Visitors to the Investment section of our website — the new home of the Echoes from the PIT blog — will notice that we’ve added an Archive feature to the right hand sidebar. It includes the archive of all our previous posts, going back to May 2009. By my count there are more than 400 articles collected there, organized by month. I thought I would take a quick trip into the Way-Back Machine (a “Rocky & Bullwinkle Show” reference) to see what we we’ve been writing about over the past few years.
Here’s my unscientific sampling of every 50th post:
Column 1, 5/04/09
“Low Conviction Forecasts”
I discussed how Pinnacle runs to the benchmark when we don’t have high conviction about market direction. This is a good summary of this aspect of our investment philosophy.
Column 50, 8/24/09
“Looking for the Right Word”
I ruminated on the notion that instead of comparing active portfolio management to art, we should describe it as a craft.
Column 100, 12/11/09
“Accounting Rules in Spotlight Again”
Carl Noble pointed out that then-new FASB rules 166 and 167 might be a big negative for financial stocks. As it turned out, he was absolutely right.
Column 150, 4/20/10
“Atlas Shrugged: A Three Paragraph Book Review”
I reviewed Ayn Rand’s book, Atlas Shrugged, and figured out why the investment community is obsessed with it.
Column 200, 7/08/10
Sean Dillon noted that the 50-day moving average had crossed below the 200-day moving average. Notice the date… the summer of the 2010 market swoon.
Column 250, 9/30/10
“Market Discounting Change in Seasonal Tendencies”
Rick Vollaro suggested that the rally into the 4th quarter of 2010 might be due to seasonal market issues. Interestingly, the very next week he posted an article on POMO’s (permanent open market operations) by the Fed, suggesting the rally was due to quantitative easing.
Column 300, 2/07/11
I explained why the Pinnacle team doesn’t love the emerging market theme. History proved us right, and emerging markets had a terrible performance in 2011.
Column 350, 4/29/11
“A New Cyclical High”
Carl noted that the markets had recently made a new high and suggested the top of the range might be 1350 to 1400. He was right again.
Column 400, 8/03/11
“Hedges Are Making a Difference”
Carl analyzed the impact of the rally in gold and other hedges on portfolio performance. Notably, the latest column on the website, by Rick Vollaro, asks if gold is being impacted by a whiff of deflation. Gold was either really good or really bad this year.
As professional investors we are keenly aware of when analysts that we follow subtly change the narrative of what they’ve been saying about the markets. This archive makes it easy for you to reference exactly what we’ve been saying, and put it in the context of what was actually going on in the markets at the time. We don’t hide anything.
And the writing is pretty good, too. If you’re in the mood to browse, why not check it out?