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September 5, 2019

Longstanding baseball fans fondly remember Hall of Fame pitcher Phil Niekro.  The great knuckleballer had a strong motivation for making it as a pro, since the alternative was going to work in the coalfields like his father. When a Milwaukee Braves scout expressed inte...

July 12, 2019

Bloomberg Opinion contributor Barry Ritholtz recently tweeted about his dislike of financial clichés that reflect badly on the speaker and disrespect the listener.  His Twitter followers responded with more than 500 examples of “hackneyed phrases” that can lead investo...

April 29, 2019

  • Politics and profit taking are souring the sentiment towards the healthcare sector

  • Drug transparency legislation is unlikely to affect long-term profitability 

  • “Medicare-for-all” sounds good but is highly unlikely to ever become reality in the US

  • Rec...

April 12, 2019

Investors are frequently reminded that they should only invest “long-term”. The natural question that arises is: why? If you, like us, believe in data and evidence, here’s your answer.

Look at the post-World War II (in our opinion the correct time frame to analyze long-...

February 26, 2019

On February 22, 2019, Martin Fridson was interviewed by Jeremy Schwartz on the podcast "Behind the Markets" (Wharton Business Radio).

"High Yield is very expensive .. trading at over two standard deviations from fair value ... This is extreme and unusual."

"Outstanding s...

February 7, 2019

Cash is back in style.

Money-market funds saw their assets grow by $2 billion in between year-end and January 17, 2019 according to Thomson Reuters Lipper.  Cash allocations in investment portfolios are up for the first time since 2011, Goldman Sachs reports.  The Wall...

January 31, 2019

The sharp market sell-off at the end of 2018 and equally remarkable rebound in January 2019 may be very confusing.

Are we heading towards a bear market or was 2018 just a temporary correction?

Read our take in our annual letter,  "Landlord or Tenant?", and see what...

December 6, 2018

During the past two months, financial markets underwent one of their inevitable, periodic selloffs. From the October 3 peak to the November 23 low, the Standard & Poor’s 500 Index price change was -10.01%. Market commentators cited a variety of causes, including concer...

November 7, 2018

If you wish to eat nutritious food and buy it inexpensively, or obtain homeowners coverage from an insurance company that has a good record on paying claims, you have to devote some time to research.  It’s much the same if you want to understand what a newly released e...

October 4, 2018

A client recently brought our attention to a newspaper article with this alarming headline: 

“Next Crash Will Be ‘Worse Than the Great Depression’.” [1]

A bleak forecast indeed! At the low point in the 1930s, U.S. unemployment exceeded 20%.  To put that figure into conte...

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FINANCIAL EDUCATION ESSENTIALS
  1. "Best ideas", R. Cohen, C. Polk, B. Silli, 2010

  2. "How active is your fund manager? A new measure that predicts performance", M. Cremers, A. Petajisto, 2009

  3. "The inefficient stock market", R. Haugen, 2002

  4. "The triumph of the optimists", E. Dimson, P. Marsh, M. Staunton, 2002

  5. "From efficient market theory to behavioral finance", R. Shiller, 2003

 

 

 

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