Closest Thing to a Fat Pitch in Investing

“Interest rates go up and down, stock markets boom and bust, but human psychology never changes. I believe that studying how people think about and react to markets—and particularly studying the most common mistakes investors make—can give us an edge...

What Happens After a +25% Year?

I have an evening routine of perusing Twitter for market research nuggets. I email myself interesting articles to read the following morning. I’m not looking…
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What’s All This Volatility Talk?

“When you compare the fundamental risks that we see all around the globe with the lack of volatility in our securities markets, it’s profoundly troubling.”…
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Pure Portfolios 2017 Client Letter

In the spirit of the great Warren Buffett’s annual shareholder letter, we feel it’s important to share not only our thoughts on financial markets, but…
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Following the Herd: Short-Term Bonds

The current tightening cycle has so far been reminiscent of its mid-2000s counterpart. At the time, Federal Reserve Chair Alan Greenspan had characterized the fall…
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Tis the Season for Wall Street Forecasting

“It’s not easy to be as bad as they are. They are much worse than random chance alone would predict.” Salil Mehta, Statistical Ideas The annual…
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Introducing Everplans

“In a moment of crisis, the last thing a family should be doing is worrying or being hassled about paperwork. Everplans elegantly solves that problem.”–…
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Delusional Return Expectations

“Returns expectations are simply too high. It means that many will face a shortfall when they come to realize their investments in the future as…
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Forget the Fed. Focus on Coordinated Global Tightening

2017 has been a great year for investors. Global equities are higher. Volatility is non-existent. Heck, even left-for-dead fixed income has posted positive returns. However,…
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Signs of a Market Top? Valuation

We continue our series featuring data from VR Research on “characteristics of a market top.” The summary is broken down by corporate, valuation, economic, market,…
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