Logica Capital April 2023 Commentary


Logica Capital commentary for the month ended April 30, 2023. Summary Relative to the 1.5% gain for the S&P 500, implied volatility got disproportionately whacked in April, resulting in a fierce headwind for Logica’s strategies (as well as the naïve straddle benchmarks). To give some perspective, the “rule of thumb” historical norm… Continue reading Logica Capital April […]

Return on Invested Capital: One Metric To Rule Them All


If I were only able to analyze a single metric before investing in a company it would be ROIC (Return on Invested Capital). Fundamentally, a company creates value by taking capital from investors (both debt and equity) to generate cash flows in the future. A company only creates value to… Continue reading Return on Invested […]

Crescat Capital: Whistling Past The Graveyard


Crescat Capital commentary for the month ended April 30, 2023, titled, “Whistling Past The Graveyard.” US policymakers continue to act as if they have the stability of the financial system, the economy, and consumer prices under control. Instead, their ongoing deficit spending and debt monetization since the 2008 crisis have… Continue reading Crescat Capital: Whistling […]