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Here is a list of some thought-provoking content this month.
From the OSAM Research Team:
Business Gone Bad and the Art of Persistence – Invest Like the Best
This conversation between Patrick O’Shaughnessy and Bethany McLean garnered a tremendous amount of interest. Across her career, Bethany has covered many of the most interesting stories in business and investing, including Enron (which became the famous book and documentary, the Smartest Guys in the Room), Valeant, Wells Fargo, SAC Capital, Fannie Mae and Freddie Mac, the great financial crisis, and most recently, fracking and the energy revolution.
Beware of Fools Gold
Travis Fairchild builds on his recent Veiled Value research piece by talking through a little known, but growing group of stocks that he calls Fool’s Gold. These stocks underperformed the U.S. market by about 8% annualized from 1993-2018. Buyer beware.
The Meb Faber Show Bonus Episode: Ehren Stanhope - Microcaps, Factor Spreads, Structural Biases, and the Institutional Imperative
Following his first book appearance in The Best Investment Writing: Vol 2, Ehren Stanhope provides some insight into the world of microcaps from his piece Microcaps – Factors Spreads, Structural Biases, and the Institutional Imperative on the Meb Faber Show.
Jim O’Shaughnessy and Chris Meredith were also featured in the book via their popular pieces Why Selling a Big Position of Puts the Day Before the Crash of ‘87 was a great trade and Factors are Not Commodities.
How He Rewrote The Rules On Stock Market Investing
In this interview, Jim O’Shaughnessy talks about appearing on Oprah, professional money managers, and re-testing assumptions throughout his career.
O’Shaughnessy Quarterly Investor Letter Q2 2018
In case you missed it, in this quarter's letter, we share our thoughts on three key topics: the Value factor’s extended run of poor performance, the ways we believe asset managers can borrow concepts from the technology sector, and our current research agenda.
The Best of What We've Been Reading:
The Shrinking Universe of Public Firms: Facts, Causes, and Consequences
This article is a succinct narrative of the ties that bind technological advancement, share buybacks, and why firms aren’t going public.
Buyback Derangement Syndrome
Cliff Asness riffs on the popular negative sentiment towards buybacks.
Ideas and Institutions – A Growth Story
Anthony Haldane, Chief Economist for the Bank of England, talks about economic growth, innovation, and institutions. He suggests that the upcoming “Fourth Industrial Revolution” will be distinguished from its predecessors in that humans will have to share the playing field with artificial intelligence. This will require new institutions that can accommodate dynamic life-long learning.
If You’re a Seller, Sell Now. If You’re a Buyer, Wait.
RIA’s hold a special place in the world of Finance. As providers of planning and investment services to individuals and families, they often sit shotgun on a coveted ride in an entrepreneur’s life—the liquidity event. This gives a pretty good summary from the RIA’s perspective of the current state of private equity, the supplier of liquidity events.
Drake — Using Natural Language Processing to understand his lyrics
We spend a lot of time studying Machine Learning tools. Unfortunately, the standard bearer are technical guidebooks. Sometimes though, you come across an example of an application that bridges the gap.
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Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in a podcast) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a listener’s individual situation, or prove successful. Moreover, no portion of the podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a listener’s choosing, including O'Shaughnessy Asset Management ("OSAM"), a registered investment adviser with the SEC, with which the podcasters may be affiliated. Rather, should a listener have any questions regarding the applicability of any portion of the podcast content to his/her individual situation, the listener should consult with the financial professional(s) of the listener’s choosing.
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