A monthly publication dedicated to the principle that deeper and broader knowledge drives superior investment results

Quantitative Easing: Perception vs. Reality

POSTED ON July 30th - POSTED IN Risk

By Lewis Johnson - The US Federal Reserve’s Quantitative Easing (QE) program of bond buying has been one of its most controversial policies in recent years. In this week’s Trends and Tail Risks, we examine QE by[…]

Gold: Price vs. Relative Value

By Lewis Johnson - After a long hiatus, gold’s quiet outperformance (up 9.6% YTD) is slowly working its way back into the financial pages. However, gold took its time getting back there. After all, the price of gold[…]

The Power- and Illusiveness- of Long Term Compounding

POSTED ON July 16th - POSTED IN Risk

By Lewis Johnson - Financial history is fascinating. History offers nearly endless lessons from which we can learn, if we would only but study them. Of all the examples of financial history I have studied, one of the[…]

Price is what you pay; value is what you get

POSTED ON July 9th - POSTED IN Art of Valuation, Triangulation

By Lewis Johnson - As value investors we sometimes find ourselves in the most obscure parts of the market. We end up there by design, because we are constantly seeking to limit downside risk by investing in securities[…]

The Most Important Question in Investing Right Now

POSTED ON July 2nd - POSTED IN Gold, Price of Gold

By Lewis Johnson - Last week we explored commodity prices to illustrate simply how supply and demand interact with prices to drive real responses in the economy. Prices make things happen! There is a deeper truth,[…]

Lewis Johnson
Chief Investment Officer

Author of Trends & Tail Risks

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