The Price of Progress

We have two crises brewing. One will come to a head in my lifetime, the other in my child’s lifetime. According to a Washington Post article, The New Reality of Old Age in America, one in five Americans have no savings, and nearly 30 percent of households headed by someone 55 or older have neither a…

These Are the Goods

Articles Bill Gates has sold $200 million or more worth of Microsoft shares almost every month for a decade. By Morgan Housel Nearly 30 percent of households headed by someone 55 or older have neither a pension nor any retirement savings. By Mary Jordan and Kevin Sullivan You need the bad days to remind you…

Momentum

The S&P 500 closed at an all-time high yesterday for the sixth straight day. The last time this occurred was June 1997. Why is this happening? Are markets pricing in tax reform? Is it looking forward to higher earnings over the next twelve months?  Is it because North Korea hasn’t been in the headlines for…

Lost in the Shuffle

In 2009, the world’s economy was experiencing pain like it hadn’t seen since the 1930s. So it’s no wonder that a new book on finance might have slipped through the cracks. Lords of Finance: The Bankers Who Broke The World, was published in January 2009, and although it received a Pulitzer Prize, it’s not one…

These Are the Goods

Articles Working on your character is more important than hoping for tranquility and searching for a finish line that doesn’t exist By Josh Brown Fantastic results with the appearance of little risk in achieving them is the perfect breeding ground for complacency. By Brian Portnoy Investors can underestimate optionality in a well-run business. By Todd…

These Are the Goods

Articles On the day before the biggest crash in history, I sold every single put option that I had carefully accumulated over the previous several weeks. By Jim O’Shaughnessy The cockpits had been designed for an average pilot who simply did not exist. By Corey Hoffstein Getting harder tomorrow doesn’t imply that it’s easy today…

New Highs Should Be Bought, Not Sold

“Even though markets look their very best when they are setting new highs, that is often the best time to sell.” -Paul Tudor Jones Every time I read something like this, it makes me want to trade again. It’s like how watching a Rocky training montage makes you want run straight to the nearest gym….

These Are the Goods

Articles If there’s a golden rule for long-term investing, it’s that betting on disaster is always overpriced, and betting on “it’ll all work itself out” is always a bargain. By Eddy Elfenbein That is simply what we do. We panic. By Tadas Viskanta Investing is primarily a behavioral exercise, not an analytical one. By Nick…

All or Nothing Analysis

Yesterday I received an email that read, “If you are looking for alternative sources of stable income with a demonstrated ability to make money in a rising rate environment….” For this reason, most get trashed before opening, but once in a while, I’ll click to see what’s out there. Today, I received one from a…

A Few Charts and a Few Thoughts at All-Time Highs

This morning, the S&P 500 is making its 31st all-time high this year. That’s one every 5.6 days, on average. The index is up 11.1% over the first 174 days of 2017, which is the strongest year-to-date performance through this time since 2013. The S&P 500 has been above the 200-day moving average for 304…