The Five Sources of Return

The Five Sources of Return

  • 19 min read
  • J. Peter Andersland
  • 04 May, 2017

Asset owners are swamped by a multitude of assets and investment strategies. However, behind all the noise, there are only five underlying sources of return. Profitable investing necessitates both an understanding of such underlying sources of return, as well as, the skills to harvest them.

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Via Negativa

Via Negativa

  • 9 min read
  • J. Peter Andersland
  • 04 May, 2017

Everybody is looking for ‘winners’ to invest in. Trouble is, ‘positive’ information is less robust than ‘negative’, and competition devalues ‘positive’ information far more than ‘negative’. Hence the proposed inversion of mindset: eliminating losers rather than searching for winners; minimizing the information employed; striving for simplicity.

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Beating Mr. Market

Beating Mr. Market

  • 7 min read
  • J. Peter Andersland
  • 28 October, 2016

Mr. Market’s weakness is weighting portfolio positions based on market capitalization. Even monkeys have discovered they can beat Mr. Market, as long as they sever the link between price and portfolio positions’ size. This is the first step on the road to beating Mr. Market. Skilled active management is the continuation.

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