If the last week of the year is a decent one, the industry will break 2014’s record year…

Another year in the books and I’ve updated my Investing Fads and Themes by Year guide accordingly. It begins with 1996 because that was my first summer working on The Street and my earliest exposure to the market. I do this every December because I agree with the eminent philosopher Bob Marley in that “If you know your history,…

Charts

I’d say, given the competitive landscape and the new proclivities of the customer base, these below-market multiples are justified.

Video

Two takes on what money does to your character, written a century apart but completely in sync…

A few ways to look at my chart above… a) What bull market? No progress for any equity asset class in 18 months, lots of losses. b) The fact that US stocks (large, mid, small, in the yellow circle) are essentially flat since last summer is just a consolation prize, I suppose. c) The destruction…

Huge $5.3bn outflows from HY bond funds (largest in 12 months)