Skip to main content


Learn to Love the Bear

The WSJ recently had a wonderful letter by Jason Zweig, from which I’d like to quote extensively: When you bought into the gospel of “stocks for the long run,” did you have any idea how long the long run can turn out to be?

Read More

Why Investors Fail

Like all the children from Lake Wobegon, I am sure all my readers are above-average investors. But I am also sure you have friends who are not, so in this letter we will look at the reasons why they fail at investing, and how they should analyze funds and determine risk.

Read More

Riding It Out

There’s an old Chinese curse: ‘May you live in interesting times.’ Unfortunately, the times are REALLY interesting. So, I thought I’d take the opportunity to bring you up to date on some of the ‘interesting’ things we see, what we’re thinking about…

Read More