Investing in the stock market requires a near superhuman ability to withstand pain. That’s the conclusion of a recent report by investment researcher Michael Mauboussin. Mauboussin surveyed all of the stocks trading on U.S. exchanges over a 40-year period, between 1985 and 2024. He found that the [...]
Cruising altitude
In an airplane, the altimeter measures the plane’s altitude. It’s a critical instrument—so important, in fact, that planes are typically outfitted with two. That’s for redundancy, in case one fails. In addition, because different altimeters work better in different conditions, the two readings offer [...]
Lindy’s law
Over the July Fourth weekend, a friend asked what I thought of a new financial instrument known as a “stock token.” Developed by the online broker Robinhood, they’re designed to let investors buy stakes in private companies such as OpenAI, creator of ChatGPT. It’s a novel concept because private [...]
A note on the new tax law
On July 4th, the president signed a significant new tax and spending bill into law. The text of the bill runs to almost 900 pages and affects nearly every corner of the tax code, including personal, business and estate tax rules. Below I’ve summarized the provisions that I see as most relevant to [...]
Room to maneuver
On December 31, 1759, Arthur Guinness signed a lease to take over an old brewery building in Dublin. What was unusual was the lease’s term: 9,000 years. It didn't take long before Guinness and his landlord both realized they’d made a mistake and agreed to end the lease. Guinness needed more space, [...]
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