TRENDS & TAIL RISKS™

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

Risk Management in an Uncertain World: Asset Allocation 1 - Timing Fairy 0

By Lewis Johnson - CHIEF CONCLUSION Last week the equity market suffered the fastest drop ever from an all-time high.  We believe that the violence of this collapse makes a strong case for professional risk management[…]

Everybody Has a Plan 'Til They Get Punched in the Face

POSTED ON August 22nd - POSTED IN Bonds, Gold, Risk

By Lewis Johnson - CHIEF CONCLUSION Mike Tyson says that everybody has a plan until they get punched in the face. That’s when life gets real and many plans fail. Volatile markets just punched many investors in the[…]

Risk Is Not What They Tell You It Is

POSTED ON August 8th - POSTED IN Bonds, Risk

By Lewis Johnson - CHIEF CONCLUSION Sometimes the strength of the whole can be dependent upon what may seem an unimportant or even paradoxical piece.  Investing can be like that too.  In our opinion, the best[…]

Swing and a Miss

POSTED ON July 11th - POSTED IN Bonds, Gold, Relative Value of Gold (and Credit)

By Lewis Johnson - CHIEF CONCLUSION One of the biggest investment surprises in recent memory has taken place in two important markets over the past year or so: rallies in the price of gold and that of the U.S.[…]

Skate Where the Puck's Going, Not Where It's Been

POSTED ON December 13th - POSTED IN Bonds, Cycles, Indicators

By Lewis Johnson - CHIEF CONCLUSION Markets are rightly focused on the future, on where the puck is going, not on where the puck has been.  We try to direct our portfolios to where the puck is going through our[…]

Lewis Johnson
Co-Chief Investment Officer

Author of Trends & Tail Risks

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