These Are the Goods

Articles What has momentum today might not have momentum tomorrow. What looks like quality today might look like crap tomorrow. By Cullen Roche Active investors hold far, far more sway than a handful of index fund managers, which is why the stock market continues to go up and down every day. By Dave Nadig The…

Today in Market History

In a New York Times article from July 7, 1932, Urges Minimum For Stock Prices, the author wrote, “In the belief that the stock market has ceased to be a reliable yardstick of values, some business leaders are discussing the advisability of establishing minimum prices for securities as a means of establishing confidence in industry.”…

Music To my Ears

I don’t know where we are in the podcast cycle. Is it completely saturated or are there room for more entrants? I spend a lot of time with headphones on and I welcome the supply, the more the merrier. While it’s impossible to listen to everything, there’s nothing wrong with dropping something when a better product…

The Financial Nutrition Labels

Investors hire an advisor to help them achieve their financial goals. But what if the person they chose to work with is not properly measuring these goals? What if an objective third party would confirm that they aren’t? And what if an advisor isn’t even tracking their goals in the first place? The State of…

These Are the Goods

Articles More informed clients make better decisions, and better decisions lead to better client outcomes. By Jack Vogel The 1,900 most minuscule companies combined are only 2% of the total value of the U.S. stock market. By Jason Zweig Brute-force honesty in an industry plagued with concealment is a great way to build trust. By…

These Are the Goods

Articles Bubbles have less to do with rising valuations and more to do with shrinking time horizons among people playing a different game than you are. By Morgan Housel The best time to plant a tree was twenty years ago. The second best time is now. By Josh Brown Teachers all over the country are…

This is Your Nightmare Scenario

What would happen if stocks crash? What would that do to people’s retirement plans? How would that change the way young people think about stocks? And what would it do to our country? The cyclically adjusted price-to-earnings ratio now reads 30 for just the third time ever. The two previous times it printed a three…

These Are the Goods

Articles This may be the first bull market in history that featured layoffs on Wall Street. By Josh Brown Once you have hit an all time high, the very next month you are likely to hit another all time high. By of Dollars and Data Why pessimism can be hard to distinguish from critical thinking…

Allocator Beware

Investors have little appetite for human portfolio managers these days. In the first quarter of 2017, $4.6 billion of new money was invested in quant funds, while $10 billion was withdrawn from non-quant funds, according to the Wall Street Journal. It’s been well documented that humans are having trouble beating the market, but it appears that…

A Lesson In Humility

If you asked me what I thought about bitcoin a year ago, I would have said it’s ridiculous. Today I have no opinion. My knowledge of cryptocurrencies is unchanged over the last year, but bitcoin is up 240%. Then: A digital currency? What does that even mean? Can’t it get hacked? And what sort of…