Rational expectations (Bernstein)

I’ve read very few books three or more times.* Just finished rereading Rational Expectations by William Bernstein for the third time. It is my favorite book on investing and one I find myself returning to time and time again. Below I outline a few thoughts from the book.** How to Design Your Portfolio Your allocation […]

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A few investment principles

What matters for successful long-term investing (in order of priority): 1) Staying the course and avoiding big mistakes. 2) Your mix of risky and risk-free assets (e.g., stocks and bonds). 3) Asset allocation (e.g., mix of U.S. vs. international equities, real estate). “Successful investing takes time, discipline and patience. No matter how great the talent

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Beginning of history illusion

I’ve noticed a tendency among many people (myself included) to believe history mainly consists of our own observed experiences. That is, we believe much of history STARTS when WE first observe it*. We are most aware of what’s happened and what’s changed during our adult years. And keenly aware of what’s happened over the last

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Financial advisor red flags

What’s one of the most important relationships in your life? Maybe your spouse, your parents, or a close friend. Not far behind, though, should be your financial advisor. You rely on them to guide you through your most important financial decisions. Yet it is very hard to evaluate a financial advisor. We often work with

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Family offices: practice ≠ theory

Family investment offices have several theoretical advantages but the execution matters. I’ve met more than 75 family investment offices over the years. There are family investment efforts that can compete with the best of them. But there are many with below average or even worse results. When you’ve met one family office, you’ve met one family office.

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