Checking in on Bond Market Losses

Interest rates are up quite a bit since bottoming in the summer of 2016. Here’s the 10-year yield since then: This is still a blip on the long-term chart but that’s an increase of almost 2% in a little over 2 years. We finally have that rising rate environment everyone has been clamoring for since…

You Never Know

Steve Martin once described his 18-year stand-up career as, “Ten of those years were spent learning, four years were spent refining, and four were spent in wild success.” In the late-1970s and early-1980s, Martin was perhaps the most popular stand-up act in the world but it almost didn’t happen. He made a promise to himself…

How Often Can You Buy the Dip in Housing?

A podcast listener asks: I know I shouldn’t expect home prices to crater like they did after 2008, but I’m wondering if there is any reasonable expectation that home prices will eventually level off or drop enough to make a buying opportunity. I just want to buy the dip. We discussed this question on the…

Animal Spirits Episode 49: Buy The Housing Dip

On this week’s Animal Spirits with Michael & Ben we discuss: The new Howard Marks book. Do super-investors like Marks & Buffett actually do more harm than good? The humble beginnings of the first Vanguard index fund. How to call a market top without calling a market top. How SoftBank’s vision fund will impact the VC…

9 Underrated Investing Books

I was looking at the best-selling investing books on Amazon the other day and it always amazes me how old some of the books are on this list: Rich Dad, Poor Dad was published in the 1990s. The Intelligent Investor was originally published in 1949. The Millionaire Next Door was 1996. Dave Ramsey’s book came…

What If Stocks Don’t Crash…

…for a while? It’s not without precedent that the stock market can go long stretches in the absence of an enormous market crash. Benjamin Roth was a young lawyer in Ohio during the Great Depression. He kept a diary throughout this trying period which was eventually turned into a book called The Great Depression: A…

Market Timing is Hard

After reading one of my pieces someone recently commented that my whole schtick is simply pointing out how hard it is to invest successfully. This was meant to be a put-down but in some ways it’s true. I write a lot about how hard investing can be because it is hard. Anyone who tells you it’s…

Darwin’s Golden Rule

One of the oddities of the information age is that it hasn’t really led to an enlightenment of knowledge. In many ways, the firehose of information has made some people less informed. There are people who believe the earth is flat, the moon landing was a hoax, and Australia doesn’t exist. But beyond the conspiracy…

Animal Spirits Episode 48: Looming Disaster

On this week’s Animal Spirits with Michael and Ben we discuss: Why losses in the bond market can sting. Do stocks diversify bonds? Jeremy Siegel says stocks are undervalued relative to bonds. Can bonds really be overvalued? Do rising interest rates really hurt stocks? Will we buy the new Amazon Alexa microwave? Pot stocks and mini…

Undervalued Financial Advice

There’s a lot of overvalued financial advice out there these days. Don’t drink lattes or you’ll never be able to save for retirement. You should make your own toothpaste to save more money. Just follow my simple system to get the highest interest rate on your savings account. There’s nothing wrong with cutting back, being…