Sep 29, 2016

Risk Parity – WhiteTree’s All Seasons

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Every investor faces the challenge of asset allocation. The piece below describes, in layman’s terms, the thought process behind a framework for addressing that challenge. This framework was developed and refined by some of the world’s most sophisticated and successful investors. It is, in my professional opinion,  the investor’s greatest hope for successfully navigating the largely unprecedented investment  environment we find ourselves in today.

 

This information should not be used as a general guide to investing or as a source of any specific investment recommendations.

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Apr 4, 2016

Almost Does(n’t) Count: Ackman Valeant – Buffett Salomon

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  “Risk is more things can happen than will happen”  – Elroy Dimson “Many things can happen but only one will” – Howard Marks   Sometimes a thing creates an echo in your mind. That is to say you keep thinking about it, and while you know it’s important, you can’t quite externalize why. An […]

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Feb 8, 2016

Allocating Blame

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“All things are full of weariness; a man cannot utter it; the eye is not satisfied with seeing, nor the ear filled with hearing. What has been is what will be, and what has been done is what will be done, and there is nothing new under the sun… In much wisdom there is much […]

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Jan 27, 2016

Don’t Get Hornswoggled by Leveraged ETF’s

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The article below is an excerpt from WhiteTree’s Q4 market commentary. If you would would like to receive our quarterly commentary, please email us at info@whitetree.net.

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Jan 19, 2016

Scott Adams on Priorities

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From How to Fail at Almost Everything and Still Win Big: It’s useful to think of your priorities in terms of concentric circles, like an archery target. In the center is your highest priority: you. If you ruin yourself, you want be able to work on any other priorities. So taking care of your own […]

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Dec 7, 2015

The Way Back Machine – Peter Lynch, Carl Ichan & T. Boone Pickens – Videos

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Though not literally from The Way Back Machine, these videos of Peter Lynch (1994) and Carl Icahn with T. Boone Pickens are a trip down memory lane. A confession seems in order, I’ve never read a Peter Lynch book but this video makes me want to pick one up.   Carl Ichan and T. Boone […]

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Sep 16, 2015

Credit Risk Assessment VS Distressed Debt Analysis

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From Distressed Debt Analysis: Credit risk analysis and distressed debt analysis are similar exercises; it is just a question of when they are performed. By analogy, credit risk is like standing on a dock under tranquil skies and calmly discussing the risk that a boat carrying gold might capsize should an unexpected storm arise; distressed […]

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Sep 4, 2015

Labor Day Weekend Reading

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After reading quite a few articles making bad arguments against “risk parity” strategies, I wanted to write a post that elucidated my understanding of the thought process behind risk parity, while also pointing out the flaws in the arguments of some critics. I started writing something but it never came together quite the way I […]

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Jul 30, 2015

What’s Conservative Got To Do With It?

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Below is a section from the most recent WhiteTree quarterly client letter. Excerpt:   What’s Conservative Got To Do With It? Echoing the famous poll in which 80 percent of people rated themselves above average drivers, most investors consider themselves more conservative than their peers. Unfortunately the term “conservative” has little descriptive power in context […]

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Jul 21, 2015

Carl Ichan – Telling (his) Truth to Power

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You don’t often get to see titans of industry wriggle in their chairs like this. Carl Icahn has a gift for both investing and making people in high places squirm.

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