Coherent (adj.) Every part is carefully considered, clear and logically connected” Any analysis worthy of the name requires an objective & robust approach, which is then consistently applied in a disciplined fashion. Without the discipline of consistent application, a variety of subjective behavioural biases will influence interpretation and reduce the probability of consistent results....Continue reading
For the best part of a decade, commodities have been deeply out of fashion. Now, as investors scour the market for the great reflation play, they’re hot again. Investing luminaries from Point72 to Pimco are calling for commodity prices to move higher. Goldman Sachs Group Inc., the bellwether of Wall Street, is predicting a new...Continue reading
Systematic investing is a term that can (and does) mean many different things to different people. Concepts like ‘quant investing’, ‘algos’ or ‘high frequency trading’ (HFT) often come to mind when people hear this term. We follow a systematic investment process at Coherent Capital Management (“CCM”), and that we believe it is a fundamentally important...Continue reading
“Those who fail to learn from history are condemned to repeat it.” (Winston Churchill, 1948) ‘Bear Markets are Real’ – a brief summary Over the last 60 years, the JSE has had a technical bear market roughly every 5 years, with a more significant bear market roughly every 10 years. This is very similar to the...
Approaching the end of 2020, it is perhaps appropriate to put the investment year into perspective. Because this is an investment note, because Coherent is an investment business and because, at Coherent, our emphasis is on the analysis of price behaviour, I am going to confine my comments to observations on price behaviour. There are...Continue reading