Investment management is now a world of contrasts. The active vs passive, under vs out performers, systematic vs non-systematic, fundamental vs technical, growth vs value, the list goes on. As a CFA (and CPA) charter holder and having experienced many ups and downs over 25+ years in this business, one point has rung true to this day: in a liquid, developed market, price is king and risks of all forms must be sought after and judicially managed.
In 2006, my tea leaves suggested a major market correction in the making - I was with Capital One - and I sold everything down to cash, except my house. And, told anyone who cared to listen (not many) to sell everything. But, while sanguine in retrospect, there is a stark reality to having NO risk in one's life, which is, having to answer when and in what form to put that risk back on. Timing investments is a horrible technical and behavioral challenge and no one or machine has shown the ability to do so consistently, including your's truly.
So, I set off on what was truly a great journey to bring to the market an investment process that represented my relatively considerable experience in risk, investment theory and market operation so that I could provide a better answer to the quandary I faced from 2006 forward: how to better manage my cash and, importantly, utilize the inherent liquidity of the stock market to judiciously make money.
So, as this is my first blog post, I will expand on many of these topics going forward. There is much I can share with the hope that others many benefit. "Emerging Manager" in my context is one of opening up to the outside investment world through social media because I can state unequivocally that there are some important messages you should take from me as it relates to your investing future.
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