Dan Loeb’s 3Q18 Letter: Market Outlook and American Express

Review and Outlook In January, fueled by tax cuts and synchronized global expansion, PMIs rose, economic growth estimates were revised upwards along with corporate earnings, and stocks surged across the board, especially growth stocks In February, volatility spiked to record levels and stocks dropped precipitously after a series of technical dominoes fell into place After […]

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Howard Marks: Passive Investing, Quantitative Investing, Impact on Investing

Passive Investing and ETFs Merits of index investing are obvious: reduced management fees, minimal trading and related market impact and expenses, and avoidance of human error Thus index investing is a “can’t lose” strategy; of course, it’s also a “can’t win” strategy Empirical evidence of assets continuing to flow to passive management suggests that many […]

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