When I start a hard project, I take out a blank piece of paper, and I write out the question, or desired goal, and start writing down what I know about the question. The question that has been posed to me by many investors...
Read MoreThis post was stimulated by this academic research piece: When Smaller Menus Are Better: Variability in Menu-Setting Ability. The truth is, we do best in choosing between a limited menu of options. Let me give you an...
Read MoreLongtime readers know that I am an Evangelical Christian, and worse yet, a Calvinist (or, Reformed). I am even one of the leaders in my congregation, and I serve my denomination. But if religion turns you off, or you...
Read MoreI am a firm believer in “you can’t get something for nothing.” So it is when a new derivative is proposed. Either there are natural counterparties to take up the exposure (reducing their risk), or...
Read MoreIt was 1992, and I had just been hired by a mutual life insurer, allowing me to escape the clutches of AIG. I settled into my new work and felt a lot more healthy and grateful. Within the first month, the best boss I...
Read MoreI was an amateur investor before I was a professional investor, and so long ago I joined AAII. My mom was a member, and eventually I bought a life membership. I still send them money once a year to keep my stock...
Read MoreIn this post, I want to talk about enhancing fixed income returns. Next week, I will talk about hedging, or Tactical Asset Allocation. My views on managing fixed income (bonds) are quirky. I don’t look to...
Read MoreWhen currencies do not serve as a long-term store of value, economic actors search for ways to preserve future purchasing power, which often mean purchasing commodities. But most commodities are not cheaply storable over long...
Read More I have written reviews on two Madoff books, No one Would Listen, and The Club No One Wanted To Join. In the latter of those book reviews, I argued that the Madoff fraud was detectable in advance, which...
Read MoreThis is an unusual book, and a good book. Unlike the book, “Outperform,” which reviews lesser known endowments, and endowment investing generally, this book reviews the Harvard and Yale endowments, which up...
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