BijaAdvisors

Seeds of Thought
Actionable Intelligence for Those Who Seek Growth
Issue 15-13
April 10, 2015

My View (Without Obstruction)

To avoid any uncertainty about where I stand and what my views are, here they are without anything,
including the (very interesting) rationale behind them, to stand in the way. (Hint: They remain the same.)

Position: Long US Treasuries (10 year & out) and US equity index.

US equities are not the same as other equity markets, emerging markets or any other risky
asset, and havent been for several years (see charts).

Question for You

Why have trend followers been (and continue to be) so reluctant to believe in the biggest trends?

About the Author

Over a 28 year career in finance and economics, Stephen Duneier has headed global investment
businesses for Bank of America and AIG International, launched two hedge funds and generated average
annualized returns of 20.3% on a portfolio approaching $1 billion in AuM. In addition to publishing Bija
Advisors unique brand of actionable intelligence for the institutional investment community, key
policymakers and business leaders, he regularly speaks around the world on macroeconomic related
topics, as well as how to improve performance through a more mindful approach to decision making.
Mr. Duneier teaches Decision Analysis at the University of California, Santa Barbaras College of
Engineering and is an accomplished artist whose work has been featured in numerous international
publications and is represented by the world-renowned gallery, Sullivan Goss. He received his masters
degree in finance and economics from New York Universitys Stern School of Business.
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