It’s that time of year again. Everyone’s putting out their year-in-review pieces and 2021 outlooks. For me, 2021 re-enforced some of the most prevalent time-tested principles of investing. Three in particular stand out. First, having a long time horizon is essential to most investors’ success. I spoke with someone recently (we’ll call him Jack) who …

With each passing week, the conversation about stock market bubbles feels like it’s intensifying. I’m not really sure if that’s true but if feels like it. It actually just might be that a few people are becoming increasingly outspoken. Naturally, the conversation has progressed to bubble talk as the stock market has continued to climb …

The recent run up in Bitcoin has been nothing short of crazy. I mean it’s doubled since the first part of November! I’m not going to pretend I know for certain why it has run up so quickly but I have to imagine increased institutional interest along with Square’s and Paypal’s announcements last month have …

Sentiment is possibly the most important element of investing in stocks. We all get caught up in valuations and fundamentals, which are important, but valuations can become inexplicably extreme in either direction for longer periods of time than we might anticipate and unjustified fundamental expectations can be construed in any light to support a narrative. …

I recently finished Howard Marks’ Mastering the Market Cycle. It was a great book from an industry veteran who has seen a thing or two during his six decades in the business. While there is much wisdom in the book, the part that continues to stand out to me is the chapter on how to cope …