About 10 years ago, Steve Edmundson, the manager of the Nevada state pension, became a folk hero in the investment world when The Wall Street Journal profiled him in an article titled: “What Does Nevada’s $35 Billion Fund Manager Do All Day? Nothing.” It was an exaggeration to say he did “nothing,” [...]
Exceptionalism examined
In the 1830s, French historian Alexis de Tocqueville toured the United States and chronicled his observations in a book titled Democracy in America. What mainly impressed him was Americans’ focus on trade and commerce. They have a “purely practical” mindset, he wrote, and concluded that, “the [...]
Contrary to expectations
It’s been an unusual year—to say the least—for investment markets. After rising earlier in the year, both stocks and bonds in the U.S. have dropped in recent weeks. Market leaders like Apple and Nvidia have been among the hardest hit. The U.S. dollar has also dropped, helping boost [...]
Golden rule?
You may be familiar with Peter Lynch. In the 1970s and 80s, he was one of the most visible figures in the investment world. As manager of Fidelity’s Magellan Fund, he achieved the best track record, by far, among his peers. He shared his wisdom in a series of popular books for individual [...]
Stewart Mott
When Stewart Mott graduated from college in 1961, he received $6 million from his father, an auto industry entrepreneur who was one of the founders of General Motors. On top of that, a family trust began paying Mott an annual stipend of $850,000. The result: Instead of a traditional career, Mott [...]
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