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