Articles Investing is one of the only venues that offer daily opportunities for extreme rewards By Morgan Housel The assets under management for the U.S. taxable bond mutual fund and ETF universe have gone from about $380 billion in 1993 to roughly $3.8 trillion today By Michael Mauboussin They only work when we do not…
April 2019
Nailed It
William Bernstein is one of the people I admire most in this industry. He is a true renaissance man, having been a neurologist, financial theorist, money manager, and non-fiction author. If you’ve never read any of his books, I cannot recommend them highly enough. You can check them out here. Bernstein was on Master’s in…
How Does this Happen?
Apple has added $286 billion in market capitalization over the past 73 trading sessions. That’s $10 million every minute. There are only 11 companies in the United States with a higher valuation than what Apple managed to tack on since January 3rd. The biggest stock in the world gained 43% in under four months. How…
Little by Little
We’ve been doing videos for exactly a year now. It took a while for us to hit our stride, but I think we’re getting the hang of this. The first few videos, like the first few of anything, were pretty rough. But we kept going, and little by little the quality improved to where I…
Animal Spirits: Money Made By Chance
Mention Animal Spirits to receive 20% off (*New YCharts users only) Stories Discussed High yielding stocks Money made by chance Ray Dalio thinks capitalism is broken Sometimes your friends beat you College grads selling a piece of themselves How do financial advisors spend their time? Retail pain Amazon’s letter to shareholders Is voice the future? Disney plus…
Good At One Thing
Michael Jordan drafted Kwame Brown with the first overall pick in the 2001 NBA draft. Brown was one of the biggest busts in league history, and two seasons later, after a 74-90 cumulative record, Jordan was fired as president of basketball operations. In 2006, Jordan bought a minority stake in the Charlotte Bobcats, becoming the…
The Acquirer’s Podcast
I had a blast talking with Toby Carlisle about my early experiences trading, how I got into the business, and some of the big mistakes I highlighted in my book.
These Are the Goods
Articles The hardest part of studying history is that you know how the story ends, often before you begin researching a topic By Morgan Housel The best way to avoid errors in the future is to have made most of the major types of errors in the past. By Patrick O’Shaughnessy If you’re interested in…
Investing in the Real World
Adam Smith absolutely nailed it when he said “Statistics provided rather bloodless answers.” What you see in a spreadsheet is mostly bullshit because life doesn’t adhere to formulas. Allow me to share a quick personal story. It was January 24th and I still hadn’t sold my apartment. I was feeling the heat because I was…
How to Avoid Some Big Mistakes
Last week I went on Trading Nation to talk with the Mike Santoli last. A lot of the discussion centered around this post I wrote last week. Check it out.