Earlier this week, an investment manager named Michael Burry made waves when he issued an apocalyptic forecast: Index funds, he said, are in a bubble similar to the housing bubble that ended very badly in 2008. Burry couldn’t say when that crash will happen but noted ominously: “The longer it goes [...]
The most useful tool
A dozen years ago, on my first day of business school, the professor stood at the board and illustrated a concept called “present value.” Truth be told, over my remaining time in school, I don’t think I learned anything more important than I learned in that first hour. It is, in my view, the single [...]
How not to waste time
Nikola Tesla was a brilliant inventor, with nearly 300 patents to his name. He also had some unique habits. Among them: Every night, before he sat for dinner, he would ask his waiter for a stack of 18 napkins. He would then use them to carefully wipe down his silverware. Even at the Waldorf Astoria [...]
Harry’s Warning(s)
On December 17, 2002, Harry Markopolos walked out of his Boston office wearing an oversized trench coat and a pair of white cotton gloves. His destination: the John F. Kennedy Presidential Library. A quiet figure, Markopolos worked as the chief investment officer at a small firm that specialized [...]
13 Questions
In December of 1954, 23-year-old John Neff hitchhiked from Ohio to New York in search of work. A Navy veteran, Neff had recently graduated from college—near the top of his class—with a degree in finance. His hope: to land a job as a stockbroker. But despite these qualifications, Neff was turned down [...]
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