Last year, an unusual story made the news: The University of Chicago was reportedly looking to sell an entity known as the Center for Research in Security Prices (CRSP). The story came and went quietly, but it’s worth pausing to understand it. CRSP’s origins date back to the 1960s. Its initial goal [...]
Effective alternatives
In April 2005, art dealers Robert Simon and Alex Parish traveled to New Orleans to attend an auction. They were particularly interested in a work titled Salvator Mundi. The painting was in bad shape, having been neglected for years. But Simon and Parish ended up bidding on it and taking it home for [...]
“The Bet”
Morgan Housel, author of The Psychology of Money, once made this observation: “Before the 1700s, the richest members of society had among the shortest lives—meaningfully below that of the overall population.” It was counterintuitive, but Housel cited a hypothesis, developed by historian T.H. [...]
Department of Labor Information Letter 06-03-2020
Does wealth provide advantages? Yes, but it can also invite some unique challenges. Consider country music singer Kane Brown. A little while back, shortly after moving into a new home, he went out for a walk. He told his wife he'd be back in half an hour. But seven hours later, after getting lost, [...]
The bet
In his company's 2006 annual report, Warren Buffett devoted several paragraphs to a scathing criticism of the hedge fund industry. Their fees, Buffett wrote, were so exorbitant and so stacked against investors that they amounted to a “grotesque arrangement.” For that reason, Buffett frequently [...]
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