TRENDS & TAIL RISKS™

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

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 portfolios[…]

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[…]

The Humiliation Machine: Take the Risks That You Get Paid to Take

By Lewis Johnson - Chief Conclusion The market is a humiliation machine. When you are being the most rational, the market makes you look the most stupid. This is not a bug, it’s a feature. Why? Because the rational[…]

Volatility Makes a Comeback

By Lewis Johnson - Chief Conclusion The most pressing problem that we attempt to solve for our clients is how to grow their hard-won savings thoughtfully. Money only grows when it takes risk – but what risks to take?[…]

Lewis Johnson
Chief Investment Officer

Author of Trends & Tail Risks

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