A while back, a Tel Aviv woman named Anat decided to surprise her elderly mother with a gift. Noticing that she had been sleeping on the same worn out mattress for decades, Anat replaced it while her mother was out one day. She then took the old one out to the curb. It wasn't until the next [...]
Edward Lorenz
In 1972, an MIT professor named Edward Lorenz published a paper titled Predictability: Does the Flap of a Butterfly’s Wings in Brazil Set off a Tornado in Texas? It was a catchy title. Though Lorenz didn’t mean it literally, the basic idea was that events in the physical world are highly [...]
TINA
In recent months, there’s been a lot of handwringing about the stock market. Thankfully, we seem to be on the back end of the pandemic, but things remain far from perfect in the economy. Millions are still unemployed. And the government has had to spend trillions to get us through, adding to a [...]
How to build an optimal portfolio
Is the stock market too high? It's a question I’ve heard a lot recently. Each time, I’ve offered this recommendation: It’s impossible to predict where the market will go next, so your best defense is to have an appropriate asset allocation. But how exactly can you determine an ideal allocation? [...]
A three-part indictment
For more than a year, veteran investment manager Jeremy Grantham has been arguing that the U.S. stock market is in a bubble. And not just an ordinary bubble, but “an epic bubble...one of the great bubbles of financial history, right along with the South Sea bubble, 1929, and 2000.” And yet, [...]
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