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Crow Point Partners Blog

Welcome to Crow Point’s blog page. This is our opportunity to comment on a range of financial and general investing topics including market activity, interesting trends or data points. This is also where we will challenge commonly held investing shibboleths with hard data – myth-busting as we call it. We hope you enjoy it and we welcome your feedback.

Earnings Quality and the Market – Things That Make You go “HMMM.”

Our friend and partner Charles Trafton of FlowPoint Capital recently pointed out to us some very interesting data: right now growth rates for 2017 EPS are higher for value stocks than growth stocks. He also notes, ironically, that there is no manual...

October 7, 2017 / by Peter DeCaprio

The Problems With ETF’S, Part II: Junk In The Trunk

We write a lot about return dispersion with respect to stocks – the phenomenon whereby stocks either all move together, or begin to act distinctly. Dispersion comes and goes; when it disappears, like it did eight years ago, passive investing makes a...

June 26, 2017 / by Peter DeCaprio

Sound Public Policy Never Hurts

This week, Paul Ryan held a press conference to highlight tax reform initiatives. It didn’t get nearly the attention it deserved. But then, tax policy in general rarely gets the attention it deserves (more on that later). You know what also never...

June 22, 2017 / by Peter DeCaprio

The Problems With ETF’S, Part I: What You Don't Know Can Kill You

In the past few weeks, we have teased a few thoughts on the issues we see in ETF’s. This week, we’re going to start a series called “The Problems in Your ETF.” Today’s post centers again on the levered ETF’s.

June 6, 2017 / by Peter DeCaprio

Cape Fear?

Should we be worried about CAPE, the popular Shiller Cyclically Adjusted Price Earnings ratio? Experts tell us it is trading at exceedingly high levels and, the experts also say, those high levels portend poor stock returns, according to CAPE. We’ve...

June 2, 2017 / by Peter DeCaprio

Before You Become Old and Wise, You First Must be Young and Stupid

In any general discussion of investment strategies on TV or in the press, the focus quickly and often turns to correlations, standard deviations, Sharpe and Sortino ratios, etc. What’s not discussed enough is “when.” As in, when you get in or out...

May 29, 2017 / by Peter DeCaprio

Not All ETF’S Are Created Equally

Last week, amid some controversy, the SEC approved a 4x levered ETF. For a period of time, and rightly, the SEC was considering cracking down on the 2x and 3x levered vehicles so the move to 4x was surprising. Don’t misunderstand, the levered ETF’s...

May 15, 2017 / by Peter DeCaprio

The End of QE

Last week, in a post about current equity market valuations, we identified the unwinding of QE as a possible threat to today’s bull market. Let us be clear: we don’t think the unwinding of QE (which has already begun, actually) will have any...

May 8, 2017 / by Peter DeCaprio

The Ol’ Double-Edged Sword. . .

Back in January of this year (seems so long ago. . .), headlines in the Canadian financial press were bemoaning the fact that (1) the Canadian economy was growing at its slowest pace in 60 years, and (2) real estate and financial services now...

May 4, 2017 / by Peter DeCaprio

The Plastic in Your Wallet is Not Created Equal

Last week Consumer Lenders started reporting Q1 2017 earnings, which showed above average loan growth and better margins. But, in spite of the improving revenue trends, a surge in credit costs hurt results and stocks in the space sold off hard. It...

May 2, 2017 / by Peter DeCaprio
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