That number is f***ing bonkers.

You might have expected a bit of elation on Wall Street about the massive performance the US stock market has exhibited off of the February lows. You’d have been wrong. There’s no joy to be found, with the S&P 500 once again hovering just below last year’s all-time high. No one you’ll talk to believes…

Everyone knows this, but many have not come to terms with it yet.

No wonder everyone else thinks we’re insane.

Chart

the issue of active management’s value to society is a complex one and will not be satisfied with easy answers.

I have some major new developments to share with you today.

all of this is easy stuff to keep in the back of your mind

Goodbye, Bonnie, and thank you for everything