Incentives Matter
Let me give credit where it is due up front. This blog title is not from my own mind. I borrowed it from a number of places including a presentation…
Most Funds Do Not Beat the Market
When most people read this statement they interpret it to mean that most Mutual Fund returns are below the return of a common benchmark such as the S&P 500 Index.…
This Time is ALWAYS Different
The US stock market can be viewed through the lens of the S&P 500 index, even though this omits thousands of smaller companies and stocks. We will use it here…
The Case Against Mutual Funds
One of the first heuristics taught in any course on personal finance is the Rule of 72. This is the observation that if we want to figure out how many…
Efficiency: Part 3
I ran across an interesting question recently. If GDP growth has averaged roughly 3% per year for the past 50 years, and inflation also averaged around 3% per year over…