The New Permanent Portfolio For Millennials
The original permanent portfolio was created by Harry Browne and consists of the following allocation: 25% in U.S. stocks 25% in long-term bonds 25% in gold 25% in cash The idea behind this portfolio...
View ArticleSchrodinger’s Portfolio
Erwin Schrodinger won the Nobel Prize in physics back in 1933 for his work on quantum theory. Schrodinger is most widely known these days for a theoretical experiment he described about a cat in a box....
View ArticleDoes Private Equity Deserve More Scrutiny?
Institutional investors are going to have a difficult time hitting their return bogeys in the years ahead. Stock market valuations are well above long-term averages while interest rates are well below...
View ArticleThe Original Flash Crash (or Why Liquidity Fears Are Nothing New)
In his latest memo, Oaktree Capital’s Howard Marks opined about ETFs and their liquidity profile: If you withdraw from a mutual fund, you’ll get the price at which the underlying stocks or bonds closed...
View ArticleThe Four Stories Written About Fund Managers
There are really only four different stories that are written about fund managers: The huge success story The huge fund failure The redemption story The can’t-figure-out-what’s-wrong story John Paulson...
View ArticleThe Gradual Explosion of Index Funds
This week Fidelity became the first fund company to offer index funds — a total U.S. stock market fund and an international stock market fund — with an expense ratio of 0%. Fidelity is a massive...
View ArticleCould Index Funds Become Too Popular?
A reader asks: But follow that thought through – there are any number of other clever investing ideas that seemed like a good idea, and failed once the secret got out. Isn’t indexing one of them? This...
View ArticleIs Real Estate a Non-Correlated Asset Class?
Investors have spent a lot of time and energy since the financial crisis in search of non-correlated assets. Most of their efforts have led to disappointing results, mainly because stocks are up huge...
View ArticleVenture Capital Risks
Venture capital is one of the most unique forms of investing in the asset management industry. The business model is predicated on the fact that the majority of the early-stage investments made by...
View ArticleIs Software Eating Value Investing?
Marc Andreessen wrote one of the more prescient pieces of this century in the Summer of 2011 called Why Software is Eating the World. He laid out his reasoning behind the idea that technology is...
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