A Case Study in Systemic Exposure: The Mini-Rise and Mini-Fall of Nike

If you ever want to see just how harmful macroeconomic exposure can be to a fundamentals, value-oriented investor, just look at the mini-tragedy involving Nike (NKE). At a 4.28% gain over the course of six days, this doesn’t look like much of a tragedy, but it...

The Government Shutdown Proves Systemic Risk is Not Systemic Opportunity

Tuesday witnessed the second day of a federal government shutdown, with the looming possibility of a U.S. government debt default on the horizon and another chance that the U.S. government could see its credit rating fall. On top of the fears are worries that the...