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Category: Asset Allocation

With all due respect to Warren Buffett, the number 1 rule in investing is not anything close to “never lose money.” In fact, the entire notion is absurd. Anyone who has ever invested in the history of the world has lost money at one time or another. Buffett himself lost close to 50% on two […]

What is the “market portfolio?” When I first learned of the concept in business school it seemed so simple. You just combine all of the assets in the world and hold them in proportion to their market values. Why? Because academic theory says that’s the most efficient thing you can do, and trying to beat […]

“We have met the enemy and he is us.” – Walt Kelly We have entered a dangerous time in history.  A time when the truth changes every day. The amount of misinformation being spread daily is nothing short of remarkable.  It seems like everything is “fake news” now independent of who is reporting it.  Rather […]

“The bravest are surely those who have the clearest vision of what is before them, glory and danger alike, and yet notwithstanding, go out to meet it.” – Thucydides Welcome to the Great Tranquility ladies and gentlemen.  Now start getting very afraid. As Charlie Bilello (Twitter: @CharlieBilello) noted recently, the S&P 500 hasn’t had a […]

The Passive Investing Bubble is Real

“It’s the greatest comeback since Lazarus.” – Sid Waddell They love passive investment strategies in 2017.  They hate them in March 2009. There is no question that the stats back up the idea that passive strategies have more often than not beaten active ones.  The reason relates primarily to fees, whereby passive vehicles tend to […]

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