Category: Process

“Between calculated risk and reckless decision-making lies the dividing line between profit and loss.” – Charles Duhigg Anyone else remember how scary the first few weeks of 2016 were? I know – feels like forever ago.  We went from the worst start for stocks in history to what has thus far been a pretty decent […]

Since November 2012, the S&P 500 has remained above its 200-day moving average for 421 consecutive trading days, the longest streak in history. I have compared this streak in the S&P 500 to the Joe DiMaggio hitting streak in 1941 for its incredible consistency and resiliency. The so-called “path of least resistance” has been up […]

The current U.S. equity market has something for everyone.  Whether you are bullish or bearish, there is no shortage of indicators or charts you can use to support your thesis. Let’s run through both the Bull and the Bear case here. In the spirit of Confirmation Bias, feel free to skip ahead to the part […]

It’s that time of year again when we’re all reminded of one of the most famous sayings on Wall Street: “sell in May and go away.” The concept is simple enough. The stock market tends to perform better on average in the November through April period than the May through October period. The performance differential […]

The Amazon “Money Market”

By far the most difficult part of any asset manager’s job is protecting clients from themselves. This is not to say that the management of assets and risk is easy; far from it. But managing client behavior and mitigating behavioral biases is a far more formidable task because you cannot remove emotion from the equation. […]