Value Investing

Weekend Reading: Losing Faith?

"With President Trump embroiled in one entanglement after another and constrained by a deeply partisan legislature, the ability of the Administration to pass legislative agenda seems to be fading... along with investor 'faith' that they will."

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.