Liberating Stock Price Crash Thought #1 — It’s Virtually Inevitable I used to worry about the possibility that we will soon see a stock price crash. For obvious […]

The usual stock market investing advice of today is rooted in a false understanding of what the historical stock-return data says about investing for the long-term. Andrew Smithers […]

Rational Investing vs. Passive Investing, Comparison #1 — Definition A regression analysis of the historical stock-return data shows that the most likely 10-year annualized real return for U.S. […]

If the Random Walk Is Real, the Efficient Market Isn’t. People who believe in an efficient market generally also believe that stock prices follow a random walk. It […]

Set forth below are five reasons why I like index investing and five reasons why I don’t (at least not as it is generally practiced today). The first […]

Being afraid I went and hid thy talent in the earth…. And his lord, answering, said to him: “Wicked and slothful servant!” — Parable of the Talents, Matthew, […]

Passive Investing Is Dangerous Because It Is So Easily Confused With Indexing. I am a big believer in indexing. Indexing is buying shares of all stocks in a […]

“If I listen long enough to you, I’ll find a way to believe that it’s all true. –Tim Hardin, ”Reason to Believe” Woody Allen tells a joke with […]

All the ladies in Washington are scrambling to get out of town. –Dylan, “Thunder on the Mountain” Critics of the Efficient Market Hypothesis Need to State Their Case […]

Those Who Believe in an Efficient Market Are Not Able to Say With Much Clarity What It Is. The Efficient Market Theory posits that all that there is […]