Dear all, first of all, thank you very much to all the folks that did donate/tip this ad free & paywall free publication which is all about independent investment research. Namely, hats off to Vinny G., Johanna K., Darryl B., Arny T., Don C., Rhino...

Indexing What does an index of CTA returns actually measure? (mrzepczynski.blogspot.com) Why would anyone want to invest in an index of hedge fund returns? (ft.com) Diversification Bob Elliott, “While selection alpha is uncertain, the benefits...

In yesterday’s live session, we went deep into the bull market, the rising stars of semiconductors and healthcare, and of course, AI’s ever-growing influence. AI might just create bull markets in places we didn’t even know could have bull markets. Missed...

Strategy Fund investors should do less, not more. (jeffreyptak.substack.com) Why investors should value principles over predictions. (behaviouralinvestment.com) Crypto Crypto continues to search for a use case. (acadian-asset.com) Strategy ($MSTR)...

Microsoft after making Google ‘dance’ with AI for over a year now, is going on to making Apple ‘dance’, with AI on fundamentally re-designed ‘AI personal computers’. Replete with local AI GPU computing called ‘NPUs’, for Neural Processing Units,...

Quant stuff Some financial-focused AI tools worth checking out. (herbgreenberg.com) A round-up of recent research papers on asset allocation including ‘Asset Allocation Mandates and Price Reactions to New Information.’ (capitalspectator.com)...

Also on the site When the world is in flux, experience could actually be a detriment. (abnormalreturns.com) You can now follow us on Bluesky. (bsky.app) Are you signed up for daily e-mail newsletter? Well, you should. (abnormalreturns.com) Top clicks...

Markets A reminder that degenerate traders are not confined to the U.S. (acadian-asset.com) Another example, why the stock market is not a level playing field. (ft.com) Palantir Palantir ($PLTR) CEO Alex Karp is selling a lot of shares. (ft.com) The...

Happy Sunday. Welcome to Trends with No Friends. We have some business before we dive in… Trends with No Friends is nearly a year old! To celebrate, we’re cooking up a few new features that I cannot wait to share, but as we continue to grow please...

Good evening. Welcome to Trends with No Friends. FOR THOSE JUST JOINING US, HERE’S AN OVERVIEW Stocks stalled. Every major index inched lower. The Russell 2000 tumbled -1.17%. Consumer staples and healthcare carried more than +0.40%. Energy dropped...