“The correct lesson to learn from surprises is that the world is surprising.” – Morgan Housel, The Collaborative Fund Unprecedented. Extraordinary. Unexpected. Once in a…
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Surprised by Surprises
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...
read moreYear of the 180
“Most investors tend to project near-term trends – both favorable and adverse indefinitely into the future.” – Seth Klarman, famous investor Let’s go back to…
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The Market Could Be Wrong About Inflation
“I don’t mind going back to daylight savings time. With inflation, the hour will be the only thing I’ve saved all year.” – Victor Borge,…
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Fighting the Urge to Throw in the Towel
“If a topic makes someone feel emotional, they will rarely be interested in the data. This is why emotions can be such a threat to…
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Where to Find Investment Income
“Big banks, highly leveraged casinos, do whatever they can to keep the cost of their gambling as cheap as possible.” – Max Keiser, American Journalist…
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Intra-Year Market Declines
“The last leg of a bull market always ends in hysteria; the last leg of a bear market always ends in a panic.” – Jim…
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Calling Market Inflection Points
“You make most of your money in a bear market, you just don’t realize it at the time.” – Shelby Cullom Davis, investor, businessman, former…
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Signs of a Market Bottom
“History doesn’t repeat itself, but it often rhymes.” – Mark Twain I post my blog every week on LinkedIn. Last week, I wrote about what…
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Which Asset Class Has it Right?
“Majority opinion can give any market movement considerable momentum that keeps it going in the same direction. Majority opinion is inevitably and consistently wrong at…
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