Richard Heuer, a CIA veteran of 45 years, wrote that “once information rings a bell, the bell cannot be unrung.” What he meant was that once we learn something, it leaves an impression that is hard to erase — even after we find out the idea is false and discredited. It is an innate feature […]
News & Insights
The Complete Inflation Story…. (Abridged)…
The economy is on a tear today. Driven by the post-shutdown bounceback, numerous rounds of stimulus, and the rapid rollout of the COVID vaccine, GDP is expected to grow over 6% this year, maybe even 8%. These are growth rates not seen since the Reagan years. But the question now is, is this recovery about […]
mRNA, You Say?…
In January of 2020, news began to trickle in from China about a new virus that was spreading, causing the country to lock down millions of its citizens. By March of 2020, large portions of the world had implemented similar measures to limit the exponential spread of the new coronavirus and prevent hospital systems from […]
The Enduring Power of Storytelling…
When first introduced over 40 years ago, passive mutual funds were designed to provide a low-cost way to mimic the returns of market indices like the S&P 500. Exchange Traded Funds (ETFs) improved on this concept by allowing investors to buy and sell their holdings throughout the day. Thematic ETFs are the latest iteration of […]
GameStop Was The Best Game Ever…
Until it was not. The stock surged from under $20 to $483 in just a few days before falling back to $50 as I write. The new “swarm traders” (so dubbed by The Economist recently), denizens of Reddit and Robinhood, battled the Wall Street hedge funds for control of the price. Some investors won, some […]
How We Invest, How We Stay Grounded…
“We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run,” scientist Roy Amara once said. It’s a wonderful way of remembering how we get caught up in hype but are short-sighted on long-term value. It also touches on why it can be so hard […]
Everyone Wants ESG, But What Is It?…
The Environmental, Social, and Governance (ESG) investing industry has exploded over the last decade. The Forum for Sustainable and Responsible Investment reports that there are now over $17 trillion in U.S. assets managed via a strategy that incorporates some kind of ESG information. There is great appeal in the idea that ESG performance can be […]
Curing Range Anxiety…
Electric vehicles (EV) are all the rage in the investment world today. For proof look no further than the meteoric rise in the shares of EV star Tesla or any number of new EV share listings. This share price action is not unfounded – EV adoption rates around the globe are accelerating. But in the […]
The Question We Get Asked A Lot…
Is this stock market today a Bubble? If you ask Jeremy Grantham, one of the Deans of the Investment business and a founder of the Investment management firm GMO, it certainly is a Bubble. To him the market looks eerily like the housing market of 2008 and the technology market of 2000. Scary high. But […]
Preparing To Live For 100 Years…
I t seems hard to foresee what life will look like in the year 2124, but on average, a child born today will live to see such a world. Let that sink in for a moment. Life expectancy has been increasing over time. People today die at around 80, 30 years ago it was 74, […]
And Preparing In Case You Don’t…
Notwithstanding what we just wrote about average life expectancy being on the rise, we all are unique individuals on our own trajectory. Preparing to live a long happy life is important, but so is preparing for unknowable occurrences. Unpleasant as it may be, not preparing for death or disability will upend the best-intentioned plans. Estate […]
On The Hunt For Value…
As professional money managers, we are constantly on the lookout for undervalued sectors of the market. This is no easy task today as unprecedented amounts of fiscal and monetary stimulus have caused prices to soar across a wide range of financial assets. Still, as the most recent GameStop folly revealed, investors’ emotional tendency toward fear […]
