TRENDS & TAIL RISKS™

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

Equity Market Volatility (Finally) Catches up to Credit Market Volatility

POSTED ON September 9th - POSTED IN Credit

By Lewis Johnson - The last few weeks have been very eventful in the markets. Many are asking what this newfound volatility means. In the following paragraphs we outline the thoughts of one insightful observer, Ray[…]

Long Term Outperformance

POSTED ON August 19th - POSTED IN Portfolio Construction for a Challenging World

By Lewis Johnson - One of my greatest joys is to rediscover the wonder of the markets when I rediscover them anew through the eyes of the younger analysts that I train. The best way to learn a subject is unquestionably[…]

Memory Lane: Chinese Currency Devaluation

POSTED ON August 12th - POSTED IN Thinking About the Future

By Lewis Johnson - China has devalued its currency by almost 4% in two days. What does it mean for China and global asset markets? This week’s “Trends and Tail Risks” takes a walk down memory lane back to the Asian[…]

Whether to Invest with the Weather

POSTED ON August 5th - POSTED IN Art of Valuation, Replacement Cost, Bottom Up Analysis

By Lewis Johnson - As an investor the most important decision I make every day is what to ignore. After all, it’s a big wide world with literally tens of thousands of financial securities in it: stocks, bonds and other[…]

Greece: War of Creditors vs. Debtors

POSTED ON July 15th - POSTED IN Risk

By Lewis Johnson - It seems as if I have been writing about Greece forever! But events there do continue to demand attention. Make no mistake: Greece is on the front lines of global over-indebtedness which is why it’s[…]

Lewis Johnson
Chief Investment Officer

Author of Trends & Tail Risks

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