Table Stakes

Table Stakes In 1999, at the height of the last technology-telecom-media bubble, the Nasdaq index rose by 84%. By comparison, the Russell Large Cap Value index returned 6.7% while Warren Buffett’s Berkshire Hathaway actually declined by 25%. Following that year, where...

The Road Less Traveled

Look closely at the graph below. The grey bars are the annual stock market returns since 1980.  The red dots are the mid-year (and transitory) sell-offs. There is a red dot associated with every single year. Yes, even as stocks usually have full-year positive returns,...

Playing the Hand We’re Dealt

The financial and economic world has changed.  The US economy and the financial markets are now in a new paradigm where fiscal policies (money creation and government spending), rather than monetary policies (managing the level of interest rates) affect and drive...

What’s Your Edge?

How do you get an investment edge? Is it having the smartest analysts on board who can tear through quarterly SEC financial filings to discover hidden gems of information overlooked by everyone else in the world? No. Is it having high-speed data lines that allow us to...

Ignore Everything!

The hardest work in investing is not intellectual; it’s emotional.  Benign neglect is, for most investors, the secret of long-term success. – Charley Ellis   I read a really good blog post today, written by financial planner Ashby Daniels titled...