I could build a hypothetical income portfolio to show to potential clients right now that would demonstrate incredible three-year past performance along with a ridiculously high yield relative to the risk-free rate offered by Treasurys. And I could do it with ETFs and mutual funds that demonstrate a high degree of liquidity today, when all is…

I’m always amused when I hear financial institutions and advisors debating market share of the retirement industry – as though it even matters. Retirement assets alone now total a new record $24.7 trillion. And no one is getting most of it to manage themselves, no matter what they price their services at or which talking duck…

Contest

we must acknowledge an inconvenient truth.

“Are We In A Biotech Bubble? “

Usually, just as a holder’s desire to sell and asset increases (because he has become afraid to hold it), his ability to sell it decreases (because everyone else has also become afraid to hold it). Thus (a) things tend to be liquid when you don’t need liquidity, and (b) just when you need liquidity most,…

Video

I’ve spent the entirety of the post-crisis ZIRP period laboriously documenting trends in asset management and portfolio construction. I’ve written and talked about it all, in great detail, perhaps more so than any other market commentator in the world. I begin this way to give you a bit of background for what I’m about to say…