Cassini Died For Macro Fund Managers’ Sins

“When you see a 350-page slide deck justifying a losing position, it makes sense to wonder whether even a fraction of the effort that went into its creation was allocated to considering whether the investment thesis is misguided.”


‘I Can’t Do It’

“I can’t do it. I can’t embrace the machines and the vol selling and the ETF parade and the central bankers’ “communication policy”. So I’m NOT happy. I don’t sleep well. I DON’T trust the Fed, much less love them, and I never will.”

Whom Fortune Favors

“What a bunch of superstitious hogwash.”

Always Go To The Funeral

But Brutus says he was ambitious;

And Brutus is an honorable man.

Chili P is My Signature

“It also makes us inexorably prone to affectation. We must add our own signature, that thing that distinguishes us or our product; the figurative chili-powder-in-the-meth of whatever our form of productive output happens to be.”

You Still Have Made a Choice: The 5 Things that Matter

“It may not be optimal to own the most diversified portfolio you can possibly own, because anti-diversifying decisions might, in fact, be worth it. But it is exactly that thought process that must become part of our code as investors. It’s OK to turn down a free lunch, but you’d damn well better know that what you’re going to spend your money on is better.”