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...

Research Average performance can obscure some bad outcomes. (portfoliocharts.com) No matter where you look, momentum shows up. (alphaarchitect.com) Why don’t more investors use equal-weighted indices? (mrzepczynski.blogspot.com) How LLMs can be used...

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,...

Happy Saturday! It was a tough week in the market. Let’s not get in the weeds with tariff talk – however – I think now is a great time to revisit this quote from Sun-Tzu, “In the midst of chaos, there is also opportunity.” Are you ready…?...

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...

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)...

Happy hump day. Welcome to Trends with No Friends. For those just joining us, here’s an overview… Trends With No Friends sifts through the noise and discovers stocks with high relative strength and low social following. Why is this combination...

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...