Randomly Walking with Monkeys
“A blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by experts.” -Burton Malkiel, A Random Walk DownRead More…
“A blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by experts.” -Burton Malkiel, A Random Walk DownRead More…
“Properly measured, the average actively managed dollar must underperform the average passively managed dollar, net of costs. Empirical analyses that appear to refute this principle are guilty of improper measurement.”–William Sharpe, “TheRead More…
“Long-Term Capital Management was an American hedge fund that managed more than $100 billion in assets at its peak. It was run by literal geniuses; many former university professors, two of whichRead More…
“I love money! I love everything about it. I bought some pretty good stuff. Got me a $300 pair of socks. Got a fur sink. An electric dog polisher. A gasoline poweredRead More…
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” -Ayn Rand
“Its all about fixing the investor; the only goal is providing behavioral learning that can make you a more grounded, more productive investor…to reduce situations where you are likely to make emotionalRead More…
Most people will go far out of their way to buy things on sale. We love discounts, except when it comes to equities. Studies have shown that investors lose as much asRead More…
I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities. This was a rewarding activity, say 40 years ago, when Graham and DoddRead More…
…understand that the market only moves in two directions, and it cannot go in either direction forever.
Wealth starts with a budget. People who never have money have never lived on a budget. Spending does not lead earning. Spending follows earning. This isn’t wisdom, its common sense. Want toRead More…