Leveraged Loans While Moody’s may not have do a good job at understanding the credit cycle pre Global Financial Crisis, this piece seems to ryhme with other cautious memos. What are they? The loans have become popular in recent years because they carry floating interest rates, which better shield buyers from losses as the Federal
Warren Buffett vs. Hedge Funds vs. S&P 500 According to Ian Cassel, Warren Buffett’s Berkshire Hathaway compounded at 20.2% per year from 1965-2010. If Berkshire was a 2 & 20 hedge fund it would have returned 13.5% net to investors vs 9.4% for the S&P. Stay Tuned, Disciplined & Patient! {TJM} The Investor &
Just because an investment sounds good and exclusive doesn’t mean it will be. Some funds founded by Nathan Myhrvold, which raised ~$3 Billion to invest mostly in patents and new innovations, had NEGATIVE IRR of 15% to 24% in last decade. Just compare that to almost any chart of US stocks over the same time
I have stated ad nauseam about the longevity and liquidity issues with state and local pension plans. Well the Tennessee State Retirement System has felt the emerging markets pain over the past year. At various points they were the largest holders of the following ETF’s: South Korea Brazil Taiwan Turkey (As of June 30, 2018)
“Courage is not the absence of fear, but the capacity to act despite our fears.” ~John McCain (August 29, 1936 – August 25, 2018) Stay Tuned, Disciplined & Patient! {TJM} The Investor & Character Equation (ICE) | S + R = O IMPORTANT DISCLOSURE INFORMATION Please remember that past performance may not be