These Are the Goods

Articles Working on your character is more important than hoping for tranquility and searching for a finish line that doesn’t exist By Josh Brown Fantastic results with the appearance of little risk in achieving them is the perfect breeding ground for complacency. By Brian Portnoy Investors can underestimate optionality in a well-run business. By Todd…

These Are the Goods

Articles On the day before the biggest crash in history, I sold every single put option that I had carefully accumulated over the previous several weeks. By Jim O’Shaughnessy The cockpits had been designed for an average pilot who simply did not exist. By Corey Hoffstein Getting harder tomorrow doesn’t imply that it’s easy today…

New Highs Should Be Bought, Not Sold

“Even though markets look their very best when they are setting new highs, that is often the best time to sell.” -Paul Tudor Jones Every time I read something like this, it makes me want to trade again. It’s like how watching a Rocky training montage makes you want run straight to the nearest gym….

These Are the Goods

Articles If there’s a golden rule for long-term investing, it’s that betting on disaster is always overpriced, and betting on “it’ll all work itself out” is always a bargain. By Eddy Elfenbein That is simply what we do. We panic. By Tadas Viskanta Investing is primarily a behavioral exercise, not an analytical one. By Nick…

All or Nothing Analysis

Yesterday I received an email that read, “If you are looking for alternative sources of stable income with a demonstrated ability to make money in a rising rate environment….” For this reason, most get trashed before opening, but once in a while, I’ll click to see what’s out there. Today, I received one from a…

A Few Charts and a Few Thoughts at All-Time Highs

This morning, the S&P 500 is making its 31st all-time high this year. That’s one every 5.6 days, on average. The index is up 11.1% over the first 174 days of 2017, which is the strongest year-to-date performance through this time since 2013. The S&P 500 has been above the 200-day moving average for 304…

These Are the Goods

Articles  Facebook, in fact, is the biggest surveillance-based enterprise in the history of mankind. By John Lanchester Everyone is exposed to the same fundamental information and emotional influences. By Howard Marks Stocks look cheap here. I’ve been holding all this cash, waiting for an opportunity. By Jesse Livermore There is no such thing as no…

These Are the Goods

Articles Now, he is starting a hedge fund dedicated to wagering against the VIX. Investors, he says, have been pounding on his door to get in early, offering him $100 million for starters. By Landon Thomas Jr.  But we do know one big thing – it’s that diversification works on many levels over time, even…

Today in Market History, The First Index Fund

42 years ago today, Vanguard’s First Index Investment Trust was born. Bogle’s goal was to launch with $150 million, but there was little appetite for “average returns” and it gathered just $11.5 million, missing its target by more than 90%. Not only did they fall short in terms of money raised, but the product itself…

Did Buffett Kill Value Investing?

From 1957-1969, Warren Buffett’s partnership returned 2800%, or 29.5% a year*. Over the same time, the S&P 500 rose 153%, or 7.4% a year. Warren Buffett has been crushing the market for seven decades, but his early success went largely unnoticed. His name didn’t appear anywhere noteworthy until Adam Smith’s Supermoney, which wasn’t written until 1972….