Here are your 2017 Financial Market Award winners: Biggest (non-crypto) Winners: Pretty Much Everything Stocks were up around the globe as U.S., European, Japanese and emerging markets have all gained in excess of 20%. Bonds were up. Gold was up. REITs were up. Small caps, mid caps, individual countries, you name it. Morningstar’s Jeffrey Ptak…

On this week’s Animal Spirits with Michael & Ben we discuss: Michael’s old trading diary and why he shorted Amazon. The benefits of documenting your investment process & ideas. GMO’s latest dire predictions for the markets. The prospect for micro efficiency and macro inefficiency in the markets. Why the path of returns matters more than…

Since I wrote this piece for Bloomberg in late-October there has been an additional 14 new all-time highs in the S&P 500. I’m often asked why the market continues to trudge higher in the face of so much uncertainty in the world. The simplest explanation is this idea of momentum. Momentum is by far the…

It’s intelligent behavior to see the other side of an argument in the markets because no one is right all the time and it’s easy to become blinded by our own beliefs. With this idea in mind, allow me to share some recent charts and statistics I’ve come across in recent weeks along with an…

Tim Whatley was always one of my favorite recurring characters on Seinfeld. Whatley was Jerry’s dentist and was played masterfully by Bryan Cranston, who later went onto Breaking Bad fame. There was one episode where Jerry goes to get some dental work done by Dr. Whatley. Before giving Jerry the gas to put him out, Whatley…

On this week’s Animal Spirits with Michael & Ben we discuss: The huge problems facing municipal pension plans. The pension fund Hail Mary in private equity. Jeremy Siegel’s less pessimistic expected return assumptions. Why women are better investors than men. Why historical market returns are likely overstated. The unfortunate math on a 60/40 portfolio. Bitcoin…

“The easy money has been made” is one of my least favorite sayings in all of finance because you can only know this with the benefit of hindsight. Well, with that benefit, 2017 was about as easy as it gets. There hasn’t been a down month or a loss of greater than 3% in the…

During three separate interviews this week I was asked if I was seeing any signs of complacency among investors, markets, or clients. If anything, the people I talk to are more concerned with the high probability of lower market returns in the future but my view is surely clouded by the clientele and readers I…

Bitcoin’s rise is a sight to behold. Just look at this chart: It seemed insane that the price went through $9,000 at Thanksgiving. Today it was over $19,000 at one point! It’s unreal. I honestly believe we have a front row seat to what could end up being one of the craziest manias of all-time….

On this week’s Animal Spirits with Michael & Ben we discuss: How having kids has changed our perspective on our finances The rising cost of childcare The great baby bust of 2017 Automation’s threat to the workforce Why market valuations are like NBA teams A slump in venture capital seed funding The holy grail of…