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Capital Markets Lab

Exploring Market Characteristics, Participants, Behavioural Biases, Correlations and Causations, Predictions, Gloom and Doom, Tipping points, Misperceptions, Noise, Risk and Returns, Uncertainty, Volatility, Cycles, Assumptions and more...

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Change in Investors' Risk Appetite and Use of Social Media

Michael Howell
CrossBorder Capital, March 2020

COVID-19: The Power of NIMBY

Whatever the Western world’s reaction may be, ‘NIMBY’ discrimination might be changing sides. Will the Chinese now scrutinize and fear the rest of the world?

Didier Darcet
Gavekal Intelligence Software, The Quant Corner, March 2020

The COLLATERAL-17 Virus?

With interest rates tumbling all over the world, gold should be killing it. Instead, gold is getting killed. The major correlation for this precious metal has been the bond market, falling yields. And that makes intuitive sense; gold as a hedge pays no interest, but if competing safety instruments like UST’s end up paying up a lot less then gold becomes relatively more attractive (opportunity cost) as tail risk insurance.

Jeffrey P. Snider
Alhambra Investment Partners, February 28th, 2020

The Resonance Chamber Epidemic

Behind all the hysteria related to the coronavirus, there might be a second, new form of epidemic that is spreading, one with a pattern that ressembles that of a resonance chamber, and where human beings are mere figurants reacting to events of their own creation.

Investment Office, 28 February 2020

As the Correction Becomes Official, Beware Worst-Drop Lists

Tune down trivial rankings.

Fisher Investments MarketMinder, February 27 2020

Reactions around the Market Crash of 1929

In the years shortly before and following the great crash of 1929 most market participants failed to grasp the full scale and length of the unfolding depression. Capitulation finally came after 1932, when the DJIA closed at its lowest level of the 20th century.

Investment Office, February 2020

Where next for traditional value investing?

The rise of the penguin investor: Herding into momentum-like stocks has created a chill wind for value seekers.

Jonas Edholm, Portfolio Manager
Skagen Funds, 24 February 2020

Avoiding the Trap of Low Interest Rates

How do we think about a world of ultra-low interest rates as equity investors? To us, interest rates are much more than determining what discount rate to use in a valuation model. At extreme levels, the rate environment introduces distortions that impact management behavior and valuation tools.

James J. Clarke, Portfolio Manager & Director of Fundamental Research
Brandywine Global, Around the Curve, January 21 2020

Quarantine

"For the first time in years of quantitative publications, we argue that the usual irrelevant noise of daily fluctuations becomes now immensely informative."

Didier Darcet
Gavekal Intelligence Software, The Quant Corner, February 2020

The Green(back) Boogie

"Things are changing. A new type of cycle is in town. It is not linked to the macro-economic cycle and is arguably more potent. It was in gestation for most of 2019 and born with a bang towards the end of the year. This week’s Davos WEF was its baby shower."

The Unchained Banker, January 2020
Articles: 1-10 / 206
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