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 [...]
The Hatfields and the McCoys
The nineteenth-century feud between the Hatfields and the McCoys doesn’t hold a candle to the debate between supporters of index funds and supporters of active management. Those in the index fund camp cite decades of data—going back to the 1930s—to support their view that active management is a [...]
Tesla (and Zoom) out in the cold
Earlier this week, Tesla reported financial results for its most recent quarter. And for the fifth time in a row, it reported a profit. This was notable for a few reasons. Among them: Tesla’s increasingly strong performance again raises the question of why it has been excluded from the S&P 500 [...]
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