When I think back to Finance 101, what I recall, more than anything, is formulas—a whole lot of formulas. First came the calculation for present value, then formulas for valuing bonds, stocks, options, futures, forwards and all sorts of other financial instruments. This was interesting. But with [...]
What we’ve learned in 2020
When I think back on 2020—and I know we’re not quite done with it yet—I’m reminded of the movie Alexander and the Terrible, Horrible, No Good, Very Bad Day. But to paraphrase Nietzsche, chaos isn't all bad—if something positive ultimately emerges from it. Below are five financial lessons that, in my [...]
A Nobel Prize winner’s unhelpful advice
At one time or another, we’ve all had this experience: You’re driving on the highway when, all of a sudden, a maniac goes speeding by, weaving in and out of lanes. Most people have the same reaction when this sort of thing happens: “That guy is crazy,” they think to themselves. “If he doesn’t slow [...]
Year-end financial checklist
One of the challenges with personal finance is that so much of it is focused on the future. Think about the standard prescriptions: Open an IRA. Maximize your 401(k). Save for college. Save for retirement. Build an estate plan. These are all about the future—and often the very distant future. An [...]
When to split the difference
It’s that time of year again, when Wall Street strategists begin publishing their market forecasts for next year. If you’re wondering whether to put any stock in these glossy publications, here’s my recommendation: Think back a year to the forecasts issued at the end of 2019. Did any of them predict [...]
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