Featured Case Study
The Case for Senior Residential Mortgage-Backed Securities
Legacy or seasoned senior RMBS were issued prior to the U.S. housing market collapse in 2007. Today, these bonds are supported by a resilient housing market, are backed by seasoned mortgages…
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Latest News
#Technically Speaking: Despite Correction, Investors Are Exuberant
Despite the recent correction in the markets, leading to a hedge fund imploding, investors remain exuberant. The hopes for more stimulus, government spending, and Fed liquidity displace fears…
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Energy Policy Meets Reality
Public policy is becoming more important to energy investors. Democrats now own the climate change issue. The desire of progressives to advance a world of solar panels and windmills is…
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Reaction To Our Goldman/Archegos Post
Many observers dislike Goldman – their continued success and adept avoidance of mistakes made by others leads to grumbling of sharp practice.
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The Services Sector Mean Reversion Continues
Monday’s ISM Services report highlights the robust recovery we are seeing across many of 2020’s laggard industries like travel, restaurants, and leisure services.
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MAP Views: The Seeds for Inflation Have Been Sown
During the first quarter, stocks marched higher, fueled by trillions in fiscal and monetary stimulus and continued expectations that a post-COVID-19 economy will be a strong one.
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How to Hedge Interest Rates Using Mortgage Bonds
Agency mortgages are those that are explicitly or implicitly guaranteed by the government. There are three GSEs (Government Sponsored Entities); Fannie Mae, Freddie Mac, and Ginnie Mae. GSE…
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Is the End of The Value Trade Near?
The end of the value trade may be near as investors push prices beyond economic growth expectations.
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Why Goldman Unsurprisingly Avoided Archegos Losses
Goldman almost always sidesteps trouble. That’s one of the conclusions from the Archegos blow-up that is estimated to have cost the firm’s lenders as much as $10BN.
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ReSolve Riffs with Breaking The Market on Ergodicity Economics and Geometric Rebalancing
“Drink once every time someone says “rebalancing”, twice for “geometric”, thrice for “ergodicity”. Leverage these amounts by 2.7x for the full Kelly experience”. This was the opening salvo…
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The Most Important Charts Driving U.S. GDP Growth Right Now
My team and I are constantly looking forward, and trying to get into the mind of consumers to identify potential investment opportunities. 2020 was the year where portfolio concentration,…
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Liquidity is a Coward, it’s Never Around When you Need it
A wise man once told me that liquidity is a coward, it’s never around when you really need it. It has stood me in good stead over the years. As an investor traversing the decades one tends to…
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The Next Stage of Disruptors: Part 2
As we explained in “The Next Stage of Disruptors: Part 1,” we discussed the start of “the Age of the New Disruptor,” innovative disruptive industries' historical economic dominance, and the…
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