TRENDS & TAIL RISKS™

A bi-weekly publication dedicated to the principle that deeper and broader knowledge drives superior investment results

Multiple Ways to Win

POSTED ON May 2nd - POSTED IN Portfolio Construction for a Challenging World

By Lewis Johnson - CHIEF CONCLUSION In today’s research, we outline our view that diversification should not end with the simple ownership of many holdings within a portfolio. Rather, it should go further still to[…]

Prediction is Difficult

POSTED ON April 18th - POSTED IN Portfolio Construction for a Challenging World

By Lewis Johnson - CHIEF CONCLUSION We believe that superior risk management is the key to successful value investing.  Why?  To us, investing is not about having a crystal ball to see the future, because successful[…]

March Madness

POSTED ON April 4th - POSTED IN Portfolio Construction for a Challenging World

By Lewis Johnson - CHIEF CONCLUSION The failure of the 2004 Olympic basketball team suggests that victory is not guaranteed by throwing together a random assortment of even the most talented individual superstar[…]

Getting Paid to Wait: Mortgage REITs

POSTED ON March 21st - POSTED IN Portfolio Construction for a Challenging World

By Lewis Johnson - CHIEF CONCLUSION If capital preservation is your goal, then I believe the single hardest part of portfolio management is thoughtful preparation for the end of the cycle. I know I worry about this a[…]

Slow and Steady Wins the Race

POSTED ON March 7th - POSTED IN Portfolio Construction for a Challenging World

By Lewis Johnson - CHIEF CONCLUSION Long-time readers of our research will understand that our constant messages are the importance of risk management and avoiding losses. While this seems like common sense, our[…]

Lewis Johnson
Co-Chief Investment Officer

Author of Trends & Tail Risks

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