TRENDS & TAIL RISKS™

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

Liquidity Moves Markets

By Lewis Johnson - CHIEF CONCLUSION The Fed is at it again! Not content with its nearly successful attempt six months ago to break the financial world, the Fed is once again fiddling while interest rates burn. Today we[…]

Animal Spirits

POSTED ON June 13th - POSTED IN Portfolio Construction for a Challenging World

By Lewis Johnson - CHIEF CONCLUSION Are tariff announcements breaking the market’s “animal spirits” that are necessary for the health of a historically extended bull market in equities?  We examine some important[…]

Winning by Not Losing

POSTED ON May 30th - POSTED IN Portfolio Construction for a Challenging World

By Lewis Johnson - CHIEF CONCLUSION Since my first day at Wharton, in August of 1998, my sole focus has been to learn the craft of investing.  This focus taught me that discipline is often the most important thing that[…]

Imagination is Everything

POSTED ON May 16th - POSTED IN Portfolio Construction for a Challenging World

By Lewis Johnson - CHIEF CONCLUSION The biggest mistake we see investors make in the markets, repeatedly, is to assume that tomorrow will look like today. Our experience investing over nearly twenty years and trading[…]

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[…]

Lewis Johnson
Co-Chief Investment Officer

Author of Trends & Tail Risks

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