If you kicked off 2015 by rearranging your portfolio for the “impending interest rate hike”, you were really early – like eleven months early and counting.

Well, in twelve days you’ll know if it was worth it because that’s the last Fed meeting for 2015.

Now, before I go further, it’s fair to point out that few people expected rates to go as low as they did. Even fewer thought it would last this long. It’s probably fair to say that even less people think rates will stay low much longer. Continue Reading…

I’m keeping things short this week to get an early start to the upcoming holiday. No, that’s not code for camping out for Black Friday deals. It does mean no posts next week too. Things will get back to a regular schedule in December.

Have a great Thanksgiving everyone! Continue Reading…

Slicing and dicing up indexes are what fund companies do best these days because most can’t compete with the low-cost leader in the industry. A new story is told, almost daily, about how you might make money or avoid losing money with some new fund – then you get charged an arm and leg for that narrative. And that is how fund companies try to create demand out of thin air.

The new yarn being spun is the need to avoid one specific sector in the market. To tell the tale, the fund company uses hindsight to weave its story. Continue Reading…

Business Insider has a write-up on the latest Baupost quarterly letter. There are several great quotes in the article on the Dotcom bubble, doing nothing, the importance of cash, and a little bit about their process.

I pulled a couple quotes below that describe what it was like being a value investor during the Dotcom crash. Continue Reading…