It was a tough couple of days for star portfolio manager Bruce Berkowitz’s Fairholme Fund (FAIRX) last week. The fund lost nearly 10% on the week, with much of that loss coming on a single day. Over the past month it’s down more than 13% even though the S&P 500 is down less than 2%.

The U.S. stock market is once again trouncing the broader international markets this year. Through the end of September, the total U.S. stock market, as measured by the Vanguard Total Stock Market Fund, is up nearly 7% while the Vanguard Total International Fund is basically flat on the year. Since the beginning of 2013, the…

“Stocks, although suffering from inflation in the short term, protect against it in the long term.” – William Bernstein

“Building a plan around the phrase ‘sometimes you get lucky’ is not a plan.” – Cliff Asness Bloomberg aired a great sit-down interview with John Bogle and Cliff Asness last week. They covered a wide range of topics, but the one I thought was the most important for investors was that both agreed we will…

The severity and depth of the financial crisis caused a shift in attitude for many in the financial world. Many things changed for investors following the crash, but especially the way we think about risk. It was a scary time and for many the fear never went away. The intellectual case for fear has always…