In hindsight, we can see that the value in 2014 $AAPL was real while the value in 2014 $IBM was fake.
The problem we will face throughout life is how to differentiate between causation and correlation—between signal and noise.
The fact that high beta firms tend to have lower quality and higher financial leverage is perhaps one good reason why the outperformance in bull markets is more than erased during bear markets
Real math is painfully precise. Investment finance math is sales math.
Unlike social security, many pensions suffer reverse compounding of purchasing power over time.
Thanks for the reveal, Donald.
People’s actions don’t always live up to rational economic theories because of unintended consequences
Every past decline looks like an opportunity, every future decline looks like a risk.
The majority of U.S. households do not need to save the max allowed in 401(k) plan.
A huge number of people can no longer tell the difference between news and opinion, fact and fiction
Your book is so famous in Poland that my students think you’re dead
Amazon is the Sears catalog of the 21st century
You have economic power going to progressives and political power going to red states
The asset prices go first before the economy goes down
The burgeoning movie theaters of the 1920s were where the general public first experienced air-conditioning.