On April 14, 1988, Captain Paul Rinn was the commanding officer of the USS Samuel B. Roberts when it struck a mine in the Persian Gulf. The resulting explosion tore a 21-foot hole in the side of the frigate. Almost immediately, the ship began taking on water, and multiple fires broke out. Naval [...]
Bear Market Field Guide, Part II
Last week I talked about the two questions I’ve been hearing lately: “How bad will it get, and how long will it last?” This week, amid the continuing stock market tumult, some people are asking a third question: “Should I even bother investing in the stock market? It just seems crazy.” It’s a [...]
The paradox of personal finance
“The investor’s chief problem—even his worst enemy—is likely himself.” So wrote Benjamin Graham, the father of modern investment analysis. With these words, written in 1949, Graham acknowledged the reality that investors are human. Though he had written an 800-page book on techniques to analyze [...]
What to think about the man who solved the market
This week saw the publication of a remarkable biography. The Man Who Solved the Market chronicles the life and career of hedge fund manager James Simons. Over the past 31 years, Simons’s Medallion Fund has clocked average returns of 66% per year. Even after Medallion's fees—which are the highest in [...]
The happiness formula
Clay Cockrell has a unusual job. In his words, he’s a psychotherapist treating the “1% of the 1%” in New York City. From this vantage point, Cockrell has gained unique insights into the lives of the extremely wealthy. And what conclusions does he draw about money and happiness? “If you have an [...]
