The Long Run Revisited

“It is better to be roughly right than precisely wrong.” – John Maynard Keynes Jeremy Siegel first released Stocks for the Long Run in 1994.  There are people that partially credit this book with some of the stock mania that took hold in the late-1990s. Siegel did call the bubble in tech stocks before the…

Perma-Arguments

“Never argue with stupid people.  They will drag you down to their level and then beat you with experience.” – Mark Twain No one knows what’s going to happen in the future, especially when it comes to the financial markets. That’s why there will always be topics up for debate. There are some people in…

Charlie Munger on Human Misjudgement

“We can’t change the world. The only thing we can change is ourselves, by trying to get a better understanding of our own messed-up wiring.” – Guy Spier In last week’s Intelligent Investor column for the Wall Street Journal, Jason Zweig discussed value investor Guy Spier’s journey to reinvent himself as both a thinker and…

What Does The Bursting of a Bond “Bubble” Look Like?

“Investing in bonds is a hedge against bad investment decisions. They may not earn a high return going forward and may even lose some in the next bear market, but I believe the psychology of holding bonds will stop some people from doing the wrong thing at the wrong time. A portfolio with a fixed…

Adam Sandler and Complacency Risk

“Hey, why don’t I just go eat some hay, make things out of clay, lay by the bay? I just may! What’d ya say?” – Happy Gilmore You know a comedy movie is going to be terrible if they can’t even string together enough funny parts for the trailer.  The new Adam Sandler-Drew Barrymore movie…

A Closer Look at the Russell 2000 & An Appreciation for Mid Cap Stocks

“Over the years, I’ve become convinced that fluctuations in investor attitudes towards risk contribute more to major market movements than anything else. I don’t expect this to ever change.” – Howard Marks Small caps have been on everybody’s radar this year because the Russell 2000 experienced a 10% drop.  This is more commonplace than you…