On today’s show we talk about: How higher inflation is simultaneously good and bad for stocks. Why we love stories. The good and bad with private equity. Is there such a thing as a permanent portfolio? What Ben got from his MBA. Scary market predictions. Vanguard’s new factor funds. Links The new permanent portfolio From…

“The first principle is that you must not fool yourself — and you are the easiest person to fool.” -Richard Feynman Anybody who has ever tried to beat the market knows that understanding psychology is just as important as understanding a business. You can know a company’s return on equity to the third decimal and what management…

Articles An investor without a faith is doomed. By Dan Egan The fully-invested bear By James Montier Humans are social animals. But the internet is a cesspool. By Nicholas Thompson and Fred Vogelstein If there were inter-market relationships we could set our watches by, everyone would always know what time it was. By Josh Brown…

On today’s show we talk about: Recent market volatility What held up well (basically nothing) Stories we tell Who to blame How noobwhale investors will react to a bear market Non-correlated strategies Where hedge fund fees go Listen here: A close look at where the money flows suggests a more complicated story Barry with ex-CIA…

I spend way too much time on Twitter. I’ve never attempted to figure out exactly how many hours a week that I’m on the platform because it would be impossible, frightening, and probably wouldn’t change my behavior. I already knew this, but it really crystalized for me while reading Cal Newport’s Deep Work. A few…

Conventional wisdom goes that tops are a process. This makes sense when you think about market psychology. In a rising market, every pullback is bought, which conditions us to expect future dips to behave like previous ones. But eventually, bounces are met with less enthusiasm and the rallying cry of buy the dip morphs into sell…

Articles Bonds are just a cheap form of insurance around your equity slice. By Cullen Roche Real returns thus far in this decade are higher than they were in the 1980s By Ben Carlson You were also close with Marlon Brando? With Chris Heath and Quincy Jones There’s a fascinating case study here on how…

-1% Mock the permabears -2% Meh -3% Yawn -4% Off the highs -5% Pullback -6% Healthy correction -7% Buying opportunity -8% Stay the course -9% This too shall pass -10% Correction territory -11% I’m a long-term investor -12% Stocks always come back -13% Don’t panic -14% Draw lines on a chart -15% Look for attractive…

On this week’s Animal Spirits with Michael & Ben we discuss: Friday’s selloff (we tape Monday morning) How endowments gauge their success. The crown jewel of the alternative investing universe. Whether or not financial advisors should be selecting fund managers Cyrpto bros and why women are better investors. Some cool charts How to think about…

The following is a public service announcement: If you weren’t worried this morning you don’t own enough stocks. — Michael Batnick (@michaelbatnick) February 6, 2018 This morning it appeared as if we were headed for a third consecutive day of the Dow declining 500 points, something which has never happened before. Sure 500 points ain’t…