Invest Without Emotions
A lot of thick blue squares mean that positive correlations are high. Red squares mean negative correlations are high. Whites are the doldrums.
| MINTs | |
|---|---|
| JCI(IDN) | -1.24% |
| INMEX(MEX) | +0.34% |
| NGSEINDX(NGA) | +0.60% |
| XU030(TUR) | -2.08% |
| BRICS | |
|---|---|
| IBOV(BRA) | -0.20% |
| SHCOMP(CHN) | +1.27% |
| NIFTY(IND) | +1.75% |
| INDEXCF(RUS) | +1.17% |
| TOP40(ZAF) | -0.22% |
| Energy | |
|---|---|
| Brent Crude Oil | -3.80% |
| WTI Crude Oil | -3.66% |
| Heating Oil | -3.50% |
| RBOB Gasoline | -3.51% |
| Ethanol | +2.12% |
| Natural Gas | +1.02% |
| Metals | |
|---|---|
| Palladium | +2.49% |
| Platinum | -2.16% |
| Silver 5000oz | -0.68% |
| Copper | +6.47% |
| Gold 100oz | -1.58% |
| MINTs | |
|---|---|
| USDIDR(IDN) | +1.06% |
| USDMXN(MEX) | -0.51% |
| USDNGN(NGA) | +0.00% |
| USDTRY(TUR) | +1.12% |
| BRICS | |
|---|---|
| USDBRL(BRA) | +0.57% |
| USDCNY(CHN) | +0.30% |
| USDINR(IND) | +0.11% |
| USDRUB(RUS) | -0.22% |
| USDZAR(ZAF) | -2.15% |
| Agricultural | |
|---|---|
| Coffee (Arabica) | -2.16% |
| Cotton | +2.60% |
| Sugar #11 | +4.19% |
| White Sugar | -0.09% |
| Corn | +7.38% |
| Cocoa | +2.20% |
| Feeder Cattle | -0.42% |
| Lean Hogs | -2.41% |
| Soybean Meal | +0.22% |
| Soybeans | +1.34% |
| Wheat | +3.44% |
| Cattle | +0.06% |
| Coffee (Robusta) | -3.02% |
| Lumber | +6.22% |
| Orange Juice | -5.97% |
| Index | Change |
|---|---|
| Markit CDX EM | -0.04% |
| Markit CDX NA HY | +0.30% |
| Markit CDX NA IG | -1.02% |
| Markit iTraxx Asia ex-Japan IG | -5.46% |
| Markit iTraxx Australia | -2.71% |
| Markit iTraxx Europe | -2.42% |
| Markit iTraxx Europe Crossover | -11.48% |
| Markit iTraxx Japan | -1.82% |
| Markit iTraxx SovX Western Europe | -0.17% |
| Markit LCDX (Loan CDS) | +0.00% |
| Markit MCDX (Municipal CDS) | -0.27% |
For a deeper dive into indices, check out our weekly Index Update.
| Decile | Mkt. Cap. | Adv/Decl |
|---|---|---|
| 1 (micro) | -5.60% | 60/73 |
| 2 | -3.21% | 59/74 |
| 3 | -3.70% | 58/76 |
| 4 | -2.97% | 59/74 |
| 5 | -2.98% | 59/74 |
| 6 | -3.00% | 63/71 |
| 7 | -3.32% | 57/76 |
| 8 | -2.20% | 65/69 |
| 9 | -1.38% | 59/74 |
| 10 (mega) | -0.37% | 65/69 |
| CONCOR | +9.40% |
| YESBANK | +9.85% |
| RCOM | +11.02% |
| INFRATEL | -8.11% |
| MOTHERSUMI | -4.99% |
| ADANIPORTS | -4.83% |
| INFRABEES | +3.37% |
| PSUBNKBEES | +3.17% |
| BANKBEES | +2.16% |
| NIFTYBEES | +1.50% |
| CPSEETF | +0.00% |
| GOLDBEES | -1.08% |
| JUNIORBEES | -1.17% |
| Sub Index | Change in YTM | Total Return(%) |
|---|---|---|
| 0 5 | +0.01 | +0.12% |
| 5 10 | +0.03 | -0.01% |
| 10 15 | +0.02 | +0.02% |
| 15 20 | +0.04 | -0.18% |
| 20 30 | +0.01 | -0.02% |
| ADAG stocks | +6.75% |
| High Beta | +3.48% |
| Financial Strength Value | +3.06% |
| Momentum | +2.43% |
| Magic Formula | +2.07% |
| CNX 100 Enterprise Yield | +1.83% |
| Velocity | +1.43% |
| PPFAS Long Term Value | +1.06% |
| Low Volatility | +0.69% |
| Next Trillion | +0.25% |
| Balance Sheet Strength | +0.22% |
| Quality to Price | +0.05% |
| Tactical CNX 100 | +0.00% |
| ASK Life | -0.62% |
| The RBI Restricted List | -4.39% |
Charlie Munger on Risk:
Source: A Dozen Things I’ve Learned from Charlie Munger about Risk
We run our proprietary momentum scoring algorithm on indices just like we do on stocks. You can use the momentum scores of sub-indices to get a sense for which sectors have the wind on their backs and those that are facing headwinds.
Traders can pick their longs in sectors with high short-term momentum and their shorts in sectors with low momentum. Investors can use the longer lookback scores to position themselves using our re-factored index Themes.
You can see how the momentum algorithm has performed on individual stocks here.
Here are the best and the worst sub-indices:
50-day performance, from July 06, 2015 through September 11, 2015:
| Index | Signal | % From Peak | Day of Peak |
|---|---|---|---|
| CNX AUTO | SHORT |
13.65
|
2015-Jan-27
|
| CNX BANK | LONG |
19.18
|
2015-Jan-27
|
| CNX COMMODITIES | SHORT |
37.69
|
2008-Jan-04
|
| CNX CONSUMPTION | LONG |
9.96
|
2015-Aug-05
|
| CNX ENERGY | LONG |
37.47
|
2008-Jan-14
|
| CNX FMCG | LONG |
12.93
|
2015-Feb-25
|
| CNX INFRA | LONG |
53.86
|
2008-Jan-09
|
| CNX IT | SHORT |
88.03
|
2000-Feb-21
|
| CNX MEDIA | SHORT |
20.45
|
2008-Jan-04
|
| CNX METAL | SHORT |
67.83
|
2008-Jan-04
|
| CNX MNC | LONG |
10.38
|
2015-Aug-10
|
| CNX NIFTY | SHORT |
13.42
|
2015-Mar-03
|
| CNX PHARMA | SHORT |
10.77
|
2015-Apr-08
|
| CNX PSE | LONG |
36.23
|
2008-Jan-04
|
| CNX PSU BANK | LONG |
44.30
|
2010-Nov-05
|
| CNX REALTY | SHORT |
91.21
|
2008-Jan-14
|
| CNX SERVICE | LONG |
13.95
|
2015-Mar-03
|
A lot of thick blue squares mean that positive correlations are high. Red squares mean negative correlations are high. Whites are the doldrums.
| MINTs | |
|---|---|
| JCI(IDN) | -0.69% |
| INMEX(MEX) | -1.58% |
| NGSEINDX(NGA) | +2.36% |
| XU030(TUR) | -2.29% |
| BRICS | |
|---|---|
| IBOV(BRA) | -1.17% |
| SHCOMP(CHN) | -2.23% |
| NIFTY(IND) | -4.34% |
| INDEXCF(RUS) | -1.22% |
| TOP40(ZAF) | -1.88% |
| Energy | |
|---|---|
| RBOB Gasoline | -7.45% |
| Ethanol | +1.32% |
| Natural Gas | -2.28% |
| WTI Crude Oil | +1.10% |
| Brent Crude Oil | -1.08% |
| Heating Oil | +0.74% |
| Metals | |
|---|---|
| Gold 100oz | -0.98% |
| Platinum | -2.53% |
| Silver 5000oz | +0.69% |
| Copper | -0.43% |
| Palladium | -2.30% |
| MINTs | |
|---|---|
| USDIDR(IDN) | +1.36% |
| USDMXN(MEX) | +1.03% |
| USDNGN(NGA) | +0.04% |
| USDTRY(TUR) | +2.88% |
| BRICS | |
|---|---|
| USDBRL(BRA) | +7.20% |
| USDCNY(CHN) | -0.53% |
| USDINR(IND) | +0.46% |
| USDRUB(RUS) | +4.73% |
| USDZAR(ZAF) | +4.06% |
| Agricultural | |
|---|---|
| Cattle | -3.81% |
| Lean Hogs | +3.91% |
| Lumber | -1.47% |
| Sugar #11 | +2.65% |
| White Sugar | +2.26% |
| Cocoa | +2.79% |
| Orange Juice | +1.51% |
| Soybean Meal | -2.37% |
| Coffee (Arabica) | -4.06% |
| Soybeans | -1.96% |
| Wheat | -4.08% |
| Coffee (Robusta) | +1.66% |
| Corn | -3.79% |
| Cotton | -1.87% |
| Feeder Cattle | -0.74% |
| Index | Change |
|---|---|
| Markit CDX EM | -0.65% |
| Markit CDX NA HY | -1.01% |
| Markit CDX NA IG | +3.80% |
| Markit iTraxx Asia ex-Japan IG | +9.23% |
| Markit iTraxx Australia | +3.94% |
| Markit iTraxx Europe | +3.26% |
| Markit iTraxx Europe Crossover | +16.42% |
| Markit iTraxx Japan | +2.03% |
| Markit iTraxx SovX Western Europe | +0.09% |
| Markit LCDX (Loan CDS) | +0.00% |
| Markit MCDX (Municipal CDS) | -1.50% |
For a deeper dive into indices, check out our weekly Index Update.
| Decile | Mkt. Cap. | Adv/Decl |
|---|---|---|
| 1 (micro) | -3.55% | 74/61 |
| 2 | -3.57% | 65/69 |
| 3 | -1.10% | 68/66 |
| 4 | -1.12% | 70/65 |
| 5 | -1.60% | 65/69 |
| 6 | -1.91% | 65/69 |
| 7 | -1.03% | 63/72 |
| 8 | -0.72% | 69/65 |
| 9 | -0.28% | 70/64 |
| 10 (mega) | -1.63% | 68/67 |
| INFRATEL | +4.33% |
| RELCAPITAL | +4.48% |
| SRTRANSFIN | +4.74% |
| GLENMARK | -12.64% |
| BHEL | -12.11% |
| UNIONBANK | -10.37% |
| GOLDBEES | -0.27% |
| JUNIORBEES | -2.75% |
| CPSEETF | -3.83% |
| NIFTYBEES | -4.04% |
| INFRABEES | -5.82% |
| BANKBEES | -5.93% |
| PSUBNKBEES | -9.29% |
| Sub Index | Change in YTM | Total Return(%) |
|---|---|---|
| 0 5 | -0.01 | +0.15% |
| 5 10 | -0.02 | +0.23% |
| 10 15 | +0.02 | +0.02% |
| 15 20 | -0.06 | +0.67% |
| 20 30 | -0.01 | +0.20% |
| ADAG stocks | -0.92% |
| Tactical CNX 100 | -1.99% |
| Balance Sheet Strength | -2.61% |
| ASK Life | -2.78% |
| PPFAS Long Term Value | -2.94% |
| The RBI Restricted List | -3.32% |
| Next Trillion | -3.68% |
| CNX 100 Enterprise Yield | -3.76% |
| Low Volatility | -3.97% |
| Magic Formula | -4.26% |
| Financial Strength Value | -5.05% |
| High Beta | -5.20% |
| Momentum | -5.33% |
| Quality to Price | -5.41% |
For publicly listed companies, its owners are its shareholders. It is they who claim the profits of the company, potentially in perpetuity. It is they who exercise control rights over the management of the company from whom they are distinct. And it is they whose objectives have primacy in the running of the company.
Yet despite its durability and success, across countries and across time, this corporate model has not gone unquestioned. Recently, these questions have come thick and fast, with a rising tide of criticism of companies’ behaviour, from excessive executive remuneration, to unethical practices, to monopoly or oligopoly powers, to short-termism. These concerns appear to be both strongly-felt and widely-held.
So who owns them?