As I grow older, I pay less attention to what men say. I just watch what they do.
October 16, 2017
The world of active investment management was dramatically and negatively impacted on March 6, 2006. On that day, the New York Stock Exchange became a for-profit organization. The impact of the event would be disruptive to active management for years, yet the impending impact was missed by everybody. After all, who would...
September 15, 2017
The other day I pressed the Uber app on my cell phone for the first time. As it opened, I became fascinated by its simplicity. It showed me where the car was, how long it would take – six minutes – and the name of the driver as well as the type of car. It also showed what the total cost would be. Its simplicity was elegant. Such elegance...
July 21, 2017
Imagine that you could make millions in the stock market with little risk, yet know nothing about stocks. You don’t even have to care about the direction of the market. That doesn’t matter because you hold stocks for just a nanosecond. A fact that makes it irrelevant whether the market is going up or down. Sound perfect? It is. You’re...
April 26, 2017
This classic sentence by Charles Dickens could easily be applicable to the past eight years in the investment business. As the market has continued to rise – now the second longest bull market ever - it has created the worst of times for investment managers. During the past six years no active manager has been able to outperform the S&P...
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