We're back after the long drive to and from upstate New York to visit family. One of the great joys of visiting is getting to go home again, if not to sanity then at least to the sort of insanity you're most accustomed to!
The January issue features discussions of two funds that we've touched on before. Standpoint has posted really startling numbers, beating pretty much all of its likely peers in both raw and risk-adjusted returns. I suppose you could say that all markets favor some strategies and the test comes when the market turns, but it sort of feels like the market has already done a series of 180s and they're still chugged along. And One Rock is the sort of fund that makes me scratch my head and go "huh?" Jeff seems like a remarkably good and humble guy with a very '90s investing style. Huge gains, nearly-as-huge volatility and very restricted access. In some ways I'm most impressed by the fact that he knows most of his investors and he's seen slow steady inflows (with the exception of one month) in good times and bad.
Devesh offered a lovely reflection and insightful commentary on what works and what's working. Lynn did the thing that Lynn does so well. Likewise, Shadow whose most immediately useful note might concern the reopening of Virtus KAR Small.
I'm hopeful that the piece on ESG held together for you. As you know it started as a post on the board but grew as I kept grinding through the data. Really, the argument that ESG investing require you to sacrifice either raw returns or risk-adjusted returns is, so far as I can tell, completely unsupported by the data. Some ESG funds are utterly rank and scammy ... as are some index funds, some small cap ETFs, and many of the new offerings that sound like desperate attempts to suck in people who have investing in the same mental box as "Call of Duty" and fantasy football.
Wishing you a joyful start to the year,