Stocks and the Stockdale Paradox
“Anything can happen in stock markets and you ought to conduct your affairs so that if the most extraordinary events happen, you’re still around…
Lessons in investment warfare
“Let us learn our lessons. Never, never, never believe any war will be smooth and easy, or that anyone who embarks on that strange…
Bedtime for Bondo
“By sacrificing quality an investor can obtain a higher income return from his bonds. Long experience has demonstrated that the ordinary investor is wiser…
Wood will burn
“I am definitely concerned. When was [the cyclically adjusted P/E ratio or CAPE] higher than it is now? I can tell you: 1929, 2000…
A time of universal deceit
“Individuals who cannot master their emotions are ill-suited to profit from the investment process.” – Ben Graham. “What really broke Germany was the…
Madness!
“Central bankers control the price of money and therefore indirectly influence every market in the world. Given this immense power, the ideal central banker…
“Everything we are told about deflation is a lie”
“The European Central Bank has given its strongest signal yet that it is prepared to embrace quantitative easing to prevent the euro zone from…
Lured by plausible nonsense
“One of the peculiar sins of the twentieth century which we’ve developed to a very high level is the sin of credulity. It has…
More Bread and Circuses
Editor’s note: We’re grateful to Tim Price of PFP Group for this article. PFP has made this document available for your general information. “Lower…
Pop!
Editor’s note: We’re grateful to Tim Price of PFP Group for this article. PFP has made this document available for your general information. “10th…