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The Soaring Crypto
The Soaring Crypto What was the highest performing asset over the decade ending on January 1? U.S. stocks? International bonds? Commodities? The stock market of a random emerging nation? Any of those might … Read More
2020 Year-End Market Report
2020 Year-End Investment Market Report It would be hard to imagine a stranger year in the U.S. investment markets than the one just passed, or a year that did … Read More
Is the stock market due for a correction?
Investing Lesson: Never try to predict a correction – you could be waiting a very long time for one to come and it could cost you a lot of money. … Read More
When Robinhood takes money from the not-so-rich
By now you’ve probably heard all about social media putting one over on the big hedge funds by purposefully jacking up the stock price of companies like GameStop. The members … Read More
15 FINANCIAL RULES TO LIVE BY
15 FINANCIAL RULES TO LIVE BY The 15 Financial Rules are a checklist for our uncommon approach to financial thinking. PROTECT YOUR TODAYS 1. Protection First: Protection should always … Read More
Why Worry About Survivorship Bias?
For actively managed US equity mutual funds over the period from 1991 to 2020, survivorship bias overstates the median fund alpha by 0.60% per year: The median fund alpha … Read More
An Exceptional Value Premium
It’s probably not news to most value investors that the value premium has struggled over the past decade. What might be news is just how extreme an outlier recent value … Read More
The Sleeping Giant: Value’s Dormant not Dead
In contrast to literary tales of sleeping giants who awaken and immediately unleash their power, things are often less predictable in the real world. When it comes to investing, sometimes … Read More
What History Tells Us About Elections and the Market
Investors often wonder whether the market will rise or fall based on who is elected president. The data show that capturing the long-term returns of the capital markets does not … Read More
Why Average Investors Earn Below Average Market Returns
Trust me, it’s not “different this time.” No one could have predicted COVID-19 in a specific sense. Yet, what we can 100% count on is that there will always be … Read More