The Better Letter

JANUARY 26, 2024

2011 : “[T]he expected return/risk profile of the stock market has shifted to hard-negative.” 2012 : “The present menu of investment opportunities continues to be among the worst in history.” 2014 : “What concerns us beyond valuations is the full ensemble of overvalued, overbought, overbullish conditions.”

Assets 103

Assets Valuation Management Investing 103

The Big Picture

AUGUST 15, 2023

That’s a really easy portfolio to create. It allows you to understand, generally speaking, what is a reasonable beta for that whole portfolio. The other thing it allows you to do is to benchmark your ability to select managers that outperform both in each areas and across the sleeve. That allows you to do two things.

Management 130

Management Investing Investments Government 130

The Big Picture

SEPTEMBER 26, 2023

So, so let’s talk about some of those legacy portfolio issues. Because if you’re a risk manager at a bank and all of a sudden the reserve flow is not coming your direction anymore, you’re the expectation that is, it will go the opposite direction. So then you turn to your investors and you say, stop investing.

Banking 130

Banking Investing Investments Clients 130

The Big Picture

APRIL 18, 2023

In the short run, there can be distortions in public market valuations as we saw in 2001 and we saw prior to that in 2007, and prior to that in 2000, in ‘99. Even when you read that announcement from — that was 2012 — RITHOLTZ: 2012. BARATTA: — we’re probably three times the size as we were in 2012.

Assets 154

Assets Investing Investments Valuation 154