“Rule number one: most things will prove to be cyclical. Rule number 2: some of the greatest opportunities for gain and loss come when other people forget rule number one.” Howard Marks At the start of 1980, the list of… Read More
This past quarter offered another stark reminder of just how difficult it is to outguess markets in the short run. In April, global equities sold off sharply following the surprise announcement of sweeping new tariffs on imported goods — dubbed… Read More
In investing, risk is typically defined as the possibility that actual returns will differ—sometimes significantly—from what you expected, including the potential loss of principal. Although there are many ways to measure risk (e.g., volatility, downside risk, permanent loss of capital,… Read More
First published in 1949, Ben Graham’s The Intelligent Investor remains highly influential, especially with Warren Buffett, who regards it as “the best book on investing ever written.” Buffett often highlights the book’s focus on long-term investing and managing market cycles. Graham’s famous… Read More
Time is often cited as the most important factor in investment success. On average, assets tend to rise in price over time. So “just hang in there”, goes the conventional advice. “You’ll make money over time. Remember, investing isn’t about… Read More
Perhaps the most important economic and market driver over the last few years has been the Federal Reserve’s (“Fed”) aggressive inflation battle marked by a sharp rise in interest rates. Since 2021 the Fed has raised rates 11 times totaling… Read More
The hardest time to invest is always now. This statement might seem to be an exaggeration. Surely, there have been times in financial history when investing was more challenging? The dot-com crash, the financial crisis of 2008, and the market… Read More
Portfolio Resilience2022 marked a negative year for markets, as inflation, rising interest rates, and geopolitical strife weighed on stocks, bonds, housing, and just about every global asset market. A few of the questions looming in investors’ minds for 2023 include:… Read More
Stocks Are Getting Cheaper In his 1997 letter to Berkshire Hathaway shareholders, Warren Buffet explained why declining stocks are good news for long-term investors: If you plan to eat hamburgers throughout your life and are not a cattle producer, should… Read More
The Big Picture ~ Financial Discipline and Happiness Global markets are in the midst of a bear market, with developed market stock prices down approximately 20% from the peak reached in early January. This is the 14th of these episodes… Read More
“Rule number one: most things will prove to be cyclical. Rule number 2: some of the greatest opportunities for gain and loss come when