Elroy Dimson, Paul Marsh, and Mike Staunton have been publishing the following chart in their annual update for some time now and every single year it blows me away: The U.S. market share looks like Pac Man preparing to eat the rest of the world. Michael and I discussed some of the reasons for the U.S. dominance…
Behavioral finance is still only a few decades old at this point because the finance industry was a little late to the game in understanding that investment decisions are driven almost exclusively by human emotions and biases. Now that human psychology has grown in importance in the field, the bible to anyone serious about understanding…
When my wife and I discovered we were having twins I knew my time and energy management skills were going to be put to the test. We already had a toddler at home so we knew what to expect in terms of sleep (or lack thereof) and the amount of care newborns need. Multiplying that…
This week’s Animal Spirits with Michael & Ben is sponsored by YCharts: Mention Animal Spirits and receive 20% off your subscription price when you initially sign up for the service. We discuss: Where we were in our careers when the market bottomed 10 years ago Star fund managers Is Bill Gross happy? Persistence in performance may be the…
Bill Gross had a surprisingly candid interview with Robin Wigglesworth of the Financial Times this week. Multiple times he mentioned his desire for fame as a fund manager: “I wanted to be famous because I wanted to be loved . . . so I pursued that obsessively,” he reflects at one point. “Shit, that’s why…
According to the Bureau of Labor Statistics, roughly 14.5 million people in the U.S. are employed in sales. Considering there are an estimated 153 million people employed in the country that would mean around 9.5% of workers are in sales. While one out of every ten workers is technically in sales according to the BLS…
A study from BNP Paribas showed close to 60% of respondents felt owning a home was one of the top ingredients in the American Dream. Increasingly, this dream is out of reach for many young people. One of the many reasons so many millennials are unhappy with their financial situation is that buying a house has…
Tim Ferriss recently had author and Jim Collins on his podcast to discuss his research and what he’s learned about business over the years. Collins has sold over 10 million books including Good to Great and Built to Last. Collins mentioned he was lucky enough to be mentored by the late-Peter Drucker and shared two things he learned…
This week’s Animal Spirits with Michael & Ben is sponsored by YCharts: Mention Animal Spirits and receive 20% off your subscription price when you initially sign up for the service. We discuss: Massive V rallies in stocks Did the Fed turn millennials into socialists? Why real estate prices haven’t done as well as you think? Why have U.S….
The Credit Suisse 2019 Global Investments Returns Yearbook is a treasure trove of long-term financial market return data. This table on the (very) long-term real returns for stocks and bonds tells a good story: It shows how being an equity owner typically works out better than being a lender over the long-term. It shows financial assets can…
