A few weeks ago Steve Chen asked me on his podcast for my thoughts on zero coupon bonds and how they potentially fit into a portfolio. There are no right answers in terms of what fits into a portfolio because portfolio construction can take many shapes and forms. So when working through something like this…

In his latest memo, Oaktree Capital’s Howard Marks opined about ETFs and their liquidity profile: If you withdraw from a mutual fund, you’ll get the price at which the underlying stocks or bonds closed that day, the net asset value or NAV. But the price you get when you sell an ETF — like any security on…

On this week’s Animal Spirits with Michael & Ben we discuss: Some proposals from Barron’s on changes Warren Buffett should make at BRK. The latest letter from Howard Marks. Why the ‘mother of all credit bubbles’ isn’t as bad as you might think. Why it makes no sense to compare government debt to household debt….

A reader asks: An acquaintance of mine has just sold his company for a huge sum, in the hundreds of millions, in cash. He tells me he is setting up a whole management office, with all kinds of investment professionals, for the task of investing, tracking and managing that portfolio. I have been wondering –…

Bear markets are always painful. Even if they bring us all cheaper stock prices, it’s never fun to see your savings drop in value. The enormous crash we saw during the Great Financial Crisis could possibly be the worst one we see in a generation. But how that bear market felt to you personally has…

Norm Macdonald gave one of my all-time favorite stand-up bits a few years ago during the David Letterman farewell tour. Norm lays out the idea that he’s not really scared of Iran or North Korea when it comes to geopolitics. The only country that worries him is Germany: I don’t know if you guys are history…

On this week’s Animal Spirits with Michael & Ben we discuss: The story in the WSJ that brought tears of joy to Michael. How retirement investors are getting more intelligent. The growing importance of target-date funds. Gen Z’s retirement plans need some work. Why college might not cost as much as you think. Most people…

A podcast listener asked Michael and I the following: Wanted to get your thoughts on the concept of stocks for the long run and why the investing world all generally agrees that over long time periods stocks will be up big. Why do stocks generally go up over time and why can we expect them…

We’re thrilled this month to add Blair duQuesnay as an advisor at RWM. Blair has a wide range of experience in the financial services industry from starting her own firm to working with clients and families on their financial plans to writing long-form investment research pieces. Blair is a Certified Financial Planner (CFP) and has the…

CNBC’s Art Cashin recently stated on that every decade since 1850 in the U.S. has had a recession. Since the Great Recession ended in 2009, that obviously means we haven’t had one this decade. Someone who thinks correlation implies causation in these things would assume that means we’re due for a recession in the next…