In 1852, Scottish journalist Charles Mackay wrote Popular Delusions and the Madness of Crowds. In his book, Mackay chronicled financial manias through history, including the 17th-century Dutch Tulip Mania bubble. He showed the consistency of human behavior when it comes…

Bad habits can sometimes be hard to break. One bad habit in investment analysis is using cost basis to judge performance. The point of this note is to explain why it is a bad idea and a habit in need…

I’ve just returned from an enriching two-week journey to Japan alongside my son, and my mind is brimming with newfound perspectives gleaned from immersing ourselves in another culture and world. Our expedition began in Hiroshima, where we were profoundly moved…

Clear thinking is a necessary component of successful investing, but some fallacies can be difficult to detect. Here is a common example. A recent segment on CNBC titled “What Happens if $6T in Cash on the Sidelines Comes Into the…

This past weekend, the eyes of most Americans (and many people across the world) were fixed on Las Vegas. The self-styled ‘Entertainment Capital of the World’ hosted what is arguably the largest single sporting event of the year: the Super…