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 [...]
The Shakespeare of personal finance
In the investment world, I think it's fair to say, there’s a lot of nonsense and hot air. But there are a few people who are like the Shakespeare of personal finance: In virtually every word, there is great wisdom. Warren Buffett is probably the dean among this group. Another is Peter Lynch, who in [...]
Burry’s warning
Earlier this week, an investment manager named Michael Burry made waves when he issued an apocalyptic forecast: Index funds, he said, are in a bubble similar to the housing bubble that ended very badly in 2008. Burry couldn’t say when that crash will happen but noted ominously: “The longer it goes [...]
The Spotlight Effect
When it comes to your financial life, should you care what other people think? I’ve always found this a tricky question. On one hand, it’s easy to fall into the trap of keeping up with the Joneses. If you care too much about what other people think, life can become very expensive. And that can be [...]
McArthur Wheeler
One spring day in 1995, a fellow named McArthur Wheeler walked into two banks near his home in Pittsburgh and robbed them at gunpoint. He almost got away with it—except for one critical flaw in his plan: The disguise he chose didn't disguise his face at all. Instead of the usual stocking cap or [...]
