This year saw the passing of two giants of the investment world. The first was Harry Markowitz, who in the 1950s developed a concept now known as Modern Portfolio Theory. Markowitz’s key insight was one that today we view as so fundamental that it’s easy to take it for granted: Markowitz was the [...]
Cage Match
In recent months, Mark Zuckerberg and Elon Musk have been trading barbs, going as far as discussing a “cage match”—a literal fight. This has followed a volatile few years for their respective companies. In October of last year, Musk took over Twitter and immediately started making changes: [...]
Avoiding the incinerator
A while back, I was speaking with the manager of a mutual fund. In describing one of the stocks in his fund, he noted: “I owned it for a while, then I sold it, but then I bought it back.” It was a surprising comment since frequent trading is, in most cases, generally unproductive. Indeed, Warren [...]
Toyota, Tesla and your portfolio
I’ve often compared the stock market to a Rorschach test. Depending on your perspective, it can look very different. But even among a market full of Rorschach tests, one company’s stock seems to stand out: Tesla. Some people see it as a world-class company that’s changing the world. Others see it as [...]
Emily’s story
Earlier this week, I received an anguished call from an investor—let’s call her Emily. Emily’s accountant was finishing up her tax return and was surprised to see a $113,000 capital gain. The explanation turned out to be just as surprising. The issue stemmed from a well-intentioned move by the [...]
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