Quote for the Week
Hard experience has taught me that chasing noise leads me to miss the main trend too often. At the same time, having lived through the bond yield/stock yield shift of the late 1950s and the breakthrough of bond yields into the stratosphere beyond 6 percent in the late 1960s — just to mention two such shattering events out of many — I look with suspicion at all main trends and all those means to which variables are supposed to regress. To me, the primary task in investing is to test and then retest some more the parameters and paradigms that appear to govern daily events. Betting against them is dangerous when they look solid, but accepting them without question is the most dangerous step of all. — Peter Bernstein (source)
From the Archives
Last Call
- Incentivized Stupidity – The Better Letter
- Different Kinds of Smart – M. Housel
- “I Made a Mistake” – S. Godin
- Warren Buffett Goes Back to School – Kingswell
- The Overvalued Dollar: What a Reversal Could Mean for Global Equities – L. Swedroe
- Marks Memo: More on Repealing the Laws of Economics – Oaktree
- How One Kiwi Tamed Inflation – Works in Progress
- AI is Already Making People Less Creative – Hot Takes
- The Man Who Invented the Modern Zoo Tested Out His Ideas on People First – Smithsonian