“New all-time highs” Just reading or hearing the term itself engenders a certain kind of hysteria in people. It suggests that things are about to tip the other way any second, as we all carry within ourselves a cognitive defect known as the Gambler’s Fallacy. We innately believe that random occurrences are meant to balance…

Cartoon by Hugh MacLeod For me, the new year officially starts tomorrow. And my god, do I have my work cut out for me. This month, my team rolls out a set of completely revamped asset allocation models for 2015. I think we’ve absolutely nailed it with this iteration, the crystallization of years of thought…

In case you missed it, my pal Art Cashin’s annual New Years poem came out the other day and the cleverness is overflowing, as always… ‘Tis the day before New Year’s and despite what you’re hopin’ The folks in the Boardroom say “the full day we’re open” So we’ll buy and we’ll sell as the…

The sports world lost a giant this morning, as ESPN’s Stuart Scott died of cancer at the age of 49. He was game-changing in the early 90’s and excellent as the host of SportsCenter in the two decades since. Here he is accepting the perseverance award at the 2014 ESPYs last month…

There are two options to Get Out Of Jail in Monopoly – pay or roll the dice for doubles. This is how god sorts out bankers from traders. — Downtown Josh Brown (@ReformedBroker) December 24, 2014

The best thing about Wall Street’s annual S&P 500 targets is that they’re never right. The consensus is so far off the mark in most years that it’s almost hilarious that research departments still put these things out. At this stage in the game, professional investors don’t take them seriously at all. They just accept them…