Crypto Craziness

Richard Ennis, Benedict Evans, Cliff Asness, 7-Eleven, Victor Haghani & More

“Never bet on the end of the world, because it only happens once.”

— Art Cashin

Research

UBS - How we cover equities (11 pages)

UBS Global Equities CIO Ulrike Hoffmann-Burchardi walks through the three perspectives she uses to invest: 1) macro, 2) micro (including company specific drivers), 3) transformational (structural changes)

As of October 17, 2024

Robeco - The Risk and Reward of Investing (44 pages)

By looking at the $150 trillion "global market portfolio," which represents the aggregate investor in financial markets, the authors are able to estimate the historical risks and rewards of investing.

Source: Doeswijk, Swinkels. As of October 28, 2024

Man Group - Trend-Following and Long-Short Quality: Loading the Dice (7 pages)

Pairing trend-following with long-short quality strategies can help protect a portfolio against sudden market volatility, addressing the challenges of relying on trend-following alone.

Vanguard - Considerations for active fund investing (17 pages)

Vanguard's report outlines key considerations for active fund investing, emphasizing factors like costs, manager skill, and investor discipline in achieving successful active management outcomes.

Notes: The chart shows the distribution of annualized returns for stock constituents of the Russell 3000 Index in U.S. dollars as of January 31, 2014. The performance shown is for January 1, 2014, through December 31, 2023, with reinvestment of all dividends. Overlaid is the index’s total return performance for the same period. Past performance is no guarantee of future results. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. The Russell 3000 is a broad equity index composed of the 3,000 largest U.S. listed stocks. Sources: Vanguard calculations, based on data from Rimes.

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Bonus Content

Richard Ennis explains why elite endowments are falling behind and possible solutions for their problems. Link

Tom Whitwell published his annual list of 52 things he learned in 2024. Link

Each year, Benedict Evans does a presentation about key trends in the tech industry. This year's title is ‘AI eats the world.’ Link

Cliff Asness gives his take on value and small-cap stocks, US tax policy, AI and more. Link

Forbes wrote about the current stage of the crypto cycle, noting nearly 13 millions different meme coins have been created in 2024 with combined value of $100 billion. Link

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Podcasts

Behind the Money - How a 7-Eleven takeover could reshape corporate Japan: The FT looks at whether the 7-Eleven takeover is a signal that companies in Japan are now considering foreign acquisitions and the implications on corporate Japan’s future. [9/18/2024 - 19 minutes] Apple | Spotify

Top Traders Unplugged: OI10: The Untold Side of the Turtle Trading Legacy ft. Bill Eckhardt & Rob Sorrentino: In his first podcast episode ever, Eckhardt shares his journey from the renowned Turtle trading experiment to his current systematic trading strategies at Eckhardt Trading Company. [10/23/24- 75 minutes] Apple | Spotify | YouTube

Patrick Boyle on Finance: How Much of a Good Thing is Too Much? Victor Haghani Interview: Haghani discusses how much risk an investor should take to safely grow their wealth, how much of a good thing is too much and what is going on with the leveraged MicroStrategy ETFs. [12/5/24- 85 minutes] Apple | Spotify | YouTube

What Else Is Happening

• Meb Faber spoke with Robeco's Matthias Hanauer about the value factor and the impact of AI & machine learning on finance. Apple | Spotify | YouTube

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