Early in January, during a meeting with one our clients, when asked for my outlook for 2018, I cautioned that expectations should be toned way down. I also mentioned that we would likely see considerably more volatility going...
Read MoreTwenty years ago, I started in the investment industry. It was the peak of the Tech Boom, a time when it was rumored that a broker with a newspaper and a handful of darts could put together a portfolio as wildly successful as...
Read MoreAs I sat with a client recently, we discussed the knee-jerk reactions that occurred in the wake of the presidential election. First, the world markets were down heavily overnight, but on the following day, once the US trading...
Read MoreRarely do things play out as planned. When we started 2016, people weren’t expecting Brexit, people weren’t expecting Trump, and to some degree, many people weren’t expecting the Fed to raise interest rates. What was expected...
Read MoreIn the 1983 American comedy film, Trading Places, an upper-class commodities broker, Louis Winthorp III – played by Dan Aykroyd – and a homeless street hustler, Billy Ray Valentine – played by Eddie Murphy...
Read MoreI was in San Diego recently, attending a conference. My wife and I decided to hang around a few extra days to enjoy the city and relax a little bit. We spent one of those days at La Jolla Shores, a small beach community that...
Read MoreAt a recent conference, a professor was discussing the withdrawal rates inside Monte Carlo simulations, which are popular in the financial planning world. In these simulations, a portfolio is developed, historical returns are...
Read MoreWe are in a period of time where buy-and-hold returns from traditional asset classes are predicted to be very low in real terms. This is simply a matter of valuation. Equities and fixed income markets aren’t generating very much...
Read MoreEquity markets lost momentum in the latter half of August 2015, and for the first time in four years, the S&P 500 experienced a 10% correction. In spite of a strong October rally, volatility remained and we ended the year...
Read MoreIn the surprise 1994 hit movie Dumb and Dumber, hapless limousine driver Lloyd Christmas, played by Jim Carrey, follows a beautiful socialite across the country to return a briefcase that had been left in his limo. While in his...
Read MoreMy son and I were on a road trip recently, and drove by a doughnut shop that was advertising two doughnuts for only $1. “DAD!” He turned to me, “We shouldn’t miss out on this deal! Two doughnuts for a dollar!” My son was pretty...
Read MoreWhat defines a market bubble? According to Jeremy Grantham, Co-Founder of global investment powerhouse GMO, it’s when the price of an asset in relation to its real value has exceeded its average by a certain amount. For a “major...
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