A Dismal Outlook

In GMOs most recent letter, Jeremy Grantham leads off the piece with, “At GMO these days we argue over three very different pathways to a similar dismal 20-year outlook for pension fund returns…A problem for investors following GMO’s writing is which of these three alternatives to choose” With this in mind, let’s take a look…

These Are the Goods

Articles You need to make sure your money is going to organizations that will make best use of your hard-earned money By Tadas Viskanta The more we have of it, it seems, the more money wears off. By Grant E. Donnelly and Michael Norton What’s in place now? What’s in the new plan? By Ron…

Animal Spirits: Mayday

  Topics discussed on the show. Jack Bogle is worried about U.S. pensions Something I’m worried about The pension fund private equity Hail Mary Jeremy Siegel expected returns Trading costs & the new market averages Investment costs have never been cheaper The bitcoin whales Coinbase: the heart of the bitcoin frenzy Animating Mr. Market Is…

Lessons From the General

Failure is a far better teacher than success because it’s much easier to duplicate failure than it is to replicate success. If we can study somebody’s shortcomings, we can take away tangible lessons and also realize that mistakes are just a part of the process. Some can be avoided, some we must learn for ourselves. Ulysses…

These Are the Goods

        Articles We have a full-blown mania on our hands and Wall Street is still at the drawing board. By Josh Brown  For a time last week, Coinbase was among the 10 most downloaded iPhone apps, ahead of Uber and Twitter. By Nathaniel Popper Markets are supposed to match the needs of buyers…

Two Sides of the Same Coin

It’s impossible to escape the mania. By this point, literally everybody is talking about it. Friends, family members, customs agents, cats, and obviously, Uber drivers. If you own bitcoin or any of the other cryptos that are making those of us who don’t feel foolish, good for you. For the rest of us, we’ve got…

Animal Spirits: A Random Walk Down Nowhere

Here are links to topics we discussed on the show. People aren’t having babies Automation may wipe out 1/3 of America’s workforce by 2030 Solar prices are crashing Animal Spirits is a collective state of mind.  Goldman’s Primer on Blockchain is very good.  The implosion in early stage VC Fred Wilson’s take Goldman warns on…

Information Without Meaning

December has historically been a good time to own stocks. Over the last 91 years, the S&P 500 has averaged a 1.7% return, compared to a 0.9% gain for all other months, not an insignificant spread. So what do we do with this information? 2017 is the twenty-seventh time that the S&P 500 has been…

This Could Be the Top

Could today have been a more obvious “sell the news event?” Of course it wasn’t obvious to me in the morning, and if we closed at the highs I wouldn’t be writing this, but come on. Could this have been any more obvious? The S&P 500 fell 1% from its highs, and closed down a…

These Are the Goods

Articles Somebody is making very active decisions about which stocks will be in each index or ‘passive’ product. By Tracy Alloway Just like Friendster gave way to MySpace which gave way to Facebook we will likely see many iterations of these coins over time By Cullen Roche The way we measure inflation matters By Barry…