“You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, you won’t do well in…
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The Age-Based Portfolio
Recession Signals that are Flashing Red
“There are decades when nothing happens, and weeks when decades happen.” – Uday Kotak, founder of Kotak Mahindra Bank The gap between how people are feeling about the economy and what’s happening is bigger than the Grand Canyon. The soft...
read moreShould I Borrow Against my Portfolio?
“We were dramatically pushed to put these on all of our client accounts.”– Steven Dudash, former Wall Street broker. Traditionally reserved for high net worth…
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Should I Consolidate My Assets?
“The ability to simplify means to eliminate the unnecessary so that the necessary may speak.”– Hans Hofmann. Having multiple investment managers is often viewed as…
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Hedging Equities with… Equities?
In response to the financial crisis, investment managers scrambled to find alternative strategies to soften total portfolio risk during extreme market drawdowns. Hedge funds, with…
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Money Quotes
Over the 4th of July weekend I made it a point to unplug and reflect. I do some of my best thinking when I’m off…
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Fear Sells. Don’t Buy It.
I have a close relative that is debating taking a new job. The new position would be more favorable from a tax standpoint, commute time,…
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The Bond Market Doesn’t Believe the Fed
“Just remember that 10 of the last 13 Fed hiking cycles have been miscalculations that ended in recession.”– David Rosenberg, Chief Strategist at Gluskin Sheff….
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Valuation Matters, Except When It Doesn’t
“The market can remain irrational longer than you can remain solvent.” John Maynard Keynes, Economist The Shiller price to earnings ratio (CAPE) is a popular…
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Drive Your Managed Portfolio into the Ground
“Invert, always invert.” – Charlie Munger, the Vice Chairman of Berkshire Hathaway and Warren Buffett’s partner. Munger borrowed the idea of inversion from 19th century…
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