Ehren Stanhope
@FactorInvestor
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Chief Investment Strategist and Co-Head of Investments. Researcher of Financial Markets @OSAMResearch. Avid Reader. Proud New Orleanian. Father. Husband.
Weston, CT
Joined October 2009
Most don’t understand how chock full fixed income mandates are with derivatives. It’s ostensibly to manage fx, credit risk, duration, slope, and curvature, but there are lots of bets—SOFR, swaptions, CDS, swaps, future options. The total notional of many core fixed income funds are many, many times invested capital. You have to scroll to the bottom bc they are usually carried at 0% net exposure.
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DeepSeek alters the multi-trillion tech landscape with, ready for it…the multi-decades old principle of dimension reduction…haha. Is that an unknown known or a known unknown?
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Following strong headline NFP: Higher dollar, higher gold, higher rates, higher oil, higher Bitcoin, small cap underperforming all suggest market factoring in either: 1) global stagflation, or 2) divergence between stocks and economy. Market’s expectation for recession peaked mid-last year and has been removed. TIPs starting to be really interesting here.
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This chart can be manipulated to generate whatever conclusion you want depending on the time frame you show. SPY accrues the known equity risk premium. Over a long enough horizon will always appear at all time highs just like any nominal SPY chart. That’s a feature of stocks vs bonds, not a bug.
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RT @Rainmaker1973: Fun fact. Today's election is the first presidential election since 1976 where a Bush, Clinton, or Biden is not on the…
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@alphaarchitect I think they all have a role. L/S is a solid option but not for most investors. 351 sounds very promising, kudos to you guys. Don’t agree with your conclusions on DI based on our research, but I do agree it also is not for every investor.
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X gives back what you (the ephemeral you) gives. Your posts are all either serious or positive in nature, therefore the X algorithm filters out the cesspool for you. If you were to start being actively critical of others, you would pick up a bunch of trolls and negative replies, ie the cesspool. The greatest protection is to ignore the negatives that seep through and follow the Buffet/Munger philosophy of praising specifically and criticizing generally.
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Strong argument to get off all social media 🤷♂️
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RT @JJCarbonneau: A huge THANK YOU to all our guests — especially those who joined us early on 🙏 A long, winding road to 20K subs on #YouT…
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It would be really challenging to prove or disprove this. What rate would be used first off? Corporate? Personal? What marginal rate? The application of a tax status retroactively is a bit unfair as it most certainly would have impacted behavior. For example, why wouldn’t they have structured the Yale Corp to include the endowment and write off OpCo expenses against investment gains? Clearly, endowments enjoy a preferred tax advantage. Clearly, if taxed their returns in the current structure would have been lower. Maybe instead of the Endowment Model, we would be talking about the Direct Indexing model 🤷♂️
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RT @Citrini7: everyone talking about powell getting bullied by the market seems to have forgotten the time the 16th largest bank in america…
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