A Win For Irrationality

Imagine a person who always, in every circumstance, makes rational decisions with his money.  He saves when he ought to and spends exactly as he should spend, in order to maximize the “utility” of whatever wealth he happens to possess.  He defers gratification with ease.  When he invests, he has instant and total access to all possible information Continue Reading

Reviewing 2016 Predictions

It’s time once again for the Year in Review! In year’s past, I simply find the first article I can regarding 2016 predictions and see how finely tuned the crystal balls were, but as a special treat this time around I actually kept a copy of Fortune magazine’s “Investor’s Guide 2016” from December 2015. It’s been sitting in my desk for twelve months Continue Reading

Elf-Spotting, Gaudy Rings, and Fiduciaries

I’ve written about the progress of the new Department of Labor Fiduciary rule many times, here, here, and most recently here…wait, where are you going? Don’t leave yet, I promise this is worth your time because someone more talented than me is speaking on the topic. I’ve attempted to make an argument about government regulation at least Continue Reading

How Game of Thrones Explains the Stock Market

Okay, that headline was a cheap trick to get you to click on this, but would you have really clicked on something called “Department of Labor issues new Fiduciary rule”? It may sound boring, but it’s important. Sorry not sorry. Last month, the Department of Labor released its final rule regarding the fiduciary standard that it had been debating Continue Reading

The Secret to Stock Market Returns

There’s a lot of talk in the financial world about what an election year might mean for stock markets. You’re likely to hear that election years tend to underperform relative to the long-term average and that the real time to be invested is in the pre-election year: Alas, it appears we’re at the top of the peak and looking forward to Continue Reading