All-Time High

On the final trading day of the first quarter in 2013, the S&P 500 made an all-time closing high. Five and a half years and 1375 trading days had passed since that last happened. On March 28, 2013, stocks wrapped up their strongest first quarter since 1998 and the S&P 500 (SPY) was up 149%…

Be Good Enough

There are new investment products hitting the shelves every week. This fierce competition amongst asset management companies is driving down expense ratios, but investor’s are potentially paying higher costs. There are 50 U.S. Large Cap ETFs with over $500 million in assets, which means there will always be something in that category doing better than what…

Emotional Adjustments

The Warriors set a record by winning fifteen straight playoff games. But that came to an end in game 4 when they got their asses handed to them. They lost by nineteen points and played from behind the entire game, there were zero lead changes. After the loss, Steve Kerr said, “The biggest adjustment you…

These Are the Goods

Articles Your best investments are likely to be made outside of the financial markets. By Cullen Roche Investors want what they can’t have. By Ben Carlson There’s a big difference between statistics and strategy. By Charlie Bilello Pay attention to new information that can change a situation and adjust accordingly, but don’t fixate. By Dina…

Experience Is Overrated

The machines have arrived on Wall Street. In 2016, quant driven hedge funds took in $13 billion while the rest of the industry lost $83 billion. One of the biggest appeals of eliminating the qualitative element that dominated the industry for so long is that quants sever the tie between emotions and decisions. Machines don’t carry…

Satisfaction Yield

Investing is personal. Behind data and numbers are emotion and feelings. It’s one thing to read The Great Crash, it’s another thing entirely to read The Great Depression: A Diary. One provides the macro- how much stocks fell and how high unemployment got- the other provides the micro, the human element. Here’s Benjamin Roth writing in his…

These Are The Goods

Articles Long-term knowledge is harder to notice because it’s buried in books rather than blasted in headlines. By Morgan Housel No one wants to be lectured by people who presume to be better than them. By Josh Brown When you send your money outside the U.S., some of it bounces right back. By Jason Zweig…

What the CFA Means To Me

The CFA didn’t help me get a job. In fact, it hurt my chances. I was at an insurance company from 2008-2010, and when I left, I already knew what I wanted to do, but I had no idea how to get there. My resume was garbage, I got kicked out of school (twice), and…

These Are the Goods

Articles Investor ambivalence can be glimpsed from a few angles. By Michael Santoli Would you be willing to give up a few percentage points in expected return to have less risk through diversification? By of Dollars and Data Having a long-term mindset and being more patient than other investors is one of the last true…

Today in Market History

Today, Netflix celebrates its fifteenth year as a public company. In 2002, the DVD rental service raised $82.5 million, just 2.5% of what SNAP did in March, 2017.  But these are different companies and certainly different times. In May 2002, the NASDAQ was 67% off its highs and fewer companies were coming public, as the…