A reader sent me an old piece I wrote in early-2014 that contained a stat that made me do a double-take: The energy sector outperformed the S&P 500 by nearly 7% per year with nearly the same standard deviation. This seems almost impossible to believe at the moment. Oil prices went negative this year. Energy…
Ben Carlson
Animal Spirits: Fallen Angels
Michael and Ben discuss the survival of airlines, why PMs hate the Fed and more.
Does Better Virus Response Lead to Better Stock Market Outcomes?
A country-by-country look at stock market performance in the year of the pandemic.
Does Covid-19 Prove the Stock Market is Inefficient?
Robert Shiller and Burton Malkiel debate market efficiency.
The 5 Types of Investors In This Market
Market prices are created by millions of different opinions, time horizons, risk appetites, investment styles and personality types. These differences are what make a market. Otherwise, there would be few transactions and a lack of liquidity. Investor sentiment is often based not only on what’s going on in the markets but also how people position…
Some Thoughts, Worries and Questions About the Crisis
What is going to happen to schools in the fall?
What Happens to Stocks After a Big Up Month?
Stock market returns following a huge up month.
Can Millennials Count on Social Security In Financial Planning?
Social security can still be used in financial planning for young people.
What Happens When Distressed Markets Don’t Give You Distressed Prices?
Why Warren Buffett never got a chance to buy.
Animal Spirits: Whatever it Takes Squared
Michael and Ben discuss Warren Buffett’s shareholder meeting, the 2019 IPO class, dead malls and more.
