Four Pillars, part 2

“The only thing new in the world is the history you don’t know.” This quote from Harry Truman holds true in investing, which is why understanding financial history is crucial. We tend to generalize from what has happened over the last 10-20 years or even from what’s happened the last few months. Over the course […]

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Four Pillars, part 1

“The aim of retirement saving and investing is not to get rich, but rather to minimize the risk of dying poor.” Saving and investing for retirement is one of the most important things that we do. And there are no second chances. Yet surprisingly few—even in the finance industry!—take the time to understand the basics.

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Nothing new under the sun, part 1

There’s no question U.S. equities once again entered bubble territory in 2021. Depending on the metric, they were close to or even higher than the peak valuations of the late 1990s U.S. tech bubble. As we’ve hopefully learned from past bubbles, bubbles have far-reaching consequences for investors. 2021’s everything bubble, which may still be deflating

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It’s not over yet

Equity markets have rebounded sharply to start the year. Inflation is moderating. The U.S. economy continues to add jobs, with record low unemployment. Investors are – once again – piling into the riskiest assets. As of mid-February, the NASDAQ is up ~15%, bitcoin is up ~50%, and Tesla is up ~90%. Perhaps the U.S. can

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