The MD and the PhD

The MD and the PhD

What years of trading taught me about the two minds inside a good investor Adapted from the Podcast interview on The Derivative, in an episode titled, “Patrick Welton’s Journey from Stanford Oncologist to one of Trend Following’s Quiet Legends.” By my...
CIO Memo: Macro Allocation Perspectives for 2024

CIO Memo: Macro Allocation Perspectives for 2024

Our look ahead surrounds a viewpoint. We focus on strategic portfolio value. Where can Macro contribute the most? And how might this change in the year ahead? The engines are returns, noncorrelation, and downside performance. Each contributes in essential ways....
Finding Value in Drawdowns

Finding Value in Drawdowns

A drawdown is a decline following a recent peak of investment gains. Most investments have them, and they share one thing in common. Nobody likes them. Behaviorally, many feel emotional tension, their minds still anchoring on the recent high. Investors’ natural...
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