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This Week on The Compound
This Week on The Compound
This week on TCAF, Josh and Michael were joined by Todd Sohn, Senior ETF & Technical Analyst at Strategas Securities, and Matt Cerminaro, co-founder and Chief Product Officer at Exhibit A. They discussed the disappearance of defensive stocks, the S&P 493, and the disaster that is small caps. (Listen)
PRIVATE MARKETS
Over on The Unlock, Michael Batnick spoke with Phil Huber, Managing Director and Head of Portfolio Solutions at Cliffwater. They discussed the state of the alternatives space and what investors need to consider when investing (or not). As background, you can also check out this post by Prof. Aswath Damodaran, who reviews the literature on the performance of various alternatives. He writes:
It is clear, looking at the trend lines, that the days of easy money for those selling alternative investments as well as those buying these investments have wound down. Even savvy institutional investors, who have been long-term believers in the benefits of alternative investing, are questioning whether private equity, hedge funds and venture capital have become too big and are too costly to be value-adding. As institutional investors become less willing to jump into the alternative investing fray, it looks like individual investors are now being targeted for the alternative investing sales pitch, and as with all things investing, I would suggest that buyer beware…
OUTSIDE THE COMPOUND
Investors are in the business of making good decisions and avoiding unforced errors. However, a good decision is no guarantee of success, but a shoddy process will likely end in tears. Seth Godin writes:
Good decisions are calculations based on what you know right now. If the world turns out differently than the data you had indicated, that’s not a bad decision.
A bad decision is one that isn’t based on available facts. It falls into traps like sunk costs or peer pressure. A bad decision is an error in judgment or skill. Good decision makers, when faced with the same options as you had, would not have done what you did.
But good decisions often can lead to undesired outcomes.
MERCH
New Summer merch is here! Including a dope The Compound beach towel. Check it all out at idontshop.com.
COMING SOON
This week on TCAF, Josh and Michael will be joined by Cole Wilcox, Chief Investment Officer at Longboard Asset Management.
FEEDBACK
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