The Yin and Yang of Financial Markets

It´s hard to strive for superior investment returns – many say it´s futile, because markets are too efficient. While researching for ways to gain an edge and to exploit systematic inefficiencies in the market, I come across the same pair of principle forces in different forms again and again. Mean Reversion and Momentum These pervasive…

Bear Market Preparation

It sure feels good when the value of your portfolio is rising on an almost daily basis. But, when virtually all assets are going up, that achievement isn´t exactly magic. A rising tide lifts all boats, as the saying goes and it will pay off in the long run to keep in mind how we…

Are Cryptocurrencies on a similar path as the Internet in 1999?

Opinions on bitcoin and cryptocurrencies usually are very binary: cryptocurrencies are about to take over the world and the sky is the limit for valuations (sometimes with a caveat about nonsensical ICOs) cryptocurrencies are a fad and what we are seeing is the greatest bubble since internet stocks in the late 1990s Often smarter commentators…