Commentary
Commentaries
The Three Musketeers
Article
Business Failures and Formations
Article
Economic Realities
Letter Excerpt
Sentiment and Stock Prices
Letter Excerpt
Buffett’s $300,00 Haircut
Article
What Really Constitutes “ESG”
Letter Excerpt
ESG Investing Challenges Indexing
Letter Excerpt
Investing and Volatility
Letter Excerpt
The Illusion of ESG Investing
Letter Excerpt
The Consequences of Stock Bubbles
Letter Excerpt
What Does the S&P 500 Reflect?
Letter Excerpt
The Growth vs. Value Pendulum
Letter Excerpt
Recessions and Job Losses
Article
Does S&P 500 Performance Reflect All of its Stocks?
Letter Excerpt
How Do You Measure “the market”?
Letter Excerpt
The Psychology of Investor Fear
Article
If It Sounds Too Good to be True…
Letter Excerpt
The Ride of a Lifetime
Article
Coping With Losses
Letter Excerpt
The Price of Waiting
Letter Excerpt
Looking Beyond Short-term Prices
Letter Excerpt
Short-term Price Swings
Letter Excerpt
Investing Temperament
Letter Excerpt
Informed Confidence
Letter Excerpt
Fearful Investors
Letter Excerpt
Warren Buffett’s Letters
Article
One Cause of Volatility
Letter Excerpt
The “Value” of low P/E Ratios
Letter Excerpt
Retirement Planning Highlights
Article
Lessons From Decades Past
Letter Excerpt
Contrarian Investing
Letter Excerpt
“Inefficient” Stock Prices
Letter Excerpt
Commodity Price Cycles
Letter Excerpt
Growth at Any Cost
Letter Excerpt
Present Self vs. Future Self
Article
Bubbles Revisited
Letter Excerpt
Thoughtfulness Beats Simplicity Every Time
Letter Excerpt
The Effect of a Trade War
Article
Inverted Yield Curve 2019
Letter Excerpt
What value bonds?
Letter Excerpt
Record-Setting Economic Growth
Article
Being Prepared for Volatility
Letter Excerpt
“Crowded Trades”
Letter Excerpt
The Essence of Value Investing
Letter Excerpt
Losses Hurt More Than They Should
Letter Excerpt
When “Safe” isn’t Safe
Article
The Price We Pay for Higher
Letter Excerpt
Volatility Does Not Equal Risk
Letter Excerpt
Unicorns
Article
Why Stocks Do Well
Letter Excerpt
Bears vs. Bulls
Letter Excerpt
Don’t Let Short-Term Volatility Guide You
Letter Excerpt
Risk Defined
Letter Excerpt
Investment Return Variability
Letter Excerpt
Hyperinflation
Article
Using Formulas…or not
Letter Excerpt
Predicting the Market “Weather”
Letter Excerpt
Sharp Moves
Letter Excerpt
The Importance of Intrinsic Value
Letter Excerpt
How to Handle Volatility
Letter Excerpt
Sentiment Begets Volatility
Letter Excerpt
Understanding Volatility
Article
Pessimism is a Coincident Indicator
Letter Excerpt
The Lowest Lows
Letter Excerpt
The Balance of Investor Sentiment
Letter Excerpt
A Penchant for Gloominess
Article
The Bitcoin Bubble
Letter Excerpt
Yield Curves
Letter Excerpt
Inflation—An Unlegislated Tax
Letter Excerpt
Economics Education
Letter Excerpt
Overreactions and Volatility
Letter Excerpt
Trade Wars
Letter Excerpt
Factfulness
Article
Emotions are Contra-indicators
Letter Excerpt
Active vs. Passive Investors
Letter Excerpt
Earnings Expectations
Letter Excerpt
Discipline
Letter Excerpt
Index Concentration
Letter Excerpt
Stock Index History
Article
“Growthier” Growth Stocks
Letter Excerpt
Efficient Markets
Letter Excerpt
The Planning Fallacy
Article
The Price of Investment Popularity
Letter Excerpt
The Look of Momentum
Letter Excerpt
Saving Can Be Dangerous
Letter Excerpt
Investing Patience
Letter Excerpt
Bad News Can Be Good News
Letter Excerpt
Baseball and Investing
Article
The Price We Pay for Deficits
Letter Excerpt
Price vs. Earnings
Letter Excerpt
Language and Savings
Article
The Limitations of Headlines
Letter Excerpt
Sector Strengths
Letter Excerpt
There’s Always a Story
Letter Excerpt
World Economic Forecast
Article
Large vs. Small Company Growth
Letter Excerpt
Animal Spirits in the Markets
Article
Stocks Capitalize Long-Term Growth
Letter Excerpt
Press “Analysis”
Letter Excerpt
Prized-Linked Savings Plans
Article
Markets Within Markets
Letter Excerpt
Third World Economic Freedom
Article
The Illusion of Indexing
Letter Excerpt
Five Commandments of Investing
Letter Excerpt
Predators and Prey
Letter Excerpt
Bubbles: Large Doses of Effortless Money
Letter Excerpt
Second-Level Thinking
Article
The Devil’s Dictionary
Article
Keeping Focused
Letter Excerpt
The Fruits of Competition
Letter Excerpt
The Future of Social Security
Article
Rely on Robo-Investing at Your Peril
Letter Excerpt
Overpaying for "Winners"
Letter Excerpt
Stocks and Race Horses
Letter Excerpt
The Philosophy of Phillip Fisher
Article
The Value of Growth?
Letter Excerpt
Index Shortcomings
Letter Excerpt
Capitalization Weighted Indices Revisited
Letter Excerpt
How Not to Beat the Market
Letter Excerpt
The Tao of Charlie Munger
Article
Bubbles and Investing Temperament
Letter Excerpt
Performing Better Than the Market
Letter Excerpt
Bubbles and Inverse Bubbles
Letter Excerpt
Emotions and Volatility
Letter Excerpt
Why Value Investors Do Well
Letter Excerpt
Buying During Underperformance
Letter Excerpt
Value vs. Growth
Letter Excerpt
Robo-Advisers
Letter Excerpt
Dangers of Indexing
Letter Excerpt
The Investing Temperament
Letter Excerpt
Selling Out of Fear
Letter Excerpt
Retirement is Long Term
Letter Excerpt
Fixed Income is Risky
Letter Excerpt
Emotional Overdrive
Letter Excerpt
Indexed Portfolios
Letter Excerpt
John Keynes as an Investor
Article
Spilled Milk
Article
Mortgage Madness
Article
Coming to a (Tax) Realization
Article
The Economics Principles of Life
Article
Getting Rich Slowly (401k)
Article
Failure to Communicate
Article
The Road Not Taken
Article
Poetic Pachyderm Pointers
Article
A Tiger in the Tank
Article
Mr. Market's Neighborhood
Article
A Case for “Impulse Saving.”
Article
Mortality Inequality
Article
Every Stock Has a Story
Article
How Do Skilled Investors Do It?
Article
Do I Feel Lucky?
Article
The Bias of Over-Confidence
Article
A Brief Biography of Peter Lynch
Article
Using Math as a Smokescreen
Article
The Ideas of Charlie Munger
Article
A Trip in the “Wayback Machine”
Article
The New Retirement Landscape
Article
An Economic View of The Wage Gap
Article
An Investor Looks at Spinoffs
Article
How Our Biases Feed Pessimism
Article
Teachers Matter!
Article
The Fiduciary Standard Explained
Article
The Whims of Crowds
Article
The Effective Contrarian
Article
Job Polarization
Article
Our Bias Toward Action
Article
Ignorance is Expensive!
Article
Proxy Season
Article
Freedom of Choice
Article
Investing for the Nobel Prize
Article
The Undoing Project
Article
Why We Need Index Investors
Letter Excerpt
Corporate Tax Rates as Social Policy
Letter Excerpt
Equity Diversification
Article
Miracle Grow
Article
Getting Rich Slowly (IRA)
Article
John Templeton Revisited
Article
The Need for Productivity Growth
Letter Excerpt
Investing in Skills
Letter Excerpt
Only Downward Volatility Upsets People…
Letter Excerpt
The Surprisingly Dark Side of Indexing
Letter Excerpt
The Downside of Indexes
Letter Excerpt
The Stock Investing “Stream”
Letter Excerpt
Focusing on Long-Term Factors
Letter Excerpt
Letting the Tax Tail Wag the Dog
Letter Excerpt
The Economic World Today
Letter Excerpt
Economic Growth Fulfills People’s Wants and Needs
Letter Excerpt
“Free” College Education
Letter Excerpt
Minimum Wage: No Free Lunch
Letter Excerpt
Prices and Predictions
Letter Excerpt
Behavioral Biases
Letter Excerpt
Inflation “Touches” Principal Even When You Don’t
Letter Excerpt
As Successful as a Tail-Chasing Dog
Letter Excerpt
Stay Invested Through Thick and Thin
Letter Excerpt
Short-term Prices: More Opportunity than Meaning
Letter Excerpt
“Stop the Bleeding?”
Letter Excerpt
Investor Sentiment
Letter Excerpt
Growth vs. Value Stocks
Letter Excerpt
Growth vs. Value
Letter Excerpt
In any meaningful sense, there are no guaranteed returns
Letter Excerpt
Emotional Pressures
Letter Excerpt
"How Poor They Are that Have No Patience"
Letter Excerpt
It’s Best to Start “Cheap”
Letter Excerpt
Don’t Bet Against Human Progress
Letter Excerpt
Illogical Thinking
Letter Excerpt
Economic Cycles and the Case for Patience
Letter Excerpt
Prices and Emotions
Letter Excerpt
Investing Tour de France
Letter Excerpt
The Investing “Dark Side”
Letter Excerpt
Bear Markets Will Come … Some Time
Letter Excerpt
Saving vs. Investing
Letter Excerpt
The Power of Compounding
Letter Excerpt
Investment Myths
Letter Excerpt
The Daily News Doesn’t Create Successful Investors
Letter Excerpt
Volatility is not Risk Revisited
Letter Excerpt
Planning for a Long Retirement
Letter Excerpt
Market Economics
Letter Excerpt
The Big Picture
Letter Excerpt
The Fallacy of Asset Allocation
Letter Excerpt
Tomorrow’s Crisis May Not Look Like Yesterday’s
Letter Excerpt
The Emotionally Stable Outlook
Letter Excerpt
Long-term Thinking
Letter Excerpt
Correlation Still Does Not Prove Causality
Letter Excerpt
High Returns and Low Risk (Still) Don’t Mix
Letter Excerpt
The Equity Risk Premium
Letter Excerpt
Current Fads
Letter Excerpt
Correlation and Causation
Letter Excerpt
Common Sense In Investing: An Uncommon Trait
Letter Excerpt
The Definition of Investment Risk
Letter Excerpt
The Benefit of Being Realistic
Letter Excerpt
The Folly of Economic Forecasting
Letter Excerpt
Buying High and Selling Low
Letter Excerpt
High Frequency Follies
Letter Excerpt
This, Too, Shall Pass
Letter Excerpt
Finding Good Investments
Letter Excerpt
The Key to Success
Letter Excerpt
Di-worse-ifcation
Letter Excerpt
The Importance of Diversifying Appropriately
Letter Excerpt
Investment Success Occurs over the Long Term
Letter Excerpt
Smart Investing: Purpose and Patience
Letter Excerpt
I’ll Wait Until the Outlook is Better
Letter Excerpt
The Definition of Risk
Letter Excerpt
Bubbles: Pursuing Past Performance
Letter Excerpt
Timeless Guidelines for Investment Success
Letter Excerpt
On What Fixed Income Really Means
Letter Excerpt
How We Attempt to Deal with Inflation
Letter Excerpt
Behavior Economics and Information Processing
Letter Excerpt
Inflation: A Tax in Disguise
Letter Excerpt
A Long-Term Strategy for Investing Success
Letter Excerpt
Retirement: Steady Savings, Market Returns and Patience
Letter Excerpt
You Must Invest When Times Look Bad
Letter Excerpt
Long-Term Advancement of Always Won Out
Letter Excerpt
Our Inflation Prediction
Letter Excerpt
Retirement: A Changing Demographic
Letter Excerpt
How Not to Make Losses Permanent
Letter Excerpt
Patience Pays Off
Letter Excerpt
Life Expectancy and Retirement
Letter Excerpt
The Risk of Living Longer
Letter Excerpt
Progress and Economic Growth
Letter Excerpt
History Repeats Itself and Progress Continues
Letter Excerpt
Buying High and Selling Low
Letter Excerpt
Taking Advantage of the “Madness”
Letter Excerpt
Anxiety is Often a Contrary Indicator
Letter Excerpt
Understanding Inflation
Letter Excerpt
Happiness Can be a Frame of Mind
Letter Excerpt
Danger Can Feel Like Safety
Letter Excerpt
There’s Always a Believable Story
Letter Excerpt
DOING Better vs. FEELING Better
Letter Excerpt
The Cost of Panic
Letter Excerpt
Predictions About Retirement
Letter Excerpt
Inflation: An Analysis
Letter Excerpt
Fruit of the Gloom
Letter Excerpt
It Is Often More Risky to Sell Than Hold
Letter Excerpt
That Wall of Worry
Letter Excerpt
Cause and Effect
Letter Excerpt
Economic Indicators: The Leading and Lagging
Letter Excerpt
The Case for Economic Growth
Letter Excerpt
Excessive Fear Results in Safety for No One
Letter Excerpt
Important History Lessons
Letter Excerpt
Bubbles and Panics Eventually End
Letter Excerpt
What Does a “Bottom” Look Like?
Letter Excerpt
Learning from History
Letter Excerpt
Long-term Investment Success: Practicing Patience
Letter Excerpt
We are Hardwired to React Before We Think
Letter Excerpt
Higher Peaks and Higher Lows
Letter Excerpt
Predictions Are as Accurate as a Broken Clock
Letter Excerpt
There is No Magic Investing Formula
Letter Excerpt
No One’s Right 100% of the Time
Letter Excerpt
Risk: The Chance of Losing Purchasing Power
Letter Excerpt
Short-term Irrationality
Letter Excerpt
Diversification: The Good and the Bad
Letter Excerpt
Successful Investing: Today’s Prices and Future Prices
Letter Excerpt
Long-Term Investment Risk is a Function of Objectives
Letter Excerpt
Psychological Traps
Letter Excerpt
Retirement and Unexpected Expenses
Letter Excerpt
The Media and Investor Sentiment
Letter Excerpt
The Price to be Paid
Letter Excerpt
Volatility is the Investor’s Friend
Letter Excerpt
Benchmarks and Results
Letter Excerpt
How to Beat the Benchmark
Letter Excerpt
Fiduciary vs Salesperson
Letter Excerpt
Focus on the Long Term
Letter Excerpt
Economic Growth: A Product of the Enterprising Human Spirit
Letter Excerpt
Investment Risk is Inevitable
Letter Excerpt
Capitalization-Weighted Indexes
Letter Excerpt
A Retirement Story . . .
Letter Excerpt
Mr. Market’s Whims
Letter Excerpt
Investors Must Ignore Sunk Costs
Letter Excerpt
How to Get Lower Returns
Letter Excerpt
An Advancing Tide
Letter Excerpt
The Math Behind Stock Returns
Letter Excerpt
Volatility is GOOD!
Letter Excerpt
To Achieve Meaningful Returns . . . Accept and Manage Risk
Letter Excerpt
The Mortal Investing Sin: Following the Crowd
Letter Excerpt
Courage and Skill
Letter Excerpt
How We’ve Done It
Letter Excerpt
Taking Advantage of Volatility
Letter Excerpt
Choosing a Benchmark
Letter Excerpt
Inflation vs. Bonds
Letter Excerpt
Later Retirement: A Changing Landscape
Letter Excerpt
Investor Mood Cycles
Letter Excerpt
Creating a Retirement Plan
Letter Excerpt
The Cost of Lower Volatility
Letter Excerpt
What’s a Peak?
Letter Excerpt
Market History in a Nutshell
Letter Excerpt
Capitalization Weighted Indexes
Letter Excerpt
Discussing Popularity & Risk
Letter Excerpt
Shouldering Risk
Letter Excerpt
Buy Pessimism and Sell Optimism
Letter Excerpt
Fallout from the Tech Bubble
Letter Excerpt
Long-Term Results are the Key
Letter Excerpt
Patient Investors Outlast Bubble-mania
Letter Excerpt
Speaking of Corporate Retirement Plans . . .
Letter Excerpt
On Fear and Greed
Letter Excerpt
…Just Another Managed Portfolio
Letter Excerpt
Taking Our Economic “Lumps”
Letter Excerpt
Smart Investors Don’t Wait for Optimism
Letter Excerpt
Bursting of the Tech Bubble
Letter Excerpt
A Realistic Prediction
Letter Excerpt
Intelligent Investing Transcends Style Boxes
Letter Excerpt
Informed Clients: Giving Credit Where It’s Due
Letter Excerpt
“Growth” vs. “Value” Investing is Overly Simplistic
Letter Excerpt
The Power of an Index
Letter Excerpt
Sharp Volatility: A Sign of Emotions at Work
Letter Excerpt
Markets Bubbles and Irrationality Go Together
Letter Excerpt
Missing Your Moment
Letter Excerpt
When the Bubble Bursts: Happy Endings
Letter Excerpt
Operational Risk vs. Price Risk
Letter Excerpt
Many “Investors” Follow the Investing “Herd” to Their Peril
Letter Excerpt
Markets Equalize Supply and Demand
Letter Excerpt
Chasing Bubbles
Letter Excerpt
Economic and Psychological Pendulums Swing Together
Letter Excerpt
Current Prices Often Reflect the Future Story
Letter Excerpt
The Investor-Athlete
Letter Excerpt
The Market Moves Faster than the News
Letter Excerpt
Investment Success: Part Science, Part Passion
Letter Excerpt
Taking Wise Risks
Letter Excerpt
Lower Prices vs. Fundamentally Low Prices
Letter Excerpt
Counterproductive Legislation
Letter Excerpt
Independent Analysis Powers Investment Success
Letter Excerpt
Volatility Does Not Equal Risk
Letter Excerpt
The Present Value of Forever
Letter Excerpt
Change is the Successful Investor’s Best Friend
Letter Excerpt
Overly Popular Strategies Inevitably Reverse
Letter Excerpt
Success Won’t Come from Predicting What Others Think
Letter Excerpt
Risk is the Chance of not Achieving a Goal
Letter Excerpt
Inflation is a Predictable Risk
Letter Excerpt
I Enjoy Volatility!
Letter Excerpt
The “Great Equalizer”
Letter Excerpt
To Succeed in the Long Term, Understand the Short Term
Letter Excerpt
The Dangers of Indexing
Letter Excerpt
Risk Assessment is Part of Every Decision
Letter Excerpt
Short-term Investor Behavior can be Exploited
Letter Excerpt
Independent Research Powers Our Investing
Letter Excerpt
Mr. Market’s Ways
Letter Excerpt
Pessimism is the Fuel of a Bull Market
Letter Excerpt
The News is Always Darkest at the Bottom
Letter Excerpt
Pessimism Matters More than the Reasons Behind It
Letter Excerpt
Inflation: The Final Medicine
Letter Excerpt
Down Markets Create Opportunities
Letter Excerpt
Ignore Short-term Fears
Letter Excerpt
Human Progress has been a Constant
Letter Excerpt
Economic Change can have Negative Side Effects
Letter Excerpt
Cultivating a Long-term Attitude
Letter Excerpt
What Prudence Means in Investing
Letter Excerpt
Investor Personality Affects Success
Letter Excerpt
Understanding Investment Performance
Letter Excerpt