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Active vs. Passive – A Very Tired Debate

Active vs. Passive – A Very Tired Debate

A recent memo from billionaire investor Howard Marks seemed to rekindle debate over active and passive investment management or, more specifically, how both should be defined.  Howard (correctly) observed the increasingly blurring line between active and passive:...
Wine, Investment Costs, and Perception

Wine, Investment Costs, and Perception

I am certainly no wine connoisseur, but I like to think I know my way around reds enough to be dangerous.  Recently, my wife and I took some time off with friends and ventured to Napa Valley, home to one of the world’s best grape growing and wine producing regions....
The Retirement Savings Problem

The Retirement Savings Problem

I recently came across one of the more shocking charts I have seen in quite a while.  FlowingData compiled figures from the Bureau of Labor’s 2016 Consumer Expenditure Survey on how different income groups spend their hard-earned money.  They then fashioned this data...
Fear Sells

Fear Sells

Dow ends wild day down 1,175 points, largest point drop in history – USA Today, February 5th Dow plunges more than 1,000 points on specter of higher interest rates – Washington Post, February 8th LIVE tonight at 7p ET: Tune into @CNBC‘s special report,...
Predictions Vs. Probabilities

Predictions Vs. Probabilities

“To expect the unexpected shows a thoroughly modern intellect. ” -Oscar Wilde Understanding the difference between a prediction and the probability of a particular outcome occurring is an important distinction for successful investors.  Anyone, regardless...