Ted Benna, the inventor of the 401(k) retirement plan, famously once stated that the system he created should be “blown up.” Why? It's not the fundamental structure, which he still believes in. What he doesn't like is the complexity and the costs that characterize today's typical 401(k). The [...]
An uncomfortable question
A few years back, a fellow named Wylie Tollette faced some uncomfortable questions as he sat before the public oversight committee of the California Public Employees Retirement System (“CalPERS”). As the pension fund's Chief Operating Investment Officer, Tollette was responsible for updating the [...]
Misbehaving
When someone titles their memoir Misbehaving, you know it's going to be interesting. And, as it turns out, it can also help you win a Nobel Prize. Such was the case this week when Richard Thaler, an economist at the University of Chicago, won the prize in economics. As you may know, Thaler helped [...]
If you must…
Anyone who follows my work knows that I am a staunch advocate for index funds and believe that stock-picking is a very difficult road. That said, there are some undeniable facts about stock-picking: All of the great fortunes -- Rockefeller, Carnegie, Gates, Buffett -- were earned by way of owning [...]
Does the market “know” anything?
Yesterday saw an odd juxtaposition. In Washington, the Senate conducted hearings into allegations of misconduct inside the White House, with potentially serious implications. Meanwhile, on Wall Street, no one seemed to mind very much. In fact, the market hit a new all-time high on Thursday [...]
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