When (if) interest rates rise, perhaps in 6 months or sometime around when my grandchildren are graduating space college, there will likely be some pressure on various portions of your portfolio. But where? And how bad might it be? And for what duration will the pain last? We can’t know in advance. But we can…

Last summer, the biggest catalyst I could see on the horizon for investors was the then-upcoming Shanghai-Shenzhen link to Hong Kong’s stock market. This link, colloquially referred to as the “through-train” was meant to drive liquidity from developed markets around the world into the mainland Chinese shares market, where valuations were substantially discounted owing to…

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VII) You will spend too much time worrying about low probability outcomes.

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Every year we have a recession in the first quarter and every year people get hysterical. And every year the economy rebounds into summer and the hysterics roll back their estimate cuts and their calls for economic demise. Putting aside why economy-watchers are so easily fooled or confused after so many episodes of the same…

the S&P 500 has just broken a record high thanks to a median trailing PE ratio of over 18