Educated money

People tend to call it smart money but as I have argued before, investing success has little to do with intelligence. So, when I saw a new study that investigated which investors take the right and wrong side of specific trades, I was cringing a b...
Klement on Investing

Chance encounters

One of the most controversial posts I wrote this year was the one where I doubted that work from home will become normal and people will hardly ever come back to their offices and meet in person. One of the interesting observations was that younge...
Klement on Investing

Combining factors in a portfolio

About a month ago, I wrote about the decline in the performance of factor portfolios. I closed with a hopeful note that a combination of different factors can still be used to improve portfolio performance. Given the alarming number of factors ide...
Klement on Investing

Are older people saving more?

As the demographic change continues, there are still a lot of people who argue that the retiring baby boomer generation will consume some if not all of their savings, leading to lower equity returns and lower savings rates. Yet, so far, we haven’t...
Klement on Investing

Brexit: Thelma & Louise edition

Everyone who only casually observes the UK-EU negotiations for the relationship after Brexit is frustrated with the developments. And one can only imagine how frustrated the negotiating teams on both sides must be. Apparently, to shake things up, ...
Klement on Investing

The New Power Brokers

Plus: Spanish Bank Consolidation, More Ant Group, Independent Equity Research
Net Interest

Introducing... Discover Substacks!

The Story and Launch of
Musings by Mazwood

I am so depressed my forecasts will be great

Analysts are an optimistic bunch. Every portfolio manager knows that on average, analyst estimates for future earnings growth or target prices of stocks tend to be too optimistic. The problem is, though, that this optimism isn’t constant over time...
Klement on Investing

The German Bank Paradox

Plus: Fraud, Money Laundering, Exchanges
Net Interest

Female leaders handled Covid better

I recently wrote about how Covid exposes bad leadership and bad governance, in my view. Interestingly, the one thing that I got criticized for in that article by a reader was that it was ‘anti-male’ (I paraphrase). In the article, I wrote: “It is ...
Klement on Investing

Politics matters

Whenever I write about politics, I risk getting angry emails from readers who do not agree with my politics. Especially when I write about Trump and his administration’s complete loss of any sense of reality (let alone decency) some people tend to...
Klement on Investing

Are finance practitioners getting more scientific?

I recently read a paper that claimed that practitioner research has become increasingly more reliant on academic research and less on non-academic and unpublished research (e.g. from brokerage firms). As someone who intensively uses academic resea...
Klement on Investing

Company Deep Dive: MercadoLibre

MercadoLibre has been one of those names that’s been on my watchlist for a few months. I’ve been watching it go up, without knowing too much about it. The Amazon of Latin America? Or South America? Or is just Argentina? Oh wait, there’s a Paypal-l...
Musings by Mazwood

Where does the stimulus go?

One of the key questions for the time after the pandemic will be how fast households will start to consume again, once the uncertainty has been removed. A major driving force behind the anaemic recovery and low inflation after the Financial Crisis...
Klement on Investing
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Sunday Finds from Chit Chat Money

Interview with Beth Kindig, Charles Schwab, and Goodfood
Chit Chat Money

How to attract better-skilled employees for lower wages

I have recently written a rather sheepish post on the link between the perceived morality of a company and the wages a company has to pay. Back then, I showed that companies that are perceived as immoral have to pay higher wages to attract qualifi...
Klement on Investing