Traders and investors alike often invoke the following chart to remind themselves that losses can be painful because of the fact that they require much larger percentage gains to make them back: I get why people pay attention to these kinds of charts. Risk management is important for a number of reasons, such as the…

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…

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….

During the next bear market… …someone will become a hero. A pundit, portfolio manager or resident doomsayer will “call” the crash and nail the timing. It will be mostly luck but will likely lead to a number of TV appearances, speaking gigs, and maybe a book deal or two. …your favorite pundit won’t be able to save…

It’s now been a year since the presidential election. While many were predicting the end of the world, U.S. stocks are up 24%, foreign developed stocks are up 23%, and emerging market stocks are up 23%. Allowing political beliefs to guide your investment ideas is not a useful strategy but people also get caught up…

Investment conferences are usually a great way to network and meet people but often end up being fairly boring with little entertainment value in terms of subject matter. A lot of this stems from the fact that it’s difficult for most people to make this stuff exciting but a large portion of the finance industry…

I spoke at a conference this week and one of the first questions from the audience was about Bitcoin and my thoughts on cryptocurrencies as an asset class. My go-to phrase to sound intelligent (even though I have no idea) on this one is “Bitcoin may not be the ultimate winner in all of this…