360 Insights

  • Nowhere to Run

    Read as PDFPrint this ReportOver the past 18 months, we have been preparing portfolios for what we view as the inevitable risk that assets begin to move in sync with one another. This is typical late cycle behavior, and one that poses difficulty for traditional portfolio management. This is now occurring, and we continue to...

  • Don’t be a Turkey

    Read as PDFPrint this ReportIn his excellent book “Black Swan”, Nassim Taleb wrote: “A turkey is fed for a thousand days by a butcher; every day confirms to the turkey’s staff of analysts that butchers love turkeys ‘with increased statistical confidence.’ The butcher will keep feeding the turkey until a few days before Thanksgiving. Then...

  • Elections and Volatility

    Read as PDFPrint this ReportMidterm elections occur next Tuesday, and there is plenty of discussion on how the outcome may affect stock prices. But what does the data tell us from previous elections? Also, volatility, whether due to elections or not, is a common measure of risk. But is the “VIX” the best way to...

  • The Butterfly Effect

    Read as PDFPrint this ReportChaos Theory is a branch of mathematics that focuses on the behavior of complex, dynamic systems such as the weather, fluid mechanics and financial markets. A popular expression from this theory tells of a butterfly that flaps its wings in China and causes a hurricane in Texas. What could be the...

  • It’s Baaaaaack….

    Read as PDFPrint this ReportThe past few months have seen a consistent reduction of risks in the US stock market. That has changed over the past week, and volatility is back with a vengeance today. The Dow Jones fell 823 points, the 3rd largest point decline in history. The two largest declines occurred in February.  ...

  • What do you See?

    Read as PDFPrint this ReportConfirmation bias is one of the most prevalent mistakes investors make in the market. They are bullish or bearish, likely for the wrong reasons. In reality a better approach is to not be bullish nor bearish, which will allow for a more well rounded investment analysis and decision making. We provide...