The economist John Maynard Keynes once made the observation that, “it is better for reputation to fail conventionally than to succeed unconventionally.” This is probably true in many realms. It’s certainly true in the investment world. As the last twelve months have demonstrated, extreme and [...]
My Portfolio, Part II
A while back, I talked about an oddity in my own portfolio. But I have a confession: That wasn’t the only one. In the interest of transparency—and because it may be instructive—I’ll share five more such oddities, and the thinking behind them: While I firmly believe that low-cost index funds are [...]
Cigar Butts
In the family tree of investors that began with Benjamin Graham sits a quiet, 100-year-old firm called Tweedy, Browne. This week they published a chart that offered a new angle on a key debate in the world of personal finance: Is value investing dead—or is it just resting? Before I get into the [...]
What’s (really) driving the market
Last week the Capitol was invaded by an angry mob. And this week, the president was impeached. Meanwhile, if you had been looking only at the stock market, you wouldn’t have had any idea. Not only is the market higher today than it was the day before this all started, but the VIX—the market’s “fear [...]
A Nobel Prize winner’s unhelpful advice
At one time or another, we’ve all had this experience: You’re driving on the highway when, all of a sudden, a maniac goes speeding by, weaving in and out of lanes. Most people have the same reaction when this sort of thing happens: “That guy is crazy,” they think to themselves. “If he doesn’t slow [...]
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