Investing Like an Endowment
Weekly Commentary, September 15th, 2017
- Equity markets had a good week around the globe with the S&P 500 +1.07% just finishing over the 2500 level, while international markets were also up strong again at +0.80%.
- Fixed income markets were mixed with high-quality bonds down 0.47%, while high-yield bonds rallied +0.68%.
- Bull Market Continues – the S&P has now gone 3,112 days without a pullback of 20%, making it the second longest streak on record. Some think that means the end must be near. Put us in the camp that believes bull markets don’t end because of “old age” but rather fundamentals. It’s important to note that the longest streak (’87-’00) lasted almost 1400 more days and had over 300% of additional return.
- Bitcoin – Chinese regulators have ordered Chinese bitcoin exchanges to close, two business newspapers reported late Thursday, the currency plunged as a result. We have long held that such action by governments is almost inevitable as they will be loathe to lose control of the “printing press” and resulting power.
- North Korea – launched another missile over Japan late Thursday, which was followed by live drills in South Korea simulating attacking the Pyongyang’s launch site. Markets responded to it all with relative calm Friday.
- New Fed Chair? – Not quite yet, after some back and forth on the issue the President stated on Air Force One Thursday “I like (Yellen) and I respect her, but I haven’t made that decision yet.”
- Commentary: This week we look at insights for investors shared by famed endowment and hedge managers on how to avoid the common investing pitfalls that they see people make.
- FREEMAN STRONG – After the tragedy this week at Freeman High School, all of us here at TEN Capital wanted to make sure to express our sympathy and support for all of those impacted, as well as ask everyone to keep the school and its families in their thoughts and prayers.
To read the full commentary, click below!