This month, I push back against the extremes.

We’ve written often of our preference for “factor” investing in equities, an approach that leads us to variously “tilt” portfolios toward characteristics that reflect observable “risk premia” in that they can be seen to have led to outperformance over time. There’s no guarantee that outperformance will come, though; there’s a risk that the premium won’t […]

Regularly investing over time may allow one to take advantage of market volatility, rather than simply suffer it. As stocks bounce up and down, investors may find that market drawdowns present opportunities to invest at lower prices. Perhaps easy to default, then, to a dollar cost averaging plan (DCAP)—the practice of investing a particular sum […]

Seems not since the Tech Bubble of 2000-01 have we experienced such a rapid shift from “meaningful advance in technology” to rampant hype bordering on hysteria. Now ubiquitous, “AI” dominates the empty boilerplate phraseology of executives and pundits—however hollowly—seeking to convey techno-sophistication and endless promise. Finding the memetic expansion unprecedented and becoming ever more lacking […]

Responding to a reporter’s question regarding the Federal Reserve’s going-forward efforts to balance the risk of weaker employment against that of growing inflation, Chairman Powell stated, “We have a situation where we have two-sided risk, and that means there’s no risk-free path.” That two-sided risk scenario always exists, of course, but managing against both of […]

In this podcast, I speak to concerns regarding the AI land grab.