Same Old Dance Moves

Every decade or two financial markets enter a state of what Alan Greenspan called "irrational exuberance." These periods are characterized by markets that defy logic and reason. The time changes but the narrative repeats. "We've entered a new paradigm." "Old investing rules no longer apply." And of course, "Things are different this time." In the … Continue reading Same Old Dance Moves

Q2 2021 Update

NOTE ON UPDATES Starting with Q1 2021, BCM is consolidating its various update notes into a single "Quarter Update," labelled as "Quarter Update" under Categories. This reduces redundancy and makes updates easier to follow. QUARTER REVIEW Q1 started with a rally in risk assets, but equity markets are still off their all-time-highs notched in February. … Continue reading Q2 2021 Update

It’s Business As Usual for Energy

An excerpt from my latest article published at Nobody likes energy stocks. They're boring, old oil conglomerates on-trend for a long-term decline. In 2020, US energy sector stocks were down some -37% as measured by the Select Sector SPDR Energy ETF (XLE) versus +16% for the S&P 500 (SPY). Figure 1: XLE vs SPY … Continue reading It’s Business As Usual for Energy

Macro (and now Tactical) Value Update, Q1 2021

MACRO VALUE IS NOW TACTICAL VALUE A quick update, moving forward our "Macro Value" strategy is being renamed to "Tactical Value." This name change reflects adjustments we made to the strategy over the past year. The core principles are still the same, a macro approach with an emphasis on value. However, as I have been … Continue reading Macro (and now Tactical) Value Update, Q1 2021