Alternative Investing

You Can't Always Trend When You Want

We present a framework for understanding the drivers of trend-following returns and show that recent performance challenges are primarily due to muted moves across global markets rather than a change in trend following’s ability to translate market trends into profits.

Subscribe for more insights

Portfolio Risk and Performance

Chasing Your Own Tail (Risk), Revisited

As investors turn to addressing the risk of a severely declining market, we summarize five approaches to building a more resilient portfolio.


Non-Essential Oil

Do market prices follow grand economic theories, or is it the other way around? This week we look at how long-term views on oil have been almost as volatile as futures in that commodity.


Cut It Out

What is the greatest trick the Fed ever pulled? Convincing the world it doesn’t matter to markets for the next few months. This week we look at how the Fed tried to take some of the attention away from monetary policy at the last meeting.

Macro Wrap-Up

Don’t Stop Be-Leaving

Brexit has gone on for so long that most people have moved beyond Brexit fatigue, and we've reached Brexit fatigue fatigue. Does that mean it's interesting again? We think so because it's moving markets and is the topic of the Wrap-Up this week.


Bridging the Earnings GAAP

This week we return from the North to look at the gap between GAAP and NIPA earnings, in particular why earnings growth on national accounts has been so slow. We try methodically to nip the controversy in the bud, but the answer may be more elusive than you might expect. We find that, while the significance of the divergence may have been exaggerated, it is still sobering for investors.

Alternative Risk Premia: Video Introduction

Alternative risk premia tend to be the core drivers of return for a range of alternative strategies.


Oh, Canada

What if a housing bubble burst and no crisis showed up? Canada may be in the process of finding that out.

Tax Aware

Lot Layering: The New Frontier for Hedge Fund Partnership Allocations

Despite its unavoidable deficiency caused by current regulations, we believe that lot layering aligns tax and economics more closely than any of the “aggregation” methods presently used by most hedge funds.

ESG Investing

Responsible Investing: The ESG-Efficient Frontier

Combining several large data sets, we compute the empirical ESG-efficient frontier and show the costs and benefits of responsible investing.


Taking Exception to Manufacturing

Everyone loves a good PMI. It’s the bad ones that can make stocks go down. This week we look at why a recent disappointing manufacturing number may have shattered investor belief in American exceptionalism (in the economy).