Value Investing

SocGen: "Fundamentals No Longer Matter? Yeah Right..."

"Any systematic strategy formulated around any notion of price momentum (we’d put volatility weighted and risk parity into this group as well) are simply following slavishly these changes in fundamentals using price as the principal signal for a change in expectations. So it is not that systematic strategies are not driven by fundamentals, it is they offer no view to the future"

Animal Spirits Are A Late-Stage Event

“While the temptations are great, and the pressures strong, illusions in numbers are only that - ephemeral, and ultimately self-destructive.

Jeff Ubben Steps Down As ValueAct Investment Head

Jeff Ubben, the activist investor who built the iconic ValueAct hedge fund into a $16bn powerhouse, is stepping down from daily oversight of its portfolio and handing the reins to his protégé, Mason Morfit, the FT reports.

 

Weekend Reading: Trump's Rocket Ride

"If I'd only followed CNBC’s advice, I’d have a million dollars today. Provided I’d started with a hundred million dollars."

Seth Klarman Warns Trump's "Erratic, Overconfidence" Could End Dollar Hegemony

The big picture for investors is this: Trump is high volatility, and investors generally abhor volatility and shun uncertainty... If things go wrong, we could find ourselves at the beginning of a lengthy decline in dollar hegemony, a rapid rise in interest rates and inflation, and global angst...”