Let's Talk About Skew, Baby...

The bullish narrative of aggressive retail call buying driving markets higher conceals an important market dynamic...

Talking Your Book About Value (Part 3 of 3)

“A denouement is not a complete or fully resolved ending but a satisfying closure to a story.”

The "value of value" debate, concluded.

Talking Your Book About Value (Part 2 of 3)

The "value of value" debate, continued...

Talking Your Book About Value (Part 1 of 3)

"Once More Unto the Breach, Dear Friends, Once More..."

Our thoughts on the "value of value" debate.

Policy in a World of Pandemics, Social Media, & Passive Investing

Investment Implications of "Flattening the Curve"

White Paper

The Illusion of Skill - Evaluating Funds With Skewed Distributions

     The Sharpe Ratio: A Blunt Weapon - Hiding the Risk of Asymmetric Returns

The Rhythm of Movement

“The most exciting rhythms seem unexpected and complex, the most beautiful melodies simple and inevitable.”

-- W.H. Auden

I am absolutely crazy about Pink Floyd, though maybe not quite as nutty bonkers about the...

What Lurks Inside, and Outside

“When you know a thing, to hold that you know it; and when you do not know a thing, to allow that you do not know it -- this is knowledge.”

-- Confucius

Last week Los Angeles experienced what us Southern...

From Calm to Chaos

"Assumptions are the termites of relationships' ~ Henry Winkler

I warmly recall my long-ago best friend Darren. In the late 90’s, he and I were an unstoppable riot act, laughing our way through hours upon hours of...

Time's Up - Time Is the Greater Evil

"Time is the longest distance between two places"  ~ Tennessee Williams

When I was a little boy, I remember the excitement in the room the day my father brought home our first stereo. There w...

Spacetime Continuum - Where drawdown meets time under water

"Put your hand on a hot stove for a minute, and it seems like an hour.
Sit with a pretty girl for an hour, and it seems like a minute.
That's relativity"  ~ Albert Einstein


Upside Down - Is there any upside to the downside?

"Education is a refuge in adversity" ~ Aristotle

About five years ago, I had a relatively bad cycling accident, where an elderly driver made a wider-than-they-should’ve turn into a p...

Erroneous Errors - Distinguishing good errors from bad ones

"Knowledge rests not upon truth alone, but upon error also." ~ Carl Jung

When I was a kid in school and made a mistake on a math test, perhaps having missed a step in the pr...

Fresh off a decent, quick correction to markets around the world (and one in which many unfortunate investors fell prey to the allure of the crowded short volatility trade), it might be insightful to again consider the role negativ...

October 18, 2017

The manager of a statistical-arbitrage fund has developed a measure of risk-adjusted returns that more accurately reflects the risks of investing in hedge funds than the widely used Sharpe ratio.

Logica Capital, a Los Angeles firm...

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Because of the stay-at-home order and related effects of COVID-19, Logica was unable to meet the original filing deadline for its ADV, and relied on the SEC CV-19 order to file by the extended deadline.

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