portfolio management

Equity markets are once again in a euphoric run, with comparisons being drawn to two historic episodes of excess: the dot-com bubble of the late 1990s and the Roaring Twenties preceding the Great Depression. While AI-driven tech giants continue to push indices to record highs, institutional...

We spent the better part of a decade discussing whether the Fed and world banks would move interest rates to 0% or even negative to keep economies chugging along. But then a virus quite literally shut down the global economy with 114 million job losses worldwide. The shock of those lost working...

Many assets lose value over time.  A new car depreciates as soon as it leaves a dealer’s lot. And as a rule of thumb, a car loses 15–20% of its value annually… until, at some point, it’s worth nothing. Similarly, an option contract loses value over time...

Sizing is a key concept in portfolio management. Limiting a single position’s size can help prevent excessive losses. At the same time, distorting a position’s size can enhance performance, assuming the stock appreciates vs the S&P. Here’s how it works.  First, investors...

This is a transcript of a conversation between Jeff Black, VP of Content and Education at Tornado, and his guest John Normand, in March 2023. John is a cross-asset strategist who spent over 25 years at JP Morgan heading research for foreign exchange, international rates and commodities. He was also...

Imagine you are an young investor with an IRA account of $50,000 and turned away by an asset manager? This is a real-world scenario and happens with all the firms forced to shun such low-cost accounts, as they don't provide much return on investment. To overcome this issue, many wealth...