stock market hedges generally have negative expected returns. but over the last 30 years treasury bonds provided tail insurance AND high returns current yields make the outlook for treasuries less bright. interesting GMO note on bond alternatives gmo.com/americas/resea…

for years international stocks have seemed attractive at low valuations. but why have they remained cheap? Jesse Livermore says one potential reason is that foreign investors are less interested in stocks. average allocation is much lower than in the US osam.com/Commentary/ups…

passive indexes can significantly change china went from essentially zero representation in emerging market indexes to a 40% weight in two decades indexologyblog.com/2020/09/17/wha…

"Whether or not bond rates rise in the future, today’s government bonds cannot provide the depression hedge they did in previous cycles." govt bonds of countries with low 10yr yields provided significantly less protection in march gmo.com/americas/resea…

Is the Permanent Portfolio Broken? - Why 2020's great performance can't continue - What's changed since the strategy was created - Three potential improvements movement.capital/is-the-permane…

belief in consistent mean reversion can be an expensive investing mistake until 1958 stocks yielded more than bonds. then bonds started yielding more and some people said it couldn't last. they were wrong for 50 years excellent post by Drew Dickson albertbridgecapital.com/post/was-value…

"October 1993 brought the now-infamous 500 billion dinar note. I remember my father reporting this note with 11 zeros was worth roughly one cabbage." interesting post about one of the less discussed hyperinflation episodes, yugoslavia in the 1990s ruffer.co.uk/Thinking/Artic…

mississippi has plenty of downsides but this was $10

Beware of Financial Alchemy - The folly of chasing yield - Why the stock market isn't a puzzle - How pattern recognition can backfire movement.capital/beware-of-fina…

This snippet from Kathleen Zavala🎗🤐 latest blog is so good that I think everyone should read it every single month from here on out. Mental exercise.

"It raises the question why investors have allocated such large amounts of capital to a complex product that does not provide any unique characteristics." describes most alternative funds tbh factorresearch.com/research-the-v…

🚨 Launch Day 🚨 Thrilled to finally share the Investor Amnesia History Course: 'Bubbles, Manias & Fraud' 6+ hours of content taught by legendary investors, bestselling authors, and world class professors. Learn more and preview the course: investor-amnesia.teachable.com

Glad to see Adam back: “Portfolio perfectionism steals time from friends, family, and meaningful activities that you have control over (unlike market returns)”

"Portfolio perfectionism steals time from friends, family, and meaningful activities that you have control over." So true!

Financial History: Sunday Reads • The Future of Crypto Regulation • Before Insider Trading Was Illegal • A Century of Fraud & Insider Trading • America's First Insider Trading Scandal • What the 19th Century Can Teach Crypto investoramnesia.com/2022/06/05/les…

New Post: Are TIPS Broken? - Analyzing massive performance differences between TIPS funds - Why passive bond investors need more inflation protection - Which ETFs best hedge unexpected inflation - Future outlook for TIPS in 2022 eversightwealth.com/are-tips-broke…

I saw a lot of questions as to why TIPS underperformed despite the uptick in inflation. Here is the reason and outlook from Adam Collins

Important post that emphasizes "Know what you own". Long-duration TIPS may not save you when inflation exp changes -- the interest rate risk kills you! Stick with a shorter duration TIP if your goal is inflation protection!