Season Investments



Terrible Taper & Rising Rates

Posted on Jun 18, 2013

There has been much speculation as to what has caused the recent rise in interest rates. The general consensus is that the market is anticipating a change in the Federal Reserve’s latest QE program, but what will it take for interest rates to continually rise from here?

The Bungee Effect

Posted on Jun 11, 2013

Jeremy Grantham is one of the better known value investors in finance today. His long successful track record, bold forecasts, and firm belief that all things revert to the mean has set him apart from the rest of the pack, which is why we have decided to make his Benchmark-Free Allocation strategy a core holding in our Absolute Return bucket.

Monthly Macro: Falling Forward vs Just Falling

Posted on Jun 4, 2013

In our Monthly Macro, we highlight the global themes that we believe are the most important and discuss why they matter for investors. This month’s piece will focus on the US recovery, speculation about Fed tapering, the improving federal deficit and a shift in Germany’s stance on austerity.

Taking Another Bite At The Apple

Posted on May 28, 2013

Like all multi-national companies, Apple earns a large amount of money from their overseas operations. If they decide to bring those profits back to the US they are required to pay the 35% corporate tax rate to repatriate those funds. Apple is not the first company to use legal accounting strategies to minimize their tax bill, and they won’t be last.

Lack Of Participation

Posted on May 21, 2013

In an era of policy-driven capital markets it’s essential to stay in tune with and even anticipate major policy shifts before they are yesterday’s news. The labor force participation rate is one of the key economic data points that will have an impact on Fed policy in the coming quarters.

Trading At The Speed Of Light

Posted on May 14, 2013

HFT is an algorithmic (computer based) trading approach that tries to make a very small profit over an extremely short period of time. Most HFT trading is done by market participants trying to skim fractions of pennies off of millions of transactions each and every day.

Monthly Macro: Austerity vs Monetary Madness

Posted on May 7, 2013

In this month’s Monthly Macro piece we look at green shoots in the US, the changing attitude towards austerity in Europe, the pending questions surrounding China’s economy and the latest round of monetary madness courtesy of the Bank of Japan.

Coach Gets The Tap

Posted on Apr 30, 2013

Coach is a brand best known here in the US for their leather accessories. The primary risks to the company’s future are the same as its opportunities as it now looks to expand its reach beyond the US and other developed markets into higher growing emerging markets.

Is Diversification Dead?

Posted on Apr 23, 2013

True diversification is achieved by owning investments across multiple asset classes with low correlation to one another, but that hasn't worked over the past 18 months with stocks being "the only game in town." Is diversification dead or will "the knife cut both ways" for this style of investing?

Will Gold Glitter Again?

Posted on Apr 16, 2013

It would be an understatement to say that the gold market has struggled as of late. Friday and Monday’s two-day decline of -13.7% represented the worst two-day drop since 1980. But have the fundamentals for gold really changed that quickly or is something else driving the price movement?

Bitcoin: Confidence Game or Currency Revolution?

Posted on Apr 9, 2013

With all the heavy handed intervention by central banks, some have begun to question the utility of fiat currencies. This has given rise to new alternative currencies including the completely digital bitcoin.

The Hedge That Wasn't

Posted on Mar 26, 2013

Back in June of last year we first wrote about the concept of Antifragility and a promising new exchange traded product that had the potential to deliver antifragile returns. Since writing that first post we believe certain dynamics have shifted in the market, and as a result we no longer use the product for hedging purposes in our portfolios.