I'd just like to thank you for ever actually having the time to share your unbiased, well-formed and obviously well read analytical yet highly entertaining and delightful views and opinions with us commoners. Please treat this comment as the sincerest of blessings and regards from my end. And needles to mention, keep up the relentless attack on these so called harbingers of the financial spehere and their almost and/or utter disregard for the layman. More power to you :)
Sometimes I wonder if such a thing called returns and alpha is fickle, just because it is a man-made elaborate scheme - and we all know the first thing that comes to mind when the word "scheme" is blurted out. Not everyone wants the same thing. Not even those in the board of directors of a company. Or those who talk to them know what's really going on in their minds - whether it is the institutional investor, the private wealth manager, the private equity guy or the fund manager. So when a cart is being pulled in different directions by different horses, forward will rarely be an outcome. Yes, there will be such a thing as guiding philosophy, but again, whether they follow it in letter or spirit is revealed in the outcome of their actions - the steady or rigged balance sheets, goodwill created or destroyed, debt taken on will be apportioned for payoff or will continue to leverage business etc.
I'd just like to thank you for ever actually having the time to share your unbiased, well-formed and obviously well read analytical yet highly entertaining and delightful views and opinions with us commoners. Please treat this comment as the sincerest of blessings and regards from my end. And needles to mention, keep up the relentless attack on these so called harbingers of the financial spehere and their almost and/or utter disregard for the layman. More power to you :)
Happy new year sirr and a big thank you 😊 🙏 for making people understand who are making amc rich by buying mutual funds
Bang on
Sometimes I wonder if such a thing called returns and alpha is fickle, just because it is a man-made elaborate scheme - and we all know the first thing that comes to mind when the word "scheme" is blurted out. Not everyone wants the same thing. Not even those in the board of directors of a company. Or those who talk to them know what's really going on in their minds - whether it is the institutional investor, the private wealth manager, the private equity guy or the fund manager. So when a cart is being pulled in different directions by different horses, forward will rarely be an outcome. Yes, there will be such a thing as guiding philosophy, but again, whether they follow it in letter or spirit is revealed in the outcome of their actions - the steady or rigged balance sheets, goodwill created or destroyed, debt taken on will be apportioned for payoff or will continue to leverage business etc.
Very well written, beautiful article. Thanks so much for collecting, sharing and presenting nothing but super-hard facts in such an awesome style.