Statistical Facts and the Anatomy of a Drawdown

From April 18 – June 30, 2022, our main fund was down 15.3%, the largest drawdown we have suffered since 2020. Fortunately, we started out the year on a very strong note and are poised to post a solid year.

Institutional Illiquidity Modelling

Did Harvard Go Wrong in 2009?

In this paper, we take the liquidity crisis and drawdown that Harvard's endowment faced during the Great Recession as a case study to explore the implications of illiquidity.

A Guide to Understanding Systematic Investing

Systematic investing strategies have the benefit of producing historical expectations that can be compared to real experience and the further advantage of having rules that can be understood and replicated.

What is Risk?

How a Systematic Investor Assesses Risk in the Market

Risk is implicit in every decision we do or do not make. In our latest paper, we explore risk from both a philosophical perspective and objective framework.

Will the Stock Market Crash?

A Modified Approach to the Dividend Discount Model

Will the stock market go down in the next six months? We discuss a framework for assessing the relative attractiveness of the US stock market in the context of the Dividend Discount Model.