Blog

2014 Themes: Year-End Review

2014 Themes: Year-End Review

2014 Themes: Year-End Review   × The bond decline continues: …The 20 year treasury began 2013 at 2.63% and ended the year at 3.70%. We wouldn’t be surprised to see it exceed 4.50% by the end of 2014….  We were flat out wrong on this prediction. Increasing uncertainty overseas drove demand for treasuries that was …

Read More Read More

Sustainable Investing Panel Discussion

Sustainable Investing Panel Discussion

Louis will be speaking on a sustainable investment panel with the Portfolio Director of the Acumen Fund next Monday November 24th at the Center For Social Innovation.  The panel starts at 6pm and it should be an interesting and lively discussion.  If you would like to attend, please reserve a spot by clicking on this …

Read More Read More

Understanding the Risks of Crowdsourced Clean Energy Investing

Understanding the Risks of Crowdsourced Clean Energy Investing

Below is an article written by Louis about the recent trend in clean energy crowdfunding.  It was first published by Green Tech Media and the original article can be found here.   For clean energy investors, Title III of the JOBS Act could change the game. Prior to its implementation, investing in clean energy startups or small-scale …

Read More Read More

2014 Q2 Letter: Are US Equities Reaching a Top?

2014 Q2 Letter: Are US Equities Reaching a Top?

The second quarter of 2014 saw global markets rise after shrugging off a number of geo-political concerns clustered primarily around the middle-east (Ukraine, Egypt, Turkey, Iraq, Palestine). Stocks and bonds in the US have continued their march upwards with the S&P 500 and Dow Jones indices scaling all-time highs. There is some speculation that turmoil …

Read More Read More

What You Need to Know About How Clean Energy YieldCos Work

What You Need to Know About How Clean Energy YieldCos Work

If you follow the clean energy investment space, you’ve probably heard the term “YieldCo” thrown around quite a bit in recent months. YieldCos have burst onto the investment scene and quickly become the company structure du jour for publicly traded power producers looking to capitalize on their renewable energy assets. In the past year, we’ve …

Read More Read More

2014 Q1 Letter: High Frequency Trading and the average investor

2014 Q1 Letter: High Frequency Trading and the average investor

Dear Friends, The first quarter of 2014 saw an uptick in stock market volatility as a change in Fed leadership and Russia’s annexation of Crimea caused some investors to rethink investment and trading positions. The Dow Jones Industrials finished the quarter -0.72%, the S&P 500 +1.3% and the Nasdaq 100 was +0.54%. Meanwhile, after a …

Read More Read More

2014 Themes: Use Extreme Caution

2014 Themes: Use Extreme Caution

Dear Friends, We’d like to start off by wishing you a very happy and healthy 2014. We trust you enjoyed the holiday break with family and friends. At the beginning of each year, we put together a list of our top 10 investment themes and predictions for the year ahead.  We’ve done this now for …

Read More Read More

Tech and Bonds, the bigger they are the harder they fall: 2013 Q3 letter

Tech and Bonds, the bigger they are the harder they fall: 2013 Q3 letter

Dear Friends, We hope you had a pleasant summer with family and friends. The third quarter of 2013 saw global financial markets encounter some turbulence, driven largely by fears of central bank monetary tightening. The Federal Reserve issued a series of statements early in the summer, essentially warning investors the era of large-scale monthly bond …

Read More Read More

Interest Rates and Stocks: comparing numerators and denominators

Interest Rates and Stocks: comparing numerators and denominators

For the past couple of years, we have been highlighting to our clients the fact that the market value of their bond portfolios will drop when rates rise. This is especially true of long-bonds. However, we haven’t often explictly discussed the impact this can have on stocks. All else being equal, rising interest rates exert …

Read More Read More

Yelp, I’m drowning in the medium

Yelp, I’m drowning in the medium

A story about the founding of Yelp led us to wonder why Zagat didn’t create Yelp. The core idea (reviews by consumers) is exactly identical, and the Zagats had their brainstorm in 1979. Why couldn’t they translate the phenomenal success of their printed reviews and their formidable brand into an online presence with a moat …

Read More Read More

Tale of two economies

Tale of two economies

“There’s only four things [America does] better than anyone else: music, movies, microcode (software), and high-speed pizza delivery.” — Neal Stephenson, Snow Crash. There are increasingly, two different economies in the country, the knowledge economy, and the physical economy. The knowledge economy is thriving, since that is most of what we export nowadays and much …

Read More Read More

That Internet in your pocket is disrupting the world.

That Internet in your pocket is disrupting the world.

 We don’t often write about individual companies on our blog since we feel all investments need to be considered in the context of a portfolio and an investor’s objectives. We will be making an exception here, since we’re gong to discuss the evolution of an industry where the pace of creative destruction has been frantic, …

Read More Read More

Efficient Markets, Mean Reversion and why chickens come home to roost

Efficient Markets, Mean Reversion and why chickens come home to roost

A recent article in the Financial times, Clash of the CAPE Crusaders, on the radically different conclusions arrived at by Jeremy Seigel and Robert Shiller when evaluating long-range stock results reminded us of an draft post we had begun a while ago.  This debate between value investors and others has been running for a long …

Read More Read More