In 1954, Harry Markowitz was a graduate student in economics at the University of Chicago and had just finished defending his thesis. Most of the committee accepted his work. But Milton Friedman, an economist with a national reputation, and easily the most influential member of the economics [...]
The Top 10
Just hours into the new year, I received an email from a concerned investor. His worry: the state of the market—the S&P 500, in particular. With hundreds of constituent companies, the S&P index has the veneer of being well diversified. But scratch the surface, and it seems to carry more risk [...]
The pinball machine
Last week I referred to the stock market as a hall of mirrors. That was perhaps too kind. With its erratic and often illogical movements, the market also has elements of a pinball machine, a rollercoaster, and maybe a clown car. This has always been the case, but it feels especially true this year. [...]
Hall of mirrors
On Wednesday of this week, the Federal Reserve’s policymaking committee concluded its quarterly meeting and made two big announcements. First, the Fed is going to scale back its monthly purchases of Treasury securities. Because these multi-billion-dollar purchases have helped keep interest rates [...]
1986 vs. 2021
A recent episode in the stock market offers useful lessons for investors. Let’s start by reviewing the facts: Last Friday, the S&P 500 suffered its worst day in months. And the Dow had its worst day in more than a year. The proximate cause: news about Omicron, a new coronavirus variant. [...]
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