“How did you go bankrupt?” “Two ways. Gradually, then suddenly.” – Ernest Hemingway, The Sun Also Rises. It takes talent to lose $8 billion dollars…
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Spectacular Implosion
Pure Portfolios’ April 2025 Market Commentary
Markets declined by ~13% in April before recovering to end the month nearly flat. This marked one of the largest intra-month reversals in market history. In our April market commentary, we examine the factors behind the volatility, performance of key...
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The Identity Leak
“Keep your identity small.” – Paul Graham, famous investor. I was an average high school basketball player. Good enough to get on the court, but…
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Not Buying What the Fed is Selling
The Fed was on autopilot. Its forward guidance made clear that market participants could set their watches to four interest rate hikes in 2018. That’s…
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The New Age Investor
“Behind the recent surge in retail investing is a younger, often new-to-investing, and aggressive cohort not afraid to employ leverage.” Deutsche Bank strategists Jim Reid…
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Beating the Bubble Horse
“I’m just waiting for the bubble to pop.” – Anonymous potential client Have you ever met the type that thinks everything is in a bubble?…
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Perspective on Rising Bond Yields
“Bonds are dead.” – Warren Buffett via CNBC The recent uptick in yields has the reignited the “bonds will get crushed” angry mob. We can…
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Bitcoin, What Of It?
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase…
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Investing at All-Time Highs
In the early years of the smartphone, it was quite common to carry a personal cell and a work cell. Eventually, we wised up at…
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Is the 4% Rule Dead?
Mental shortcuts or heuristics are used to make quick decisions, either because of time constraints or to simplify a complex problem. The further away a…
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