alpinecapitalresearch
Alpine Capital Research commentary for the month of February 2022, titled, “Beta No Longer Has a 40-Year Tailwind.” Q4 2021 hedge fund letters, conferences and more Circa 1981-82, then Fed Chairman Paul Volcker hawkishly slayed 1970’s era inflation, thereby unleashing a 40-year secular bull market in both bonds and stocks, that are now likely nearing their end. Hence, there has been a cacophony of recent commentary about the return of meaningful inflation, rising interest rates and slumping equity prices. Investors who’ve become accustomed to Central Bank accommodation, double-digit annual ret...
ValueWalk
Alpine Capital Research’s short write-up underscores the investment returns challenge of “getting to 7.2% in a 5.0% world”. Q2 2021 hedge fund letters, conferences and more We recently came across a research paper that was authored by the endowment & foundation consulting team at Mercer Pavilion entitled: “Top investment ideas for endowments and foundations in 2021.” Like many of their consulting peers in the industry, the Mercer Pavilion team is lamenting future public equity and fixed income investment returns that are widely expected to be insufficient to meet the minimum return hurdles of ...
ValueWalk
Alpine Capital Research commentary for the second quarter ended June 2021, titled. “Inflation, Markets And Returns.” Q2 2021 hedge fund letters, conferences and more Market UpdateFinancial market prices continued to rise in the second quarter with equity-market values hitting all-time highs compared to cyclically adjusted profits. The ACR investment team, while satisfied with our current holdings, are struggling to find new investments that meet our quality and return requirements. For more than 21 years we have exercised patience. We are not about to change stripes now. The value-oriented equ...
ValueWalk
Alpine Capital Research commentary for the first quarter ended March 31, 2021, titled, “a few reflections on risk.” Q1 2021 hedge fund letters, conferences and more A Few Reflections on RiskThe past 15 months have been an economic rollercoaster: a pandemic, market crash, severe recession, polarizing election, and dazzling recovery. We have made the best of it. ACR strategy market values surged over the past six months on both an absolute and relative basis (for updated results see www.acr-invest.com/strategies). Intrinsic values have also grown, leaving the quarter-end price/value of our flags...
ValueWalk
Alpine Capital Research commentary for the fourth quarter ended December 31, 2020, titled, “A Triumph of Science.” Q4 2020 hedge fund letters, conferences and more Our year-end commentary begins with gratitude for the multiple vaccines that look likely to finally end the pandemic. We stand upon the shoulders of the scientists, entrepreneurs, and workers who developed the breakthrough technologies and incremental improvements that got us to this point. It could have been so much worse. Imagine if the virus struck 40 years ago in 1980. How long might it have taken to deliver an effective vaccine...
ValueWalk
Alpine Capital Research commentary for the third quarter ended September 2020, titled, “A Value Depression Opportunity.”Q3 2020 hedge fund letters, conferences and moreInvestors have much to worry about today: a global pandemic, severe recession, and a polarizing election. Yet, we believe these events will soon recede into the rearview mirror of American history, while productivity and profits will continue their long-run upward trajectory. We also think that presidents have far less impact on the macroeconomy than is commonly believed, and that recovery from the pandemic and recession is like...
ValueWalk
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