Articles If I had to write one sentence that is true always and everywhere, it would be this: Smart investors did stupid things again today. By Jason Zweig Not seeing the irony that history is the study of surprises and changes while using it as a guide to the future. By Morgan Housel How did…

On this week’s Animal Spirits, we discuss: My book, Big Mistakes Why and how value and momentum investing work.  Mary Meeker’s internet trends Amazon dot toast A hedge fund blow up A Bill Gross hiccup Listen below Charts mentioned     Recommendations Big Mistakes: the Best Investors and Their Worst Investments The Space Barons: Elon…

Ben and I will be doing our first live Animal Spirits at EBI West in a few weeks. One of the things we’ll be discussing is what Finance Twitter might have been like during moments in financial history. The Great Depression, 1987, and the tech bubble. For example. It’s going to be a lot of fun,…

Fifty years ago today, the S&P 500 closed above 100 for the first time ever. The New York Times ran the following headline on the cover of the business section. The funny thing about going through old news papers is how some things never change. This sentence could be in tomorrow’s paper: “Yesterday’s upswing, they…

It’s finally here, my book officially comes out this week. The other day I said to my wife, “Wow, I really did it. I wrote a book.” She replied, “What’s the Netflix password?” Like my wife, you might already be over my book, even if you haven’t read it yet. I get it. Congratulations Twitter…

Articles Experience is not the same thing as expertise. By Ben Carlson The difference between Value and Momentum lies in where the mistake happens By Jesse Livermore, Chris Meredith, CFA, and Patrick O’Shaughnessy, CFA So, once more I raise my lance, spur on my faithful destrier, and charge, dreaming the impossible dream that this time I’ll be…

Like a lot of other people, I shorted GameStop in 2012. At one point that year, shorts controlled 75% of the float! But the stock went on a crazy sick run from August to November, gaining 250% and forcing a lot of people like myself to cover. I don’t remember exactly where I sold and…

On this week’s Animal Spirits, we discussed: My dad has $1.8 million dollars worth of GE Is there alpha in small cap stocks? The myth of 1926 The marshmallow test.  Separating the ingredients and the recipe.  Lessons from the past 25 years The financial health of millennials  What’s going on with ESPN? What’s going on…

Matt Bertuzzi sent me a link to this Reddit discussion last night. My dad has $1.8 million dollars worth of GE. What should he do? This is roughly 90% of his stock portfolio. I warned him to diversify a few years back, but he’s held the stock for years and is quite stubborn :). He is…

Articles If you keep written journals, there is simply no way to let hindsight bias take over, for there, in your own hand, is what you thought about something at the time, with revisions through selective memory impossible. By Jim O’Shaughnessy The ingredients are the signals that are used to select investments.  The recipe is the…