David Dredge of Convex Strategies describes how downside risk control improves the long-term compounding of portfolio returns through the same dynamics of risk, braking, acceleration, and survival that determine who wins a Formula One race. I find it applies to capital structures as well. As Dredge puts it: “The most important thing on the car…
The Last Time The 20s Roared We all know what’s driving today’s record stock valuations.Innovation, and of course, AI. But what drove valuations the last time they reached levels almost as extreme as today’s? The chart below shows John Hussman’s stock market capitalization relative to corporate output. We have been here once before. It was…
The terms specified the American children of the lenders would be repaid by the Japanese children of the borrowers. “Dwight W. Morrow, formerly of the house of J. P. Morgan and Company, international bankers; then Ambassador to Mexico, later United States Senator, once counted the foreign bonds listed in a daily bond table in a…
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