The Dumb Money Isn't So Dumb
Retail investors have moved from active to passive funds, from high to low cost, and from commission-based brokerage accounts to fee-based managed accounts.
Trump Is Repeating Obama's Rookie Mistakes
Like Obama with the ACA, out of the gate Trump is focusing on the wrong issue when he should be pushing tax reform.
The Day Harvard Stopped Being a Hedge Fund
The lessons for investors from Harvard Management Company’s stunning fall from grace.
Markets Aren't Kind to Alternative Facts
Mr. Market seems to delight in taking money away from those who deploy capital based on faulty convictions.
Bad Explanations for the Financial Crisis Won’t Die
A new group of economists recently challenged the prevailing theory; I respond by taking a page from Nicolaus Copernicus.
Invest and Profit With the POTUS Indexes!
Regardless of how you allocate your assets, there is a method that cannot fail in its brilliance and simplicity.
Active Investment Management Never Went Away
But it was overwhelmed by passive investing because of its structural challenges: high costs, high turnover and management by committee.
Napoleon Is Dead! Wait, That's a Stock-Market Scam.
Financial markets have been dealing with hoaxes, frauds and fake news for a long time. The wrong response can be costly.
Michael Lewis’ Portrait of Two Men Who Changed the World
Lewis’ book on Amos Tversky and Daniel Kahneman is an introduction to behavioral economics thinly disguised as a biography of its two protagonists.
Mansions Aren't Such Great Investments
Can you argue that residential real estate, even luxury real estate, has done better than equities during the past 30 or 40 year?