My grandfather was from Queens. He was a great guy, and he taught me a lot. He was also a native New Yorker, so he was street smart, and he was tough. Among the lessons he taught me, this one stands out: One day, while we were walking together down 47th Street, near Times Square, I stopped to look [...]
Sometimes the most surreal things happen. For example, anyone who remembers the 1980s tennis prodigy Boris Becker may be shocked to learn that last month, in a London courtroom, Becker was declared bankrupt. After winning Wimbledon and countless other tournaments, Becker's personal fortune was [...]
In a classic episode of the TV show Seinfeld, Jerry and his friends invoke the term “bizarro” to describe an odd, alternate version of their own world. This term — bizarro — actually originated in the 1960s, in Superman comics, and it has entered popular usage to refer to any situation which seems [...]
When asked why he robbed banks, Willie Sutton replied, "because that's where the money is." Similarly, private funds are attractive to high net worth investors because they carry the potential for outsized returns - that's where the money is. Several factors explain this potential. Among them: [...]
Living in a busy house with children, I am no stranger to arguments. And, as a frequent observer of these debates, something I’ve noticed is that it is always helpful when the other side makes your own argument for you. Something like that happened in the investment world this week, and it’s worth [...]
