PremiumPoints

The Clothier Springs Capital Management Blog Archive

Cryptocurrencies, Intrinsic Value and Greater Fools

Posted by: Tom McKeon | November 1, 2017

Why is a Bitcoin worth more today than yesterday, last month or last year? An eager supply of Greater Fools will not last forever.

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The Pain in Active Management Land Must Be Unbearable…

Posted by: Tom McKeon | October 9, 2017

...because active managers are pushing back with obfuscation, disinformation and half-truths.

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PremiumPoints 2Q-2017 Issue

Posted by: CSCM Staff | August 17, 2017

In this Issue: Review & Outlook 2Q-2017, Clothier Springs Turns Seven, New Website Launch, CFA Badge and an excerpt from "One Boy's Journey."

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Asset Allocation vs. Stockpicking: No Contest

Posted by: Tom McKeon | July 14, 2017

With apologies to Jack Bogle, if ever there was a period that proved the benefit of a global asset allocation, the first half of 2017 was that period.

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Options Update: Getting Paid to Wake Up

Posted by: Tom McKeon | April 25, 2017

Collecting option premium in a sideways market is as good as it gets.

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PremiumPoints 1Q-2017

Posted by: Tom McKeon | April 21, 2017

In this Issue of PremiumPoints | Review and Outlook 1Q-2017, New Reporting Platform, CFA Wealth Initiative, Vanguard ETFs: Game, Set and Match, Option Update: Getting Paid to Wake Up

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ETFs Ascendant

Posted by: Tom McKeon | March 8, 2017

From Moody’s: “Passive Investing to overtake active in just four to seven years.” Clothier Springs Capital Management has been on this (ETF) bandwagon since our founding in 2010.

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The 21 Questions You’re Going to Need to Ask About Investment Fees

Posted by: Tom McKeon | February 28, 2017

If the answer to Number 1 is wrong, you can forget about asking the next 20.

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Review and Outlook 2017

Posted by: Tom McKeon | January 25, 2017

In this edition of PremiumPoints: Looking ahead to 2017, ETFs lap the field and Managing Portfolios in the Post-Truth World.

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Facts, Conclusions and Blind Spots

Posted by: Tom McKeon | December 2, 2016

Returns in the aftermath of the election and some heavy hitters (Bogle, Ellis, Buffet) expound on the virtues of index investing.

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Post-Election Global Returns

Posted by: Tom McKeon | November 21, 2016

U.S. Stocks Rally. The Rest of the World…Not So Much.

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Clothier Springs Capital Management Makes INFORMA Top Guns--Again

Posted by: Tom McKeon | August 20, 2016

The methodical, rules-based capture of option premium is what drove our structurALPHA Large Cap Buy-Write strategy.

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As If To Prove My Point: Greatest Olympian Part II

Posted by: Tom McKeon | August 17, 2016

Recent Olympic performances have sparked a discussion about the greatest Olympian of all-time: Usain Bolt or Michael Phelps. The discussion puts cognitive biases front and center.

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The Greatest Olympian and Cognitive Bias

Posted by: Tom McKeon | August 15, 2016

Cognitive biases exist in all walks of life...from investing to journalism. Once you start paying attention, you notice them everywhere. The Greatest Olympian? It's not even close.

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Clothier Springs Capital Management Makes INFORMA Top Guns

Posted by: Tom McKeon | May 19, 2016

Clothier Springs Capital Management has been recognized with Top Guns status by Informa Investment Solutions' PSN manager database.

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Metaphorical Snake Oil

Posted by: Tom McKeon | March 28, 2016

We see a lot of investment product pitches here at CSCM. The vast majority don’t stand up to investment theory, practice or empirical scrutiny.

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CBOE Releases New Study on Options-Based Strategies

Posted by: Tom McKeon | February 26, 2016

Performance Analysis of CBOE S&P 500 Options-Selling Indices reaches familiar conclusion: better returns, less risk or both.

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Understanding and Embracing Volatility

Posted by: Tom McKeon | February 10, 2016

Volatility has come to be the term used when markets are under pressure and investors are unsettled. It is really just a measure of dispersion. But most investors sure know what volatility feels like, without having to be told.

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Keep Calm and Carry On

Posted by: Tom McKeon | January 21, 2016

The stoic British have given the world a wonderful phrase and mindset, particularly as it relates to investing.

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Inside ETFs 2016

Posted by: Tom McKeon | January 19, 2016

Headed to Inside ETFs next week? Check out the panel discussion: VIX and VOL...How to Really Make Money on Tuesday.

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Stock Buybacks and Insider Selling: Two Sides of the Same Coin

Posted by: Tom McKeon | December 10, 2015

Two stories in the financial press today illustrate the perverse incentives lining the pockets of C-suite executives while simultaneously stifling investment, innovation and long-term growth.

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Could You or Your Clients Use an Extra 3.0% of Total Return This Year? How About 4.6%, or 6.9%.

Posted by: Tom McKeon | December 1, 2015

With global equity markets moving mostly sideways to down so far in 2015, buy-writes have delivered robust returns.

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The How & Why of Buy-Writes

Posted by: Tom McKeon | November 20, 2015

Collecting premium in a sideways market is beautiful thing.

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The CSCM structurALPHA US Large Cap Strategy Makes Informa PSN TopGuns

Posted by: Tom McKeon | November 17, 2015

The CSCM structurALPHA US Large Cap provided a robust 530 basis points of risk mitigation in a very rough 3Q-2015 for equities.

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What He Said...Why Hedge Funds Fail

Posted by: Tom McKeon | October 23, 2015

Warren Buffet tells it like it is in a recent post on MarketWatch: Why Hedge Funds Fail (to serve investors).

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Tom McKeon to Speak at NASDAQ-PHLX

Posted by: Tom McKeon | October 22, 2015

The CFA Society of Philadelphia and the Options Industry Council have joined the NASDAQ to host a special event: Managing Volatility: The New Normal next week at the NASDAQ-PHLX in Philadelphia.

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You May Have Noticed...

Posted by: Tom McKeon | September 8, 2015

That the markets have stumbled recently. A one-way market is lovely for portfolio values but an unsustainable circumstance.

 

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Gone With the ETF Wind: Beta Is Beautiful

Posted by: Tom McKeon | August 18, 2015

Any exposure that can enhance returns, mitigate risk or both, could find a place in the asset mix. But it must have a beta.

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CBOE Introduces Ten New Options-Based Benchmark Indexes

Posted by: Tom McKeon | July 30, 2015

Benchmarks are designed to highlight the long-term utility of options as return-enhancing and risk management tools.

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The Smart Beta Kerfuffle

Posted by: Tom McKeon | July 8, 2015

Is it a natural evolution of passive investing or a slick marketing wrapper aimed at extracting higher fees? Yes.

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Holes, Not Drillbits

Posted by: Tom McKeon | July 6, 2015

Customers don't want drillbits, they want clean, perfectly dimensioned holes.

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Clothier Springs Turns Five

Posted by: Tom McKeon | June 30, 2015

With a registration that was effective on 6/30/2010, CSCM celebrates its fifth birthday today.

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BlackRock Plugs Covered Calls

Posted by: Tom McKeon | May 21, 2015

In their latest research brief, BlackRock identifies a handful of strategies for "Generating Income in a Low-Rate World."

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Zombie Hedge Fund Roster Growing: Again

Posted by: Tom McKeon | May 18, 2015

Most hedge funds fail. Inexplicably, demand remains as strong as ever. The question is why.

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CalSTRS Allocates $100 million to Low Vol Covered Call Program

Posted by: Tom McKeon | March 26, 2015

Allocation is an effort to maintain equity exposure with less risk.

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CBOE to Develop New Index Options Products Based on FTSE and Russell Indices

Posted by: The CSCM Team | February 26, 2015

CBOE Holdings, Inc. (NASDAQ: CBOE) announced today that it has entered into a licensing agreement with London Stock Exchange Group (LSEG), to develop and list options based on more than two dozen FTSE and Russell indices.

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Performance Analysis of Options-Based Funds: Summary of Results

Posted by: The CSCM Team | January 21, 2015

The Institute for Global Asset and Risk Management has released a new study of Equity Funds, CEFs and ETFs that use options. The conclusion is powerful.

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2014: A Tale of Two Markets

Posted by: The CSCM Team | January 20, 2015

2014 was a bi-polar year for the global equity markets: US Large caps up 14%, the rest of the world down 4%. That disparity of result shows both the challenge of investing and the benefits of diversification.

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Never Have So Few Been Paid So Much By So Many For Doing So Little: Redux

Posted by: The CSCM Team | December 1, 2014

With apologies to Sir Winston Churchill, we present above our most succinct summary of the hedge fund proposition.  

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Hedge Fund Exodus:

Posted by: The CSCM Team | October 20, 2014

Everybody Out of the Pool. Institutional investors large and small are beginning to question the hedge fund value proposition. It's about time.

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