This week, someone asked me if he should own pork bellies in his portfolio. While he was kidding, this does get at a real question: Should you own commodities? Those who favor investing in commodities typically cite two benefits: First, commodities are seen as a bulwark against inflation. This is [...]
Five Roads
No question, managing an investment portfolio can be tricky. On the one hand, you want to have stock market exposure to help drive growth. But on the other, it’s agonizing when the market drops 30% or 50%—or more—as it’s done on several occasions. How can investors strike the right balance? Like [...]
The legacy of Harry Markowitz
Those who live very long lives sometimes face an unfair irony: The accomplishments of even towering figures can lose their luster over time—not because they’re proven wrong but because the ideas they developed become so widely accepted that we forget they were once new. The investment world lost one [...]
Not so gloomy
Is the stock market headed for a sea change? That’s the argument investor Howard Marks makes in his most recent memo. The sea change Marks is referring to: For forty years, interest rates in the United States declined steadily—from a peak of 20% in 1980, to 0% in 2020. The result, Marks argues, was [...]
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 [...]
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