Old Age

It’s been 3 years since US equities have corrected more than 10%. But there’s no law about how long rallies can last without a correction.

In any event, as diversified, well-positioned investors (as, of course, we believe we are), does it really matter if stocks fall 10%? or 20%? If it does matter, you probably have the wrong portfolio. For the rest of us, volatility really does equal opportunity.

• 12 Jun, 2017

  Economics in Action

  The intersection of supply and demand determines price and quantity: there is no more fundamental principle of economics ...

• 26 Jun, 2015

  More on Rates...

  A few days ago (Beginning's End) I suggested 2015 might turn out to be the worst year for bond investors in the past ...

• 25 Jan, 2016

  Digging Out

  The eastern United States was buried in snowstorm Jonas this weekend, from 42 inches (more than a meter for our non-US ...