TRENDS & TAIL RISKS™

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

Have We Seen the Peak?

POSTED ON October 21st - POSTED IN Gold, Cycles, Thinking About the Future

By Lewis Johnson - Many of us grew up enjoying the cartoon Peanuts and its Charlie Brown Specials on TV. Charlie was the brainchild of Charles Schulz, who is now widely considered to be one of the most influential[…]

Where are we in the Cycle? The Gold / Silver Ratio Weighs In

POSTED ON October 7th - POSTED IN Cycles

By Lewis Johnson - Time and again in these pages I have found myself quoting the highly quotable Sir Winston Churchill. He was one of the most incredible people who lived in the 20th Century. I have been reading a[…]

Creditors in the Crosshairs?

POSTED ON September 23rd - POSTED IN Credit

By Lewis Johnson - Another meeting of the Board of Governors of the U.S. Federal Reserve has come and gone and still short term interest rates remain nailed to the floor. It’s been a full seven years that they have[…]

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[…]

Lewis Johnson
Chief Investment Officer

Author of Trends & Tail Risks

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