A key conundrum for investors is as follows: On the one hand, the data on tactical trading is clear. It tells us that making frequent changes to a portfolio is a bad idea and can damage returns. But on the other hand, we shouldn’t be so wedded to the status quo that we’re unwilling to ever make a [...]
The first rule in personal finance
What’s the first rule in personal finance? To answer this question, let’s look at the financial lives of two notable individuals, starting with musician MC Hammer. When Hammer gained fame in the 1980s, he made millions. But unfortunately, his spending quickly outpaced his income. Hammer bought 19 [...]
To invest in commodities
This week, someone asked me if he should own pork bellies in his portfolio. While he was kidding, this does get at a real question: Should you own commodities? Those who favor investing in commodities typically cite two benefits: First, commodities are seen as a bulwark against inflation. This is [...]
Five Roads
No question, managing an investment portfolio can be tricky. On the one hand, you want to have stock market exposure to help drive growth. But on the other, it’s agonizing when the market drops 30% or 50%—or more—as it’s done on several occasions. How can investors strike the right balance? Like [...]
All Duration Investing
Insurance companies are disproportionately represented among the oldest companies in the world. John Hancock was founded in the 1860s. Cigna dates to the 1700s. Some are even older. Why is that? In my opinion, it’s because they employ a strategy called asset-liability matching. In simple terms, [...]
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