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War And How To Invest (or not) -- Now
While Robert McNamara famously during the Vietnam era referred to "the fog of war," it was actually coined by Carl von Clausewitz - referring to it as Nebel des Krieges—to describe the profound uncertainty, confusion, and incomplete...
Read MoreA Very Serious Risk You Probably Never Heard Or Thought Of
One of the major problems facing investment managers and those dealing in the retirement area is how to manage the risk of a bad period – at exactly the worst possible time – of a negative year or REALLY negative period of years when...
Read MoreThe Smartest Guys In The Room?
Per the subject line: hardly!There's nothing wrong with having some exposure to "alternative investments." I emphasize the word "some!" When includedin a portfolio appropriately for a stated purpose, such as wider diversification...
Read MoreOn The Occasion Of Warren Buffet's Pending Retirement
In case you hadn't heard the news, Warren Buffet plans on stepping down as the CEO of Berkshire Hathaway (B/H) sometime before the end of this year. Now many will be writing about Buffet and the record he made with his (and his late...
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Investing In Volatile Times -- Knowing The "Right Things"
As I’ve often written and taught, there is a science to investing and it’s processes. “Science” requires theories and studies both to prove and disprove – in this case, investment strategies and concepts. One of the more important...
Read MoreTariffs, The Market and What To Do
Stocks Suffer Biggest One-Day Wipeout in Value Since March 2020 Nasdaq plunges 6%, S&P tumbles nearly 5% after Trump tariff blitz; Dow slides 1,679 points (Wall Street Journal today) Now there's a headline guaranteed to create a Maalox...
Read MoreWarren Buffet's Cash Hoard
To paraphrase the late Ed Sullivan (Sunday night Ed) the really big news right now is a question: why is Warren Buffet hoarding cash. His shareholder letter is eagerly awaited for insights into his thinking and, perhaps an inkling of...
Read MoreIs AI Artificial But NO Intelligence
One of the difficulties investors face is overcoming the noise surrounding the investment universe. Should we be attracted to the newest supposedly paradigm changing technology, all bright and glittery or should we stay with the tried...
Read MoreMy Brief Time As A Market Guru
Way back in ancient times -- 1987 to be exact, I was a guest speaker at a convention of financial professionals where I was asked what was going to happen in the market -- it was flying at that time, not unlike today's stock market.As...
Read MoreThe Futility of Making Predictions
Folks sometimes think I'm dumb or unknowing for responding to a request for a prediction on a stock, the market's direction or what interest rates will do: with an "I dunno!" If I knew with any certainty would I be offering my services...
Read MoreProtect Yourself Against Cyber Crime
I've written about cybersecurity in the past and I have no doubt, given our current digital environment that I will again, likely multiple times in the future. The criminal element -- particularly for these types of crimes -- are not...
Read MoreHarry Markowitz and Modern Portfolio Theory
A few weeks ago, upon the death of Harry Markowitz, I wrote briefly on both his importance in the galaxy of of economic (financial) super stars but also of his importance to both you (assuming you’re one of our investors) and me,...
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Why We Do What We Do Redux
The underlying philosophy and principles of our portfolio construction is based upon significant historical and independent academic research. This is not guesswork, but simply acting on what the long-term, empirical data tells us. The...
Read MoreDon't Be The Blind Chicken of 2023
I’ve advised that on our first Fred After Dark broadcast of the year we’d look into our crystal ball(s) and come up with some predictions about the future. Predications are always a fun exercise – for me at least,...
Read MoreDo I Really Need To Know This?
You don't have to know everything about investing -- if you know the right things. This is one of the "right things!"
Read MoreA Bit Of Investing Lingua Franca
Everybody knows what a “stock” is, but how many know how that term was derived. Obviously, today a share of stock is a piece of paper denoting ownership in a corporate enterprise entitling the owner to the benefits derived...
Read MoreWhat Drives Investment Returns - Start With Ingenuity
An old friend at DFA, Wes Wellington (one of those really smart people I mentioned in one of my recent emails and whose musings I like to share) penned a very interesting article on not only what drives equity returns but also...
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