“Every great magic trick consists of three parts or acts. The first part is called “The Pledge”. The magician shows you something ordinary: a deck of cards, a bird or a man. He shows you this object. Perhaps he asks...
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* This is the 4th article in a series about the Confidence Allocation* I started this series with ten basic beliefs broken into three categories; Faith in Markets & Optimism, Knowing What You Need & What You Know, and Beating...
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* This is the 1st article in a series about the Confidence Allocation * “All you need in this life is ignorance and confidence, and success is sure.” -Twain Investing, like many things in life, can be confusing. Even the best...
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This week marks the 8th anniversary of the market lows hit during the Financial Crisis. On March 9, 2009, the S&P 500 closed at 677, a decline of nearly 56% from its highs seen just a year and a half...
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In 2007, Warren Buffett made his famous bet with the hedge fund Protege Partners. He bet $1 million that Protege’s hedge fund investments would not be able to outperform an S&P 500 index fund over the next decade. Nine years...
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In our day to day lives, the terms risk and uncertainty are often used in the same breath. There is a difference, though. Risk and uncertainty are not one and the same. In More Than You Know, Michael Mauboussin had...
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Charley Ellis is the former chairperson of Yale’s investment committee and a well-known investment consultant. In 1975 he authored his now famous paper “The Loser’s Game.” He concluded his introduction with these humbling words: Psychologists advise us that the more...
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We live in amazing times. The amount of content available at our fingertips is seemingly limitless. 20 years ago, access to such wide-ranging, diverse ideas would have been nearly impossible. Today, finding a new (or old) idea is always few...
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I just finished reading When Genius Failed, the story about a huge hedge fund (Long-Term Capital Management) that blew up in the late 1990s after an incredibly profitable 4-year run. Unsurprisingly, their methods were too good to be true and...
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“Listen, here’s the thing. If you can’t spot the sucker in your first half-hour at the table, then you ARE the sucker.” -Mike McDermott I’ve heard some people say that investing in the stock market is no different than gambling....
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