Q2 Recap and Chart Book

Q2 Recap and Chart Book

This is our biggie each quarter, pages of charts and the context to go with them. As always, we think the windshield view is far more relevant than the rearview. But it’s through the rearview that we get a sense of the path traveled to this point, helping to set...
Q2 Recap and Chart Book

Convexity is Key

Let’s talk about the last couple weeks in the market and what we are doing about it. Not to provide homework, but if you haven’t read the following links, please do. The positioning of portfolios and the thoughts about our positioning will be much more effective....
Q2 Recap and Chart Book

Thinking Well

Thinking well is a superpower. It’s not a character trait that receives much attention, but I’d argue, it’s what matters. All other qualities take a back seat to the ability to think well.  Thinking well is a consequence of deep understanding, and it’s that...
Q2 Recap and Chart Book

Q1 Recap and Chart Book

This is our biggie each quarter, pages of charts and the context to go with them. As always, we think the windshield view is far more relevant than the rearview. But it’s through the rearview that we get a sense of the path traveled to this point, helping to set...
Q2 Recap and Chart Book

What is “Notional Protection”?

Last month we focused on the Delta of an option and how that relates to our portfolios and strategies. It was a simplified explanation of answering the questions around how and when of the effectiveness of the hedges we deploy. This month, we add to the answer by...
Q2 Recap and Chart Book

How and When Can Hedges Be Effective?

  Our experience in the options market is what underpins our investment process. Options are the vehicle to inject ownership of volatility, and it’s this ownership that allows our allocations to shift away from bonds and towards stocks. In our view, this can...