Connecting the Dots

"Achieving clarity and maintaining perspective in an investment world full of noise and distraction is an ongoing challenge. The acting paradigm when I started working was that successful people were informed people — and so began my daily ritual reading The New York Times and The Wall Street Journal. After a few decades of this practice I was successful and well-informed. But I realized I was no wiser for the experience."

An excerpt from my latest column at ThinkAdvisor.

All Macro - All The Time

From my August 2015 column at ThinkAdvisor.

"Thematic and top-down, macro research was the environment I grew up with during my 20 years at PaineWebber and it remains the cornerstone of Wall Street research and a primary focus of the financial media. The problem is — it doesn't work.


The evidence floods my inbox every day: hundreds of pages of informative research reports, white papers and commentaries of all variety. I’ve read these reports for decades, and continue to read them today. They all share one common attribute: With extraordinarily rare exception, I feel no more confidence about a course of action when I’m done reading than before I began."