My first day in the investment industry was—unfortunately—not so great. On the morning of September 15, 2008, the investment bank Lehman Brothers filed for bankruptcy, sending the market into freefall. The rest of 2008 was equally ugly, with the S&P 500 losing 37% for the year. But that [...]
Is the market too high?
The S&P 500 Index just hit a new all-time high, topping 5,000 for the first time. Is it now too high? For investors concerned about market risk, this is an important question. But it isn’t an easy one to answer. For starters, there’s no single definition of “too high.” Consider the [...]
Charlie Munger’s masterclass in personal finance
Charlie Munger, who died recently at the age of 99, always had a colorful turn of phrase. But entertaining as he was, his comments were also invariably full of wisdom. Taken together, in fact, Munger’s ideas offered investors a masterclass in investing. Here are some highlights: Choosing an [...]
The center lane
What’s the first rule in personal finance? My suggestion: Always look for ways to stay in the center lane—that is, to take a balanced approach. As the new year gets started, here are 10 ways you could apply this principle. Housekeeping. Over time, many of us accumulate a mixed bag of investment [...]
Stein’s Law
A favorite concept in economics is Stein’s law. It states that, “if something cannot go on forever, it will stop.” It’s named for Herbert Stein, an economist who was influential in the 1970s and served as chair of the president’s Council of Economic Advisors. Stein first made this comment when he [...]
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