“This [value investing] is a pretty good thing to have as part of your portfolio but it does not always work, cause nothing does.” – Cliff Asness In his recent speech at the Morningstar Conference, Cliff Asness of AQR Capital Management shared his thoughts on the two main reasons that value investing works: (1) Cheap…

“We could spend the rest of our lives researching an ever-increasing number of choices and searching for perfect, but to what end? We have better things to do.” – Carl Richards

“A great deal of data, and all my experience, tell me that the only thing we can predict about cycles is their inevitability.” – Howard Marks Howard Marks has the uncanny ability to take the complex topic of investing and translate the big picture ideas into simple terms. This is a rare trait in the…

“The emotional tail wags the rational dog.” – Daniel Kahnemen

My thoughts on the annual Morningstar Conference.

“Nothing fails like success on Wall Street.” – Rick Ferri

“Investment success accrues not so much to the brilliant as to the disciplined.” – William Bernstein In January of 1966 the Dow Jones Industrial Average hit a level of 990. It would continue trading in a range of roughly 600 to 1,000 over the following 17 years. It once again reached 990 in December of 1982…

“Unless you can watch your stock holding decline by 50% without becoming panic-stricken, you should not be in the stock market.” – Warren Buffett A good starting point to gauge investment performance is to compare your results against a simple buy and hold portfolio. While there are certainly ways to improve the performance of buy and hold,…

“Fear has a greater grasp on human action than does the impressive weight of historical evidence.” – Jeremy Siegel If I had to narrow down the list of reasons that so many investors have missed out on one of the greatest bull markets in history it would be these two factors: The recency effect has…

“Constantly movin while makin millions.” – Tupac, Me Against the World In my freshmen year high school english class our teacher asked us to name our favorite famous poet. Not being very well-versed in the field of poetry I answered rapper Tupac Shakur (I was only half kidding). Not only is Tupac one of my…