Sitemap - 2024 - Klement on Investing
Christmas Edition: Ahhhh! A Christmas tree!
Did the Fed engineer a soft landing?
Corporate culture starts at the top
European equities won’t provide safety if US bubble bursts
How big is the equity risk premium?
Why retail traders underperform
Corporate culture is a real (though intangible) asset
Great, now the machines start to understand me
Boy those retail traders are lucrative
Past performance is indicative of future results
Five books that impressed me this year
Should Disney be in charge of large infrastructure projects?
Fast growers are common, fast compounders are rare
What makes a market ‘look risky’?
Want to know if a fund manager is skilled? Watch the tough days in the market
Do we really need cleaner air?
Why have economies become less dependent on labour?
ChatGPT can predict analyst forecast changes
The most sophisticated test of ESG fund performance, yet
Fees matter, frequent fees matter more
US debt is risky: A rant about evidence-based investing
Hedging hedge funds have higher (h)returns
No, higher corporate taxes do not reduce profits
European bond yields may keep rising
Can demographics undermine Europe’s dominance in global trade?
Regulation as a driver of investment risk
The growing partisan divide in US investor portfolios
Do you spend a lot of time gaming? You are probably ugly.
Geopolitics is permanently changing trade flows
The curious case of cross-country factor momentum
Chernobyl killed 4 million people
A complicated way to do something very simple
Reuters opinion: ECB and Fed may struggle to solve debt riddle
Who becomes an entrepreneur – and when?
Analysts should pay more attention to macro forecasts
Why do we deal with climate change so poorly?
Have we slayed the inflation dragon?
Three key factors that drive management quality
Another reason to like infrastructure investments
Southeast Asia as the new ESG investment hub
Generative AI gets adopted really fast
Good management is universal, so why does practice differ so much?
Even the enemies of the US hold dollar reserves
An interesting indication of an ESG bubble before the inflation shock
Be glad I am not running a company
Germany: The (chronically?) sick man of Europe
Productivity and the quality of management
Technology does not make squirrels less important
I think this app has unintended consequences
The IRR of going to university
Fiscal stability and geopolitical risk
Sometimes, you have to wonder if they know what they are doing
When cable news drives market volatility
Flipping a coin is… not like flipping a coin
When brokers go under, every investor loses
What we see when we look at price charts
What happens if you measure hedge fund returns properly?
Making HK$138,000 in a museum gift shop
In the end, it all boils down to sentiment
The butterfly effect, index funds, and the rise of mega caps
The demand for sustainable investments remains strong
The C.R.A.P. framework for dealing with bullshit
Monetarism is wrong everywhere
ESG engagement actively reduces downside risks
The sorry state of retail investor portfolios
Is UK productivity low because of poor governance?
Is memory improving in old age?
Voting machines vs. weighing machines
Why did the US land softly but not Europe or the UK?
A simple, yet powerful way to use ChatGPT to analyse earnings calls
Businesses don’t care about their employees. Discuss
Have we gone too far (offshore)?
You cannot cut your way to profitability
I would never help make social media a worse place than it already is
The costs of a proper trade war with China
Can we please stop selling these products
I hope this AI thing works out: Part 2
Why companies should welcome activist hedge funds
I hope this AI thing works out
The impact of future deficits on US Treasuries
The superior returns of cyclical stocks
Surely, we have reached peak AI now…
How should we deal with China’s industrial policy?
A one-factor model to explain asset returns
Beware of companies moving targets
Another exercise in stating the blindingly obvious
The many reasons for our declining productivity
How realistic are the Shared Socioeconomic Pathways?
AI gets the ice bucket challenge
The potential spillovers of the upcoming Fed decision
Active managers get competition from AI
Good stories lead to bubbles, and ESG is a good story
The true return on private debt
Pay transparency done right (and wrong)
Is the short-term reversal effect dead, or just not salient anymore?
The one-eyed among the blind and the seeing
When private companies are less productive than government contractors
Running away from their responsibilities
To have a blockbuster, appeal to values
The rise of shadow banking in two key charts
In theory, trade wars are easy…
Bang for your buck in private capital markets
You’re going to miss me when I am gone
Public finances are like stocks
Exorbitant privilege or why the UK cannot do what the US does
The next time you complain about your taxes do this first
Invest in a company that cannot go bankrupt
Investment consultants re-arranging deck chairs
How retail ETF investors screw themselves
Reshoring leads to more global trade
Do ESG fund managers have ESG skill?
Keeping up or hanging out with the Joneses
Wading into a political minefield
Financial statements we should pay more attention to
What happens when you divest from BP and Shell?
Armed conflict investor survival guide
When tax cuts lead to higher tax rates
When worrying about inflation becomes your identity
The (declining) benefits of macro hedge funds
European companies are finally buying back their shares
The geopolitics of the energy transition: Are fossil fuels more secure?
What a difference a tree makes
What the Germans think about their debt brake
The foolishness of effective altruism
My latest article on Marketwatch
The shocking consequences of living in the here and now
Want to know which stocks I like?
Framing matters: Inequality edition
Is the Fed losing its independence?
Why quality stocks perform so well
Japan is the playbook, not the exception
This is not what I normally do here…
Increasing collective intelligence
Retail investors and earnings surprises
The very real effects of consumers’ hopes
Housing affordability around the globe and what really helps
Teams are more than just a collection of the best talent
Post-earnings announcement drift is not just for equities
Stocks (and bonds) for the long run: Part 3
Fighting corruption in Africa, one US law at a time
A Protestant retirement ethic?
Reducing the factor zoo for bonds
Stocks (and bonds) for the long run: Part 2
Now that rates start to fall again…
Improving valuations through better governance
Prisoners of our genes or masters of our destiny?
Which economic surprises matter?
Stocks (and bonds) for the long run: Part 1
Free money, who doesn't like free money?
Managing private equity portfolios
Sustainability helps you reduce costs
Want to be a great fund manager? Don’t study finance
What happens if China sneezes?
The investor experience with thematic funds
How many factors do you really need?
The rise of ESG investing among (wealthy) retail investors
What’s the right level of inflation?
The Fed may extend the life of zombies
I want to shoot the whole day down
Should we prefer bonds over stocks?
When optimism becomes a dirty word
Your network matters, but not always to your benefit
I think I’ll never get back on the good side of MSCI ESG…
Victor Wembanyama may not reach the peak of his abilities at San Antonio
Rate hikes and the damage to our national productivity
From cynical bubbles to cynical liquidity
The quantification of ESG investing
The lasting effects of the current inflation
Geopolitical decoupling and commodity prices
From oil price speculation to higher inflation?
The backlash against ESG investing seems to go nowhere
Understanding human stupidity in a post-truth era
Only academics believe in efficient markets
Oh those share price forecasts