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.

• 21 Dec, 2016

  Shock, Part 4 (Divided We Are)

  We began this series with a review of the likely economic policies and their implications of the new Trump ...

• 15 Jan, 2015

  Swiss Cheese

  Back in 2011, as talk of the Eurozone disintegrating was at high pitch, investors fled to the perceived safety of the ...

• 2 Apr, 2015

  California Dreamin'

  Well, maybe not dreaming, but some thoughts.Below, my graph shows the unemployment rates for California and the US since ...