are Tariffs a Black Swan” about the effect tariffs have had on Soybean prices – causing them to fall about -20% from their levels in the spring, but haven’t had a chance to get back into that debate after Mr. Trump announced a plan to make up […]

16 Jul 2018

Low Fees Doesn’t Trump Low Performance

But super low-cost stock index replication is not the same as replicating more complex hedge fund strategies, and a few recent articles are pointing out that the low fee experiment in alternative investments might not be working so well.

21 May 2018

LJM – The Autopsy

We put our internal quants from RCM-X on the case, and they dug into the numbers on the LJMIX SEC filing as of Jan 31, 2018 (about a week before things went south) to see just what the risk profile of this thing looked like coming into February.