JPS Articles

3/20/2015

JPS Global Investments — Spring 2015 Newsletter

Dear Reader,

Winning silver is losing gold, or at least in our culture that is a commonly held view. In the world of sports, all the glory and a disproportionate share of the earnings go to the very top athletes. Second best does not pay as well. That mind set translates to the world of investments, where the top performing investment managers and asset classes soak up a majority of the savings flowing into capital markets. But whereas top performing athletes can often put up repeat performances in subsequent years, high flying asset classes and managers tend to fade must quicker and in unpredictable ways.

1/21/2015

JPS Global Investments — Winter 2015 Newsletter

Dear Reader,

A new year always brings new hope and aspirations to make changes for the better with regards to health, career, money, and relationships. They key word is “change” as we seek to improve on how we did things in the past. Strangely — when it comes to investing — people’s tendency is the opposite: to look at the past rather than the future and invest in yesterday’s performers.

9/22/2014

JPS Global Investments — Fall 2014 Newsletter

Dear Reader,

I have never been much of a fan of the local news broadcast. It doesn’t make me particularly happy or improve my understanding of the world to learn about the latest car crash, burglary, or consumer scam. On the more uplifting side, stories of a cat stuck in a tree, a dog on a skateboard, or a Girl Scout Troop giving back to the community are a bit lost on me. But these days I could be tempted to “go local,” because the news that actually matters is quite unsettling at present: Ukraine, Islamic State, Ebola, and Hong Kong, to name a few headlines. Goldman Sachs came out with a call to “buy American Exceptionalism,” but it sounded more like a sales pitch and in this interconnected world it is hard to believe we can dance while Rome burns.

7/25/2014

JPS Global Investments — Summer 2014 Newsletter

Dear Reader,

Sometimes change is good. In that spirit, I have revamped my newsletter. Whereas in letters past, I have provided a digest of the markets, I have decided to take a different tack going forward and share some personal observations and anecdotes of the world of investing with you. Rather than trying to take a panoramic picture of what is an ever changing landscape I will focus on finding unique snapshots that I hope you will find interesting, insightful, and at times perhaps even amusing.

4/15/2014

JPS Global Investments — Spring 2014 Newsletter

Dear Reader,

Whereas in much of the country summer has been underway for a while, here in Portland it is not reliably summer until after the 4th of July, at least according to the locals. It only takes a rainy day or two in June for that assertion to persist. In similar fashion, non-Oregonians believe it always rains in Portland. It really doesn’t. Where am I going with this? Once people have framed a belief, they will look for the data points to confirm and perpetuate it. Let us segue to real estate. One often hears the phrase “real estate is the best long-term investment,” but is it really true or is it just perpetuated by behavioral biases that filter out all evidence to the contrary?