Earlier this week, I came across a magazine article from the B.C. era—before coronavirus. The article, which appeared in a recent issue of a popular personal finance magazine, described a certain type of bond investment. The write-up was well researched and balanced, including a discussion of the [...]
Bear Market Field Guide, Part VII
When I was in grade school, I distinctly remember a field trip to visit a high-flying local company called Prime Computer. At the time, in the 1980s, Prime was a Fortune 500 company with a popular line of minicomputers and a runaway stock. But today, Prime is long gone and barely remembered. [...]
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 [...]
How to be like Bill
In the winter of 2012, I experienced what every traveler dreads: a lost bag. Stranded without so much as a toothbrush, I had to replace everything—and fast. At first, this seemed like a pain. But in the end, I came to see it as a blessing. Why? Because in replacing everything—from head to toe, [...]
The most useful tool
A dozen years ago, on my first day of business school, the professor stood at the board and illustrated a concept called “present value.” Truth be told, over my remaining time in school, I don’t think I learned anything more important than I learned in that first hour. It is, in my view, the single [...]
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