Harvard paper on stocks vs property vs bonds

Harvard paper on investment returns of stocks vs property vs bonds, 1870-2015

Posted Leave a commentPosted in Books

I am very often asked how investing in stocks compares with investing in property (aka “real estate”) as far as long-term investment returns. Many of us who’ve been in the market for a few decades have seen rents and property prices in many cities double, triple, or more, while I hear far more mixed experiences […]

Performance Fees With A High Water Mark – Example Calculation

Posted Leave a commentPosted in Client Service

Here’s one illustration I often based on our fee structure of zero management fee + 25% quarterly performance fee, assuming the account is worth $100 on December 31st. All the below illustrations assume you did not deposit or withdraw any money from the account over the course of the year, and are for illustration purposes […]

GFM Japan allocation outperforms Nikkei 225 ETF through 2017Q1

Posted Leave a commentPosted in Investing

As a small firm managing separately managed accounts, we naturally spend more time ensuring our portfolios are well invested than trying to find visually appealing ways to show how well they’re doing, but this recent >10% outperformance of a relatively small Japan allocation (JPY 5.5 million, or around US$50,000) in one of our accounts looked […]

Performance of the GFM Singapore 20 vs the Straits Times Index Tracker Fund 2016

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In Hong Kong, we aim to outperform the Hang Seng index through a proprietary selection of stocks we believe are higher quality and/or better valued than the market-cap weighting of the 50 stocks of the index, and in most cases in Hong Kong we also try and avoid low-float companies.  For the 12 months ending […]

Performance of the GFM Hong Kong 30 vs the Hang Seng Index Tracker Fund

Posted Leave a commentPosted in Investing

In Hong Kong, we aim to outperform the Hang Seng index through a proprietary selection of stocks we believe are higher quality and/or better valued than the market-cap weighting of the 50 stocks of the index, and in most cases in Hong Kong we also try and avoid low-float companies.  For the 12 months ending […]

GFM Consolidated 3 Year Track Record Performance Through September 2016

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As background, we present the 3 year consolidated track record of the Interactive Brokers accounts managed by GFM portfolio manager Tariq Dennison over the 3 years ending September 2016, immediately before GFM Group Limited became a Hong Kong SFC-licensed Type 9 asset management firm. Past performance is no indication of future results, but the point […]