There’s a well-known story about how Daniel Kahneman got his start in the study of behavioral psychology a number of decades ago. The story goes like this: Kahneman was asked to help study the performance of pilots in the Israeli air force. The flight instructors were trying to figure out what to do about their…

“One might wonder if forecasters eventually get bored with being utterly wrong and would like to give up guessing the future.” – James Montier

These were my favorite books I read in 2014. Finance/Business/Investing Young Money by Kevin Roose Roose did an amazing job capturing the current sentiment about two things I spend a lot of time thinking and writing about – the finance industry and Millennials. He spent a number of years interviewing the anonymous young subjects that…

“Short-termism is the tendency to make decisions that appear beneficial in the short term at the expense of decisions that have a higher payoff in the long term.” – Michael Mauboussin Tim Ferriss fielded some listener questions in his latest podcast one of them caught my attention: What is a trend you see developing that…

In a speech to USC Law School graduates, Charlie Munger shared his thoughts about the problem with extreme viewpoints: Another thing I think should be avoided is extremely intense ideology because it cabbages up one’s mind. When you’re young it’s easy to drift into loyalties and when you announce that you’re a loyal member and…

Charlie Bilello from Pension Partners posted a great chart in a recent post:

Noah Smith wrote a column for Bloomberg View last week that discussed the different options that Millennials have for their investing purposes. He laid out the two most frequently cited choices:

“Finance is not about beating the market, necessarily. It’s about managing risks in such a way that we can be a productive society and we can achieve our goals.” – Robert Shiller In his latest Master’s in Business podcast for Bloomberg Radio, Barry Ritholtz asked Nobel Prize winner Robert Shiller about how he manages his…

The following comes from Robert Hagstrom’s highly underrated book, Investing: The Last Liberal Art. Hagstrom is discussing author Michael Shermer’s book How We Believe: Shermer suggests that we can better appreciate the role of the belief system when we think back to the Middle Ages. During this period, 90 percent of the population was illiterate….

If you missed part I of my Q&A with Wes Gray of Alpha Architect, check it out here for thoughts on his firm’s new ETF, the process of starting an ETF and more on quantitative value investing. Part II includes some of Gray’s biggest influences on his investment philosophy and lessons learned from serving our…