Showing posts with label Concentration risk. Show all posts
Showing posts with label Concentration risk. Show all posts
Friday, June 14, 2019

14/6/19: Rising Concentration Risk in S&P500 Earnings and Revenues

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S&P 500 companies earnings and revenues are heading for another round of de-diversification (increasing concentration of earnings and ...
Tuesday, March 12, 2019

12/3/19: S&P500 Concentration Risk over 10 years

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More on increasing concentration risks in the U.S. equity markets: Goldman Sachs estimates that almost 1/4 of total return to S&P500 ov...
Thursday, October 4, 2018

3/10/18: Dumping Ice bags into Overheating Reactor: Bonds & Stocks Bubbles

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Wading through the ever-excellent Yardeni Research notes of recent, I have stumbled on a handful of charts worth highlighting and a relate...
Tuesday, September 18, 2018

18/9/18: Extreme Concentration Risk: Bitcoin's VUCA Bomb

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I wrote before both, about the general problem of concentration risk and the specific problem of this risk (more accurately, the concentra...
Thursday, September 13, 2018

13/9/18: Concentration Risk: IPOs, New Firms Arrivals & Super Stars

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One of my favourite long-run tail risks to watch in the financial markets (and indeed, due to ongoing monopolisation trends, in the entire...
Monday, July 16, 2018

16/7/18: Wither Free Market America

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Prior to the 1990's, “U.S. markets were more competitive than European markets”, with the U.S. having a lead-start on the EU of some d...
Thursday, May 24, 2018

24/5/18: America, the Medici Cycle and the Corporate Powers in Politics

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A recent paper by Luigi Zingales of the University of Chicago, titled "Towards a Political Theory of the Firm" (NBER Working Pap...
Tuesday, January 16, 2018

15/1/18: Of Fraud and Whales: Bitcoin Price Manipulation

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Recently, I wrote about the potential risks that concentration of Bitcoin in the hands of few holders ('whales') presents and the ...
Thursday, December 21, 2017

21/12/17: Of Taxes and Whales: Bitcoin's New Headaches

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I have recently mused about the tax exposures implications of Bitcoin 'investments', and in particular, my suspicion that many tod...
Friday, December 1, 2017

1/12/17: Eonia's strange vaulting

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What concentration risk and liquidity risk can do to you when both combine? Eonia (Euro OverNight Index Average) is the 1-day interba...
Sunday, November 26, 2017

26/11/17: FAANGS+ Brewing up another markets storm

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One of the key signals of a systemic mispricing of financial assets is concentration risk. I wrote about this in a number of posts on the ...
Sunday, October 15, 2017

15/10/17: Concentration Risk & Beyond: Markets & Winners

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An excellent summary of several key concepts in investment worth reading: " So Few Market Winners, So Much Dead Weight " by Barr...
Tuesday, May 16, 2017

16/5/17: Insiders Trading: Concentration and Liquidity Risk Alpha, Anyone?

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Disclosed insiders trading has long been used by both passive and active managers as a common screen for value. With varying efficacy and ...
Tuesday, April 18, 2017

18/4/17: S&P500 Concentration Risk Impact

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Recently I posted on FactSet data relating earnings within S&P500 across U.S. vs global markets, commenting on the inherent risk of lo...
Tuesday, April 11, 2017

11/4/17: S&P 500 Concentration Risk

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Concentration risk is a concept that comes from banking. In simple terms, concentration risk reflects the extent to which bank's asset...