Benjamin Graham, the father of investment analysis, once made this observation: “The investor’s chief problem—even his worst enemy,” he said, “is likely to be himself.” Why is this the case? One reason is because our intuition can sometimes lead us astray. Things that seem like they make [...]
Trimming Your Tax Bill in 2025
The June 16, 2021 edition of the Washington Post carried this headline: “Cristiano Ronaldo snubbed Coca-Cola. The company’s market value fell $4 billion.” The incident in question had occurred a few days earlier, at a press conference in Budapest, where the soccer star was set to play in a [...]
The Optimal Financial Plan
Before he died last year at the age of 99, a friend asked Charlie Munger if he planned to leave his considerable wealth to his children. Wouldn’t it impact their work ethic, his friend asked. “Of course it will,” Munger replied. “But you still have to do it.” “Why?” his friend [...]
Wall Street’s Latest Innovation: ‘Buffer’ Funds
An ancient financial concept is gaining newfound popularity. In his book Politics, Aristotle related a story about a fellow philosopher named Thales, who lived about 2,600 years ago. One winter, Thales made a prediction about the coming olive harvest. He felt that it was going to be a strong [...]
Lessons From This Year’s Nobel Winners
The neighboring towns of Nogales, Arizona and Nogales, Mexico figure prominently in the work of Daron Acemoglu and James Robinson, who, together with a colleague, won this year’s Nobel Prize in economics. In their book Why Nations Fail, Acemoglu and Robinson explain that these two border towns are [...]
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