Ray Dalio

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.

 

Ray Dalio Goes Dr. Doom: "When The Next Downturn Comes, It’s Going To Be Bad"

"we fear that whatever the magnitude of the downturn that eventually comes, whenever it eventually comes, it will likely produce much greater social and political conflict than currently exists.  The idea of conflicts getting even worse in a downturn is scary.  When the next downturn comes, it’s probably going to be bad."

Pondering The Real Perils Of Risk Parity Portfolios

Following Paul Tudor Jones "terrifying" stock market comments last week, we explain why Jones might be wrong, not about risk parity causing a market dislocation, but instead the market in which risk parity will cause problems.

Study Finds That Populist Leaders Generate 'Yuge' Equity Rallies Averaging 150% Over 3 Years

"If the last two decades of anti-establishment rule are any guide, the world may be on the brink of some monster stock rallies as it takes a turn toward populism.  A look at 10 of the 21st century’s most recognized populist leaders shows that in the three years after their election, local equities soared an average of 155 percent in dollar terms. And the rallies often continued as long as a decade after the vote."

Foundation & Empire - Is Donald Trump 'The Mule'?

"I don’t see Trump as an evil Mule character in this Shakespearian tragedy, as it progresses towards its ill-fated denouement...  It’s like jockeying for the best seat on the Titanic as it sinks into the frigid ocean depths of the Atlantic. The American Empire is in shambles and no one can reverse its course at this point."

Weekend Reading: Lack Of Perspective

"While it is often said it is only “time IN the market” that matters, investors must remember “time” is the one commodity we can not replace."

100 Years Ago, Russian Stocks Had A Very Bad Day

Just as stocks had doubled after a trading pause lasting the duration of World War I, and the sky seemed the limit for Russian investors.... something very unpleasant happened.