02 Dec The Next Ten Years Are Likely To Be Different
Wow! Patience and diversification may win in the long run, but for the last few years, it’s cost a lot of investment managers their jobs. What has worked has been to be ‘all...
29 Jun 12% Six Years, 2.4% Thirty Years
Thirtytwo years ago I started my investment career with Dean Witter Reynolds in Las Colinas. At that time, you could double your money in risk-free US Treasury bonds, paying 12% in approximately six...
01 Feb The Defense is Still on the Field
Last October, I wrote a letter entitled ‘At Least you are Aware’ describing my concerns regarding the stock market and several defensive strategies that I believed were appropriate at the time. The market...
06 Oct At Least You are Aware
I thought I would give you a heads up on a longer term picture of the S&P 500. As you can see from the 20–year chart above the market took a turn for...