Playing for Tomorrow
what-teds-thinking
April 7, 2023
What return was available on a 5-Year U.S. Treasury two years ago? Observing market conditions, you might have said 0.8%. That was the paltry current yield on a 5-Year U.S. Treasury at the time. Is that the answer? Yield-hungry investors like SVB thought so. They scooped up what yield was available and extended duration to […]
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Capital Allocators Monthly Newsletter - March 2023
monthly-email, news
April 1, 2023
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Short-Term Gain, Long-Term Pain, Part 2
what-teds-thinking
March 22, 2023
David Swensen lived and breathed long-term investing. From his license plate ENDOW to his aphorism “Don’t be so short-term,” David walked into the office every day with a mindset that embodied Yale’s perpetual time horizon. The issues I raised in Short-Term Gain, Long-Term Pain three weeks ago would have resonated with him. Since then, the […]
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Capital Allocators Monthly Newsletter - February 2023
monthly-email, news
March 1, 2023
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Short-Term Gain, Long-Term Pain
what-teds-thinking
February 25, 2023
Morgan Housel became one of the most popular investment writers by telling stories about the psychology of money and markets – the same today as it’s ever been. Sometimes that knowledge can elicit positive change. Sophisticated institutions can build processes to increase their awareness of behaviors that might comprise optimal decisions. More often, we repeat […]
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Panic with Friends Podcast with Howard Lindzon
uncategorized
February 2, 2023
Ted recently appeared on the Panic with Friends Podcast with Howard Lindzon, where they discussed the recent FTX fraud; he was around in the days of Bernie Madoff and has a really different take on how managers should think about these events. Howard got Ted's take on how the SEC has been rambling on recently […]
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Capital Allocators Monthly Newsletter - January 2023
monthly-email, news
February 1, 2023
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The "Why" Behind Capital Allocators University
what-teds-thinking
January 12, 2023
“Our community already knows most of what matters within the field. It’s the interdisciplinary education outside of investing that allows us to identify new sources of return.” The hardest day to invest is always today. That investment truth seems particularly apropos today – a time managers competition has intensified and allocators are more sophisticated than […]
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You Won’t Detect the Next Fraud
what-teds-thinking
January 11, 2023
In the fall of 1998, I sat down with famed value investor Michael Price and asked what he learned from having invested in the accounting fraud perpetrated by “Chainsaw” Al Dunlap at Sunbeam Corporation. He responded, “Absolutely nothing!” [1] Michael went on to explain a principle about frauds. When you conduct analysis on an investment, […]
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Capital Allocators Monthly Newsletter - December 2022
monthly-email, news
January 2, 2023
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