These articles appeared between February 2012 and April 2012:
What did a buy-and-hold investor get owning SPY? 7%/year. What did the average holder get? 0%. A warning against over-trading.
Expressing skepticism over a strategy using leverage to extract returns out of lower-yielding asset classes. Why not but subordinated asset-backed securities instead, and how did they do in the crisis?
The investment game is competitive, and I give a few tips on how to avoid the risks.
Understanding small asset managers, and why you might want to invest with them.
I take a tour through the insurance industry after the carnage of the credit crisis.
Lists all of the notable acquisitions of Berkshire Hathaway from 1977 to 2011. Analyzes Buffett’s strategy, which has been remarkably consistent over 40 years.
Goes through the main risks of Berkshire Hathaway.
I propose a hybrid plan that would replace 401(k)s, and other participant-directed DC plans.
The offering of liquidity through limit orders is a real service to the market, and on average gets rewarded in lower overall execution costs. In choppy markets, it can really add value.
Explains how every investor (even speculators) has the option of holding on for a long time, and why that can be valuable.
Call me, and I will tell you to fire the consultant, and listen to your middle managers.
It is always easier to loosen monetary policy than to tighten it. The next tightening cycle will be particularly rough, should the Fed ever choose to do it.
This post got a lot of play over the internet. I was really surprised at how much response it received. Gold has few industrial uses, but is pretty; that’s why it is so interesting.
The debate should be about what income is, and not about what the rates should be. Wealthy people have clever advisers that minimize “income.” Doesn’t matter what the tax rate is. The debate should focus on income.
Gives a simple way of analyzing whether you have saved enough or not. Quick answer: you haven’t saved enough, particularly for the wretched investment environment that we are in now.