Does Jeremy Siegel Trust the Shiller P/E?
In early August, Wharton finance professor Jeremy Siegel went on CNBC’s “Futures Now” and announced, "my target [for the DOW] is 16,000 to 17,000 for [...]
About David Foulke
David Foulke is an operations manager at Tradingfront, Inc., a provider of automated digital wealth management solutions. Previously, he was at Alpha Architect, where he focused on business development, firm operations, and blogging on quantitative investing and finance topics. Prior to Alpha Architect, he was involved in investing and strategy at Pardee Resources Company, a manager of natural resource and renewable assets. Prior to Pardee, he worked in investment banking and capital markets roles at several firms in the financial services industry, including Houlihan Lokey, GE Capital and Burnham Financial. He also founded two internet companies, E-lingo, and Stonelocator. Mr. Foulke received an M.B.A. from The Wharton School of the University of Pennsylvania, and an A.B. from Dartmouth College.SAC Capital Advisors: What You See is All There Is
The Justice Department filed criminal charges yesterday against SAC Capital Advisors, accusing the multi-billion dollar hedge fund of securities and wire fraud. What's interesting is [...]
Mining for Bitcoin: Ponzi Scheme, Future Reserve Currency or Something in Between?
As technology increasingly marginalizes the use of physical money, the rise of virtual currencies, as alternatives to national fiat currencies, is perhaps inevitable. And if [...]
Japanese Bond Yields Spike!! Successful Abenomics or the Beginning of the End?
It appears Japanese monetary policy is beginning to resemble Kabuki. Kabuki is a form of Japanese theater that involves stylized performances that can appear positively [...]
Neuroeconomics: Prime Yourself with a Power Pose to Generate Testosterone
We were reading Frank Partnoy's Wait: The Art and Science of Delay recently, when we came across a section discussing a fascinating study related to the author [...]
Are you a Company Man?
Contrarian investing is the art of profiting in the markets by diverging from the investment approach favored by the crowd. While we may all aspire [...]
Tactical Asset Allocation Series: Part 1 (Introduction)
Anyone who has spent time pondering how to invest is undoubtedly familiar with the concept of diversification, which is a fundamental concept underlying modern portfolio [...]
Tactical Asset Allocation for Dummies
I was having lunch the other day with the Turnkey PhD and another business school professor, when the conversation turned to Tactical Asset Allocation (TAA). [...]
Applied Quantitative Value (Part 4 of 4)
I sat down with Wes Gray--who also contributes frequently on this blog under the title Wesley Gray, Ph.D.--and Toby Carlisle--who runs the great blog over [...]
How to Identify High Quality Stocks, Continued (Part 3b of 4)
Suppose you had to sail across the Atlantic and were given a choice between making the crossing in either an 8 foot sailing dinghy, or [...]
Fight the Good Fight Against Fees, Tax Inefficiency
Everyone knows there is no such thing as a free lunch, but in investing you often have to pay for a lot more than just [...]
How to Identify High Quality Stocks (Part 3a of 4)
What does it mean to measure a business’ “quality” in the context of investing in common stocks? We try to answer this question in Part [...]
How to Identify the Cheapest Stocks (Part 2 of 4)
This is the next installment in our series covering Turnkey Analyst’s approach to the holy grail of investing – how to identify low risk, high [...]
Managing the Risks of Permanent Capital Impairment (Part 1 of 4)
This post is the first in a series that will discuss Turnkey Analyst’s approach to finding the holy grail of quantitative finance – a robust, [...]
The Costs of Active Management
The Turnkey PhD and I were talking this afternoon about how egregious fees can get in the active money management business, with managers routinely charging [...]
How to Arbitrage the Oil/Natural Gas BTU Spread
The Turnkey PhD is always on the lookout for arbitrage opportunities, so when I showed him the below chart, which depicts the $/BTU spread between [...]
Gain and Loss Learning: Effects on Life Financial Outcomes
“From shirtsleeves to shirtsleeves in three generations.” - Andrew Carnegie Since time immemorial, humans have wondered at the factors that give rise to the accumulation [...]
MF Global: a Post-Mortem
I was stunned last year when MF Global, a major commodity futures and derivatives broker, declared bankruptcy. At the time, I had an account at [...]
Academic Alpha: Value Creation: Hedge Funds as Activists.
In “Value Creation or Destruction? Hedge Funds as Shareholder Activists,” by Chris Clifford, the author examines and measures the powerful effects created by hedge fund activists. [...]
The Framing Effect and Your Portfolio
When individuals try to understand or explain an event, they sometimes employ “frames,” which are interpretive structures or filters that help them make sense of [...]