Season Investments



A Golden Life Raft

The price of gold is reflecting the tug of war between near-term expectations of a global recovery and long-term inflation risks. As the old saying goes, “gold is no one’s liability” which makes it the perfect life raft for investors with a long-term perspective faced with a global economy that is drowning in debt.

The Growth Recession

Although the stock market and the economy bottomed around the same time, the speed of the recovery in these two markets has been quite different. How has the stock market rebounded so well while the economy is still nowhere near the level it was at before the crisis?

Achieving Real Diversification

The foundational principal of Diversification 2.0 is finding and investing in assets with low correlation to each other. A portfolio consisting of highly correlated investments is nothing more than a one directional bet on the future. The portfolio will do well in one particular environment but is exposed to a great number of risks if the world doesn't unfold as expected.

Taking the Tide at the Flood

There is a bull market in uncertainty that is unsettling for many but also creates opportunity for those willing to take the tide at the flood. This uncertainty is not unfounded, but it might be overpriced. Part of our job is to find the best way to take advantage of the “flood” in uncertainty.