In the world of personal finance, there’s no shortage of formulas and frameworks for making financial decisions. But it’s also important, I think, to see these as guidelines rather than as rules. Consider, for example, the textbook view on the connection between money and happiness: What the [...]
Good Choices
Economist Harry Markowitz, who passed away recently, invented a new approach to investing. Known as modern portfolio theory, it offered investors, for the first time, a logical approach to building portfolios. How much should you hold in stocks vs. bonds? Markowitz could tell you precisely. But [...]
What’s new
A few years back, I related a story about the comedian Joan Rivers. Her daughter, Melissa, likes to joke that her mother was always very consistent. Wherever she was, she would always drive at 40 miles per hour, whether it was on the highway, in a school zone or in the driveway. This is funny, [...]
Avoiding regret
I spoke recently with a fellow who had climbed Mount Everest. The first question I asked: What was it like at the top? What I expected him to say was that the view was dramatic. Instead, he said, his time at the summit turned out to be less than he’d expected. For starters, it was 4:45 in the [...]
Market Intuition
There’s something odd going on in the housing market. Mortgage rates are appreciably higher than they were a year ago, but home prices—on average—have yet to fall. In recent months, house price increases have slowed, but as of the most recent reading, prices are nonetheless still increasing on a [...]
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