Something Good for the Month

April 2023

The Toronto Maple Leafs win their first play-off series for the first time since 2004.

Read. Reflect. Re-energize.

Harley Bassman | The Convexity Maven: The Chips are Down

“Family lore suggests that my great Aunt Vi ran the West Los Angeles sports book for Mickey Cohen (the Bugsy Siegel gang) in the 1950’s. This I can neither confirm nor deny as my grandmother was the black sheep of the family who eschewed gambling. However, in support of nature over nurture, I went to Wall Street in the early 1980s and effectively ran a legal betting site for interest rates; more commonly known as the short-dated options business.”

Oaktree Capital | Lessons from Silicon Valley Bank

“… the significance of the failure of SVB (and Signature Bank) is less that it portends additional bank failures and more that it may amplify preexisting wariness among investors and lenders, leading to further credit tightening and additional pain across a range of industries and sectors.”

Principles by Ray Dalio | Principles for Dealing with the Changing World Order by Ray Dalio

“I shared what I learned in my book, Principles for Dealing with the Changing World Order, and my hope is that this animation gives people an easy way to understand the key ideas from the book in a simple and entertaining way. In the first 18 minutes, you’ll get the gist of what drives the “Big Cycle” of rise and decline of nations through time and where we now are in that cycle. If you give me 20 minutes more to watch the whole thing, and I will show you how the big cycle worked across the last 500 years of history—and what the current world leading power, the United States, needs to do to remain strong.”

Research Affiliates | Reimagining Index Funds

Capitalization-weighted indices have been the indexing gold standard since the launch of the S&P 500 Index in 1957. Because the market is cap-weighted why would we want to weight a market index any other way?

Odd Lots | Where Stress Is Showing in the $20 Trillion Commercial Real Estate Market

Markets are suddenly on edge due to strains in the financial system. But banks aren’t the only source of stress. Pockets of the commercial real estate market — which is worth around $20 trillion — are showing cracks as well. Higher interest rates are one factor, but also a lot of commercial office space is still not at pre-Covid capacity levels, putting pressure on income. So where are the trouble spots? And who is holding the bag? On this episode of the podcast, we speak with Rich Hill, head of real estate strategy & research at Cohen & Steers, about the state of the market.

Hedgeye | Hedgeye Investing Summit: Steph Pomboy & Keith McCullough

This is an exclusive “Hedgeye Investing Summit” interview between Steph Pomboy, Founder of MacroMavens, and Hedgeye CEO Keith McCullough.

Investment involves risk, uncertainty and assumptions. The value of investments rise and fall and there is a risk you may not recoup the amount originally invested. Past performance is not a reliable indicator of future performance.

The contents are provided as general in nature and should not be relied upon nor construed to be the rendering of specific tax, legal, accounting or professional investment advice. Readers should consult with their own accountants, lawyers and/or financial advisors for advice on their specific circumstances before taking any action.

The information contained herein is from sources believed to be reliable, but accuracy cannot be guaranteed. No representations or warranty, expressed or implied, is made by Caldwell Investment Management Ltd. or its affiliates.

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