Mick Jagger is among the most successful entertainers of our time. But despite his wealth, Jagger tells his eight children that they’ll need to make their own way. Similarly, Shaquille O’Neal tells his children that they can earn some of his millions, but it won’t necessarily be given to them. Actor [...]
Solving an Investment Conundrum
Among the more notable studies published in recent years was a paper by Hendrik Bessembinder titled “Do Stocks Outperform Treasury Bills?” His key finding: Between 1926 and 2016, just 4% of all stocks accounted for all of the net gains in the U.S. market. The other 96%, as a group, delivered returns [...]
Responding to Market Reversals
“It's tough to make predictions, especially about the future.” That’s one of the more amusing quotes attributed to Yogi Berra, but there’s also a lot of truth to it. When it comes to financial markets, the track record of those making forecasts is not good. That’s why a rational approach to decision [...]
Almost True
Last week, I discussed a key challenge in personal finance: that in a field where we would expect facts and logic to drive decisions, we instead find that misconceptions and misunderstandings often take hold. Last time, I outlined five common financial myths. Below are five more: “When a company [...]
Stories We Tell
In his book Narrative Economics, Yale economist Robert Shiller argues that storytelling has more of an impact on economic events than we might assume. In a domain that seems like it ought to be driven by facts and data, stories often take on a life of their own. Many stock market bubbles—and [...]
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