2023-11-01 02:11
When speaking about inflation forecasting, it’s important to set expectations. Forecasting is a notoriously difficult business; if I could do it well, then I wouldn’t be writ… Read More
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Light Finance Blog
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Light Finance is a blog dedicated to finance and investing. While most blogs focus on only a narrow set of topics, Light Finance provides a comprehensive place to learn about investing, trading, economics and building wealth.
2022-12-10 17:48
It goes without saying that 2022 has been a difficult year across markets. Investors have had to contend with an inflationary bear market for which the traditional playbook has proven wo… Read More
2022-06-26 20:08
If 2022 has taught us anything, it is that our understanding of the inflationary process is woefully incomplete. Increasingly, it seems that the easy money era of the 2010’s create… Read More
2022-04-26 04:08
Introduction
Inflation is perhaps the least well understood phenomenon in economics. Once said to be exclusively a monetary phenomenon, our current predicament is significantly more c… Read More
2022-03-25 02:11
After a rather long hiatus the sorted Beta and Sharpe Ratio for all companies listed in the S&P 500 as of March 2022 are now available. Beta and the Sharpe Ratio are calculated using… Read More
2022-03-21 01:34
I. Introduction
Due diligence for hedge funds presents a unique set of challenges for analysts and asset allocators. Funds often have significant discretion to invest across multiple… Read More
2021-11-28 21:32
Introduction
While the holiday season has long been regarded as a time of excess, folks this year are bracing for another challenge besides annual waistline expansion: price inflatio… Read More
2021-07-24 20:30
In another world, seemingly long ago (i.e., January of 1990) the yield on the 10-Year Treasury was 8.20% while the dividend yield on the S&P 500 – which varies with market valu… Read More
2021-07-16 03:10
The sorted Beta and Sharpe Ratio for all companies listed in the S&P 500 as of July 2021 are now available. Beta and Sharpe are calculated using 3 years of bi-weekly returns. To lear… Read More
2021-07-15 03:40
In 2006, Meb Faber wrote a highly influential paper on tactical asset allocation and market timing. The strategy was particularly attractive in part because of its simplicity:
Buy whe… Read More
2021-05-14 04:17
The sorted Beta and Sharpe Ratio for all companies listed in the S&P 500 as of May 2021 are now available. Beta and Sharpe are calculated using 3 years of bi-weekly returns. To learn… Read More
2021-04-01 04:03
It’s no secret that 2021 has started off well for Bitcoin. Having breached a new all time high of $61,788.45 on March 13th it seems that each passing month brings with it a new mil… Read More
2021-03-21 15:22
The sorted Beta and Sharpe Ratio for all companies listed in the S&P 500 as of January 2021 are now available. Beta and Sharpe are calculated using 3 years of bi-weekly returns. To l… Read More
2021-02-04 04:49
The sorted Beta and Sharpe Ratio for all companies listed in the S&P 500 as of January 2021 are now available. Beta and Sharpe are calculated using 3 years of bi-weekly returns. To l… Read More
2021-01-24 23:41
Much has been written about the Federal Reserve in recent months. Indeed, much of the discourse has focused on expansion of the Fed’s balance sheet and the consequences it has for… Read More
2021-01-03 19:36
The sorted Beta and Sharpe Ratio for all companies listed in the S&P 500 as of January 2021 are now available. Beta and Sharpe are calculated using 3 years of bi-weekly returns. To l… Read More
2021-01-02 21:45
Building on the work of Robert Shiller, in recent posts I investigated the use of the CAPE ratio to predict future stock market performance and examine for the structural change in marke… Read More
2020-11-21 16:57
In “Stock Market Valuation and the 2020’s in R” I investigated whether the CAPE ratio could forecast the future trajectory of earnings and/or stock returns over the per… Read More
2020-11-12 04:34
It’s a bad time to be a good saver. Banks are flush with cash and simply not willing to pay you for your deposits. In the low rate world, you’d consider yourself lucky to hav… Read More
2020-10-25 01:11
I’ve been thinking about valuations a lot lately. If you’ve been following the stock market in recent months, then you will doubtlessly be aware that the past 6-months have w… Read More
2020-10-20 04:05
The sorted Beta and Sharpe Ratio for all companies listed in the S&P 500 as of October 2020 are now available. Beta and Sharpe are calculated using 3 years of bi-weekly returns. To l… Read More
2020-09-25 03:16
As the ultimate store of value, gold has appreciated substantially over the past 18 months; rallying from ~$1,300 in March 2019 to $1,954 on September 18th; an increase of 33.4%. In fact… Read More
2020-09-10 11:59
The sorted Beta and Sharpe Ratio for all companies listed in the S&P 500 as of September 2020 are now available. Beta and Sharpe are calculated using 3 years of bi-weekly returns. To… Read More
2020-08-28 02:29
A common problem when evaluating a portfolio manager is that the history of returns is often so short that estimates of risk and performance measures can be highly unreliable. A similar… Read More
2020-08-14 02:40
Something that I’ve struggled with over the past few months is how to reconcile the flood of seemingly disparate economic and financial data. By any standard, the current moment in… Read More
2020-08-07 03:11
The sorted Beta and Sharpe Ratio for all companies listed in the S&P 500 as of August 2020 are now available. Beta and Sharpe are calculated using 3 years of bi-weekly returns. To le… Read More
2020-07-24 03:47
If your company offers a 401(K) plan, it can be an effective way to save for your future. With a 401K you get tax benefits, contributions are automatically deducted from your paychec… Read More
2020-07-17 17:27
In recent months the Federal Reserve has unleashed battery of programs designed to support asset markets. To date they have been able to settle markets and the global economy using the same… Read More
2020-07-02 19:13
“The arithmetic makes it plain that inflation is a far more devastating tax than anything that has been enacted by our legislatures. The inflation tax has a fantastic ability to si… Read More
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