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 [...]
Investments 101
Earlier this week, I received a call from a college student who had started a successful business. His school, he said, doesn’t offer any practical courses in personal finance so he asked my advice on investing. We walked through the following key questions. I would offer this same advice to [...]
Looking around the corner
Last week, I discussed the perils of market timing. This week, I’ll address its close cousin: stock-picking. These days, many people accept that stock-picking isn’t a great idea. Evidence shows that both professional and individual investors fare poorly, on average, when they choose individual [...]
Jane’s story
I'd like to start with a seemingly simple question: Suppose you'd purchased an investment for $19,000 and later sold it for $287,000. Would there be a gain or a loss? If you answered that there would be a gain, I would agree with you. Specifically, it appears the gain would be $268,000. But what if [...]
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