CALPERS Has Underperformed a 60/40 Index Fund by 50bps per annum – For the Last 40 Years Think about that. Nearly forty years of returns below what could have been achieved for almost nothing and… Read More »CALPERS Shows Fatal Flaw in Endowment Model
Headline/Summary: (In order of oldest to most recent) ELON IN LUDICROUS MODE ON TESLA’S Q3 CALL The Common Sense Sceptic rebuts Musk’s ridiculous and increasingly desperate assertions on Tesla’s Q3 earnings call, one by one,… Read More »My LinkedIn Posts – First Half November 2023
After rising strongly for many years, China’s residential property was among the most expensive in the world. After many years of rapid growth in new development, there’s now massive excess capacity. It was a gigantic bubble and… Read More »You Can’t Understand the China Property Bust Without Knowing that the Official Data Is False
Return Advantage of Stocks over Bonds Has Shrunk to Lowest in 15 Years But US Endowments’ Equity Beta Likely Highest Ever A review of the asset allocation history of the largest American endowments shows that… Read More »What, Me Worry? Endowments’ Record High Equity Risk Ignores Stock-Bond Valuations
Gee, it kinda sorta seems like Lina Khan has gotten under the skin of the WSJ Editorial Board. What is it about young female Democrats enforcing anti-trust laws for the first time in decades that… Read More »WSJ Editorial Board Loses Their Shit Over Lina Khan
For decades, Wall Street and their servant, BigLaw, have owned the SEC. When banks and traders were charged with crimes, their BigLaw fat cat lawyers would sit down to “negotiate penalties” (how many average Americans… Read More »Biden’s Team Is Getting Tough on Wall Street – And They’re Just Getting Started
Double-digit returns for PE are highly unlikely the next five to ten years while massive return dispersion means many LPs will see outright losses. Institutional investors’ love affair with private equity reached new heights in… Read More »Private Equity Investors Should Prepare To Be Disappointed
I am passing along the column below from the Washington Post in its entirety because it’s the first piece I’ve read that offers a plausible explanation for why public school curriculums have became the hot… Read More »School Culture Wars: What the Hell?!
The debate about whether or not the United States is systemically racist or not is a defining issue of the post Trump era. The evidence for systemic racism in the United States is abundant and easily… Read More »Systemic Racism in America: Exhibit A
I don’t usually pay much attention to quarterly GDP releases but China’s Q3 report is interesting for two reasons. One, it’s completely consistent with an economy that hasn’t meaningfully rebalanced away from a heavy reliance… Read More »China’s Economy: Still Unbalanced After All These Years – And Now Close To Recession