Learn how to take losses quickly and cleanly. Don’t expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible.
June 16, 2021
My dinner guest had just come into the restaurant, with three attractive young women. As he headed towards me, I thought to myself, “Is this a scene from Charlie’s Angels?” It was late 1987 and we were in an upscale Italian restaurant in downtown Boston. People there probably assumed he was a rock star or professional athlete. He wasn’t. But he...
May 17, 2021
Every significant bull market has at least one mutual fund manager who becomes rich and famous. A portfolio manager, such as Peter Lynch, can even achieve – for a period of time - cult status. But only, if he or she has the good luck to be at the right place at the right time. Such fame only occurs during a period of low correlation in...
April 16, 2021
According to Webster, “a myth is a popular belief that has grown up around something or someone.” That would make John Bogle and Vanguard’s “passivity” a perfect example of a mythology. There is a belief that John Bogle originated the concept of passive investing with his 1975 launch of the then eleven million dollar Vanguard Index Fund. No,...
March 11, 2021
If you follow financial news you are undoubtedly aware of the story about millennial stock traders using a computer network to challenge a 12 billion hedge fund. They impacted a stock appropriately named GameStop. Millions of them “colluded” in buying this heavily shorted stock, creating a short squeeze. Their effort drove the stock up 1,600%...
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