The June 16, 2021 edition of the Washington Post carried this headline: “Cristiano Ronaldo snubbed Coca-Cola. The company’s market value fell $4 billion.” The incident in question had occurred a few days earlier, at a press conference in Budapest, where the soccer star was set to play in a [...]
The Optimal Financial Plan
Before he died last year at the age of 99, a friend asked Charlie Munger if he planned to leave his considerable wealth to his children. Wouldn’t it impact their work ethic, his friend asked. “Of course it will,” Munger replied. “But you still have to do it.” “Why?” his friend [...]
Wall Street’s Latest Innovation: ‘Buffer’ Funds
An ancient financial concept is gaining newfound popularity. In his book Politics, Aristotle related a story about a fellow philosopher named Thales, who lived about 2,600 years ago. One winter, Thales made a prediction about the coming olive harvest. He felt that it was going to be a strong [...]
Another Solution for an Expensive Market
For years, there’s been growing concern about the top-heavy nature of the U.S. market. Today, just 10 stocks account for 35% of the total value of the S&P 500. And while the largest technology stocks—dubbed the Magnificent Seven—have done exceedingly well in recent years, their extreme [...]
The Less-efficient Market Hypothesis
Benjamin Graham was Warren Buffett’s teacher and mentor. He also ran an investment fund which specialized in uncovering undervalued stocks. One day in 1926, Graham was at his desk, reading through a government report on railroads, when he noticed a potentially valuable footnote. It referenced [...]
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