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Tuesday, June 24th, 2014

on hiatus

14 0624 last pix

Not quite four years ago, I started this blog as a companion to the research puzzle.  468 posts later, it’s time to go on hiatus.

The original site will still be published, as will The Prudent Fiduciary Digest — and it’s never too late to get your copy of Letters to a Young Analyst.  Plus, if you’d like to receive announcements about a new project to be unveiled in a few months, sign up here.  (Like this blog, research puzzle pieces will be on hold for a time, but you can check out the frenzy there at the close.)

This site has morphed a bit over time, but has always started with a chart of interest.  The charts have covered the investment waterfront, featuring various asset classes, economic indicators, mutual funds and ETFs, hedge funds, and individual securities.  Hopefully some interesting questions have been raised along the way.  Check out the links at the bottom for some popular examples.

Today’s chart starts at the time of the first posting (showing the yield curve accordion) up until today.  It illustrates the total return of some ETFs that represent key asset classes.

U.S. stocks led the parade (SPY is shown; small stocks had virtually the same returns as large ones), with foreign stocks (EFA) also doing well after a slow start.  Junk (HYG) was next, with high-grade corporates (LQD) and long governments (TLT) matching each other.  Commodities (DBC) brought up the rear.

Nothing in the red for the period and relatively few times with much downward movement.  Gold (not shown) had an explosive early move higher, but it gave back almost all of it, finishing up a mere seven percent.

It’s been an interesting time.  Thanks for reading.  (Chart:  Bloomberg terminal.)

The most popular postings on the site have concerned the corporate suicide at Hewlett-Packard, what happens when rates rise, the three ways that you could get the exact same return over seven years, the explosive rise in farmland in my native Siouxland, the effect of fees and fees and fees on “alternative” mutual funds, a gold bet between Barry Ritholtz and Paul Brodsky, and a look at behavior when the indicator rings.