I'll never forget my first interaction with Wall Street. I was in my early 20s, just getting started in my career, when I was introduced to a stockbroker—let's call him Eddie. He was a pleasant fellow with a good reputation and all of the trappings of success, including a DeLorean in the driveway. [...]
Measure for measure
As the old saying goes, there are lies, damned lies and statistics. And then there is investment performance, which may deserve a category of its own. This topic came to mind recently when I saw a press release heralding the accomplishments of a retired non-profit executive. Among the claims: [...]
An obscure story worth understanding
A little while back, The Wall Street Journal ran an article with a puzzling title: “How China Pressured MSCI to Add Its Market to Major Benchmark.” Like a lot of market news, this arcane-sounding story came and went without much notice. But it is worth pausing to understand what it was all about, [...]
Priceless
Suppose you walked into a restaurant, and they handed you a menu without prices. Would you conclude that: (1) Everything is free (2) Something funny is going on I doubt anyone would choose option 1; it defies logic. Yet, this is how the 401(k) industry routinely operates, and large numbers [...]
May 1, 1975
In the history of the investment industry, May 1, 1975 is a date that ought to be enshrined. On that day, the industry took not one, but two, remarkable steps forward. The first change was an action by the SEC to deregulate stock brokers. For the first time in more than a hundred years, brokers [...]
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