Last week, I talked about Carveth Read, the English philosopher who’s famous for saying, “It is better to be vaguely right than exactly wrong.” This, in my view, is one of the most important ideas in personal finance. Last week, the focus was on the “vaguely right” side of the equation. But what [...]
Roughly right
One of the most important ideas in personal finance comes not from a finance expert but from a twentieth century English philosopher named Carveth Read. “It is better to be vaguely right,” he wrote, “than exactly wrong.” Why is this idea important? It gets at the heart of why financial planning [...]
Prisencolinensinainciusol, and other recommendations for the new year
I’m not big on new year’s resolutions. But January is a good time to conduct some financial housekeeping. Below are 10 ideas to consider as the calendar turns over. 1. Portfolio cleanup. I sometimes feel like a broken record when I talk about the disadvantages of actively-managed mutual funds. [...]
A year like any other
In the investment world, every year is unique. This year certainly was. But, in some ways, every year is also the same. The specific events change, but many of the underlying themes—and challenges—don’t change a whole lot. As 2022 winds down, it’s a good time to take a closer look at some of those [...]
Your future self
In behavioral finance, there’s an important concept that doesn’t get a lot of discussion: It’s called temporal discounting. The idea is that we tend to view our current and future selves, to some degree, as different people. And thus, there’s the tendency to discount the needs of that “other” [...]
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