Education of an investor

I worked throughout high school and through much of college as I was paying my own way. So, I didn’t have any “real money” or experience investing (as an individual) until a few years after graduation when I received my first year-end bonus in the summer of 2007. Markets are efficient, right? And they have […]

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The ultimate career risk (OPM)

How would you manage an investment portfolio if your life depended on it? I loved this thought exercise from Jeremy Grantham (the G in GMO). You’ve been charged with managing Stalin’s pension. Your task: generate a 4.5% real return per year (after inflation) over the next 10 years. Fall short and you’ll be shot (the

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Mistakes individual investors make

I’ve made mistakes as an individual investor (overconfidence and market timing, among others). And given my education and professional experiences, I should know better. An understanding of theory, though, only gets you so far. The biggest mistakes tend to be behavioral and from a lack of understanding financial history and market cycles. Here are the

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