Knowing When to Sell
Time to Sell? One of the most difficult decisions in investing is knowing when to sell. Most investors spend much more time and energy on what to buy and when…
When 'Different' Isn't Better
This Time It’s Different… That is what people always say when justifying high market valuations, speculative investments, or ignoring historical risks. Those words have been heard before every market bubble:…
Investing for the Future
The Future… The next twenty years will bring massive changes. We believe we are in the beginning of another economic revolution — just like those brought on by the agricultural…
Insights from Larry and Mark
What I learned from Larry and Mark… In late May I attended the Morningstar Investment Conference. There were three days of lectures and presentations and over 2,000 attendees. In this…
Financial Journalism vs. Strategy
Wall Street Journal… One of the greatest difficulties in maintaining investment discipline is media coverage. This week’s article said, “An unusual calm has descended over the stock market,” and “volatility…
The Role of Innovation
Innovation… It is said that if you can make a better mousetrap the world will beat a path to your door. This may be the oldest adage in business. It…
Why Value Still Matters
Factors in Investing… Last month we explored the investment factor, Safety. This month I would like to explore Value, the most important investment factor. Throughout history, value has played an…
Understanding Factors and Favorites
Factors and Favorites… You can think of investing as two separate investment decisions. Factors are criteria of an investment that provide above-average performance over the long term. The generally accepted…
Investing in a New Administration
New Year, New Government, New style President — everyone is making projections, recommendations, and changes. With this in mind, what are we doing in this exciting time? NOTHING. We did…
Last Call for 2016 Tax Moves
December… Your final chance to take action to reduce your income taxes. This year there is an additional reason to act. It is likely that next year we will see…
The Case for November Investing
What is the best month to buy into the stock market? Stocktober. Research indicates that long term there are only small differences between buying months or buying at the peaks…
Delayed Gratification and Trust
Delayed Gratification… Forty years ago researchers at Stanford University were trying to pinpoint the age when delayed gratification kicks in. They thought it was about four years of age. They…