brandywineassetmanagement
Brandywine Asset Management commentary for the month ended October 2021, titled, “Glory Days with 60/40.” Q3 2021 hedge fund letters, conferences and more A “Smarter 60/40”For the past 40 years the 60% stocks/40% bonds portfolio produced impressive performance, with returns over 9% and a maximum loss that was 1/3 less than that of the S&P 500. But during those 40 years, the cyclically-adjusted price/earnings ratio (“CAPE”) for the S&P 500 swelled from 7.8 to more than 38 today. Similarly, the 10-year U.S. treasury note yield collapsed from its peak at over 15% in 1981 to just 1.6% today. So it...
ValueWalk
Brandywine Asset Management commentary for the month ended August 2021, titled, “Free Money.” Q2 2021 hedge fund letters, conferences and more How To Ride The Bull Without Stepping In The Bull$#^!The past decade has showered investors with one of history’s greatest liquidity-powered bull markets. Fed and congressionally provided "Free Money" has powered the S&P 500 to quadruple in price from 1,100 in 2010 to more than 4,400 today. Nobel Prize winner and Yale professor Robert Shiller’s Cyclically Adjusted Price Earnings ratio (“CAPE”) has doubled from less than 20 to more than 40 today. It’s lo...
ValueWalk
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