The events that turned Americans into consumers.
Ben Carlson
How Rich People Go Broke
Personal finance lessons from Robert De Niro.
The Greatest Danger Investors Face
Benjamin Graham on the most dangerous place to be as an investor.
Investment Policy for Institutional Investors
Charley Ellis once said, “Investment policy does not enjoy much popularity. Almost everyone agrees that it is a “good” thing, but almost no one does anything about it.” I’ve had conversations with a number of institutional investors over the past few months because a crisis is typically the time organizations either (a) realize they don’t…
Animal Spirits: This is a Bubble
Michael and Ben discuss the crazieness of Tesla’s share price surge and much more.
It’s Easier to Start a Bull Market Than Prevent a Bear Market
A look back at the 1980s bubble in the Kuwait stock market.
Wealth Inequality & Lottery Tickets
How prospect theory explains a new army of day traders.
If We Can Print Our Own Money Why Do We Have to Pay Taxes?
Four reasons we need to pay taxes.
What Should College Students Do This Fall?
This fall is going to be weird. There are a lot of people that want school to happen but there’s no way it occurs under normal conditions. If it’s all in-person there will likely be outbreaks that make it a disjointed process. And if it’s fully or partially online it will make life more challenging…
It Depends
Stock market valuations may not make sense to a lot of people right now but valuations often don’t matter much in the short run. Take a look at the average one-year returns for the S&P 500 from various starting CAPE ratios going back to 1926: Lower than average valuations show substantially higher average returns but…
