As I grow older, I pay less attention to what men say. I just watch what they do.
March 11, 2019
If you created a computer system that could send signals close to the speed of light, would it make you a successful investor? You might respond, “What does the speed of light have to do with investing? That’s astrophysics.” You would be correct; it has nothing to do with investing. So why have astrophysicists made most of the money in...
February 25, 2019
In a speech before the House of Commons, Winston Churchill paraphrased a phrase first said by Harvard professor George Santayana. Churchill’s statement that, “Those who fail to learn from history are condemned to repeat it” became instantly famous because of its undeniable truth. This is especially so in the investment business given its...
January 14, 2019
The recent pullback in the stock market has caused much angst in the media. The strength of the economy is questioned daily. It’s reminiscent of the investment chatter after the October “crash” of 1987. The “coming recession” that never happened. In my opinion, both periods were impacted more by the structure of the market rather than the...
December 12, 2018
For the past decade, the overwhelming and universally accepted narrative in the investment world has been, “no one can beat the market due to the 1% management fee.” Nothing could be further from the truth. The real cause of active management underperformance has been the high, and historically unusual, degree of stock market correlation. It...
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