David M. Borowsky
March 2023 Interim Market Update
Invariant was active across portfolios in early February. This interim market update will discuss these moves and provide initial...
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David M. Borowsky
Jan 8, 2023
Invariant Q4 2022 Letter
Happy New Year! We hope you and yours had an enjoyable holiday season. We wish the end of 2022 meant the end of challenging times for...
David M. Borowsky
Aug 24, 2022
Invariant Q2 2022 Letter: Part 2
Executive Summary At Invariant, we believe the economy is much stronger than commonly believed. Volatile and persistently high inflation...
David M. Borowsky
Jul 19, 2022
Invariant Q2 2022 Letter
Executive Summary June capped off a quarter that most investors would like to forget. The S&P declined more than 16%, sliding into bear...
David M. Borowsky
Apr 12, 2022
Invariant Q1 2022 Letter
Executive Summary Stock and bond markets experienced a serious correction in January and February but recovered some of those losses in...
Gary Smith, CFA
Mar 21, 2022
Tracking Error
Investment managers spend a lot of time thinking about portfolio risk – usually in terms of volatility and drawdowns . Tracking error is...
Gary Smith, CFA
Jan 18, 2022
Profitability Premium: Risk-based or Behavioral?
When implementing quantitative investment strategies, it is generally believed that you should understand the economic rationale of why a...
David M. Borowsky
Jan 7, 2022
Invariant CIO 2021 Year End Letter
Happy New Year! As Invariant enters its ninth year, we are grateful to have the opportunity to serve a growing number of individuals and...
Gary Smith, CFA
Dec 28, 2021
Equal Weight: An Alternative Strategy to Market-Capitalization Weighted Indexes
Before discussing the benefits of equal-weight as an alternative to strategy market-capitalization, we need to define market...
Gary Smith, CFA
Oct 26, 2021
Drawdown Profiles of Simple U.S. Stock/Bond Allocations – Jan 1972-May 2021
One of my favorite heuristics for determining an investor’s willingness to take risk and, subsequently, an appropriate asset allocation ,...
David M. Borowsky
Oct 22, 2021
Invariant Q3 Market Report
Everything looked rosy for stock investors early in September. The S&P 500 added to its impressive gains and notched a new all-time high...
Gary Smith, CFA
Oct 12, 2021
Academic Paper Review: "The Behavior of Individual Investors"
A key pillar of Invariant’s investment philosophy is that “ Behavioral mistakes can derail even the best investment plans and strategies...
Gary Smith, CFA
Sep 21, 2021
The Frequency and Severity of S&P 500 Drawdowns
The Standard and Poor's 500 index is the most widely watched U.S. large cap index by investment professionals. It has appreciated...
Gary Smith, CFA
Sep 20, 2021
Invariant Strategic Model Overview
Strategic model portfolios are typically the core of an advisor’s business. The Invariant model series is strategic in nature with...
Gary Smith, CFA
Sep 14, 2021
Profitability Alpha: A Factor Investing Strategy
Factor Investing: The Profitability Factor This post will introduce Invariant’s large cap U.S. single stock strategy – Profitability...
David M. Borowsky
Jul 27, 2021
Invariant Q2 Market Report
Stocks and the economy delivered impressive gains in the second quarter as the world continued to emerge from the COVID-19 pandemic....
Gary Smith, CFA
Jun 12, 2021
A Primer on Asset Allocation
The first tenet of Invariant’s investment philosophy is “The primary determinants of investment success are appropriate asset allocation...
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