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The Style Box of the Future

“The bottom line is that since diversification is the only free lunch in investing, you might as well eat a lot of it.”   – Larry Swedroe I was recently asked if there’s any room in the financial advice industry for innovation at the product level. Specifically, what do I think will be the biggest changes…

Animal Spirits: Business in a Box

On this week’s Animal Spirits with Michael and Ben we discuss: What to make of negative interest rates Who is buying these bonds with negative rates? The new Apple credit card What I wish I knew at age 34 SPY and the last survivor The growth in takeout food If we’re at the low point…

Thinking Outside the Box

This piece from Chief Investment Officer is so avocados I almost did a spit-take when I read it: The legislative representative to the League of California Cities urged the CalPERS Investment Committee Monday to think “out of the box” in finding a way to exceed its 7% investment return projections, saying that cities won’t be…

Why Investors In Alternatives Perform So Poorly

There was a story in Bloomberg today about the University of California’s endowment fund and their latest moves to shake up the portfolio: The University of California’s endowment, which manages $2 billion in hedge fund investments, plans to pull money from the worst-performing managers and redirect assets to top firms, the state system’s investing chief…

My Thoughts on Hedge Funds

Hedge funds are a lightning rod in the financial industry. The most vocal critics and proponents both offer extreme views that paint a very different picture of the same topic. Some will bash hedge funds no matter what while others rush to their defense anytime they’re criticized. On the one hand you have the critics…

Why Momentum Investing Works

In a recent Q&A with Patrick O’Shaughnessy, I said the following when asked about the momentum factor: I’m a huge fan of the momentum factor, mainly for its diversification benefits. It’s also the least understood of the well-known risk factors. I’ve done a ton of work on momentum in my day job, but haven’t been…

From Black Magic, Sorcery and Monsters to Finance 3.0

The following comes from Robert Hagstrom’s highly underrated book, Investing: The Last Liberal Art. Hagstrom is discussing author Michael Shermer’s book How We Believe: Shermer suggests that we can better appreciate the role of the belief system when we think back to the Middle Ages. During this period, 90 percent of the population was illiterate….

Why Aren’t There More Value Funds?

“Value investors are not concerned with getting rich tomorrow. People who want to get rich quickly, will not get rich at all. There is nothing wrong with getting rich slowly.” – Warren Buffett

Animal Spirits: The Roaring Twenties

On today’s show, we discuss:
– Why the elements are in place for a boom-time decade
– Why household allocations to stocks were so low in the past
– How to lie with statistics
– Who keeps buying Treasury bonds
– Picking the AI winners in the stock market
– Some good news for homebuyers, and much more!