Philosophy
The vast majority of investment literature for professionals is about smart buying. Most professional investors pride themselves on their timing of purchases and thus focus on current conditions. While nothing in the art form of investing is easy, buying… READ MORE ›
Even if some people are able to outperform the market, most people are not.
Despite lots of criticism of the investment industry, one investment manager writes on why he is proud to do his job.
On my recent one-day visit to San Francisco, I chatted briefly with a flight attendant who wanted to know whether any of the papers I was discarding would make her rich if she read them. I suggested that she should… READ MORE ›
If you peruse the Wikipedia entries that describe some of the world's great investors, you'll often find that they share a common footnote: a series of books entitled "The Market Wizards" which feature Jack Schwager's profiles of… READ MORE ›
All too often, we unconsciously use arbitrage selection. We compare a given result against a perceived standard. This often leads to ranking against the standard. A classic old gag is an example of comparison: A man is asked how… READ MORE ›
Some people believe that age is a common denominator. The great fallacy of target-date funds is that age is used as a shorthand for the level of investment risk an individual should take. There are many other measures to… READ MORE ›
Unlike drones and more like electrocardiogram plots, investments rarely go in straight lines but rather undulate, frequently reversing directions, which is normal. As has been stated in my past posts, I believe that our current journey will take us… READ MORE ›
The holiday season and the turn of the calendar year can create an opportunity for introspection as to how you invest. While one should be just as introspective about wins, it is too difficult for most to separate brilliance… READ MORE ›
(Editor’s note: This article was originally written on 15 December).
In a somewhat long, scary piece on the re-hypothecation of gold bars, John Hathaway of Tocqueville Asset Management intones, “In the financial markets, a person that is one step… READ MORE ›