Well, the IRS numbers are in from the 2018 tax-filing year. It’s the first under President Trump’s tax reforms, and the results won’t make anyone particularly happy. It’s not that most Americans are paying more in taxes. In fact, most are actually paying less. It’s just that the difference isn’t big enough to matter to most...Read More
I was never the biggest fan of John Maynard Keynes. While he was a brilliant economist — and a sometimes solid investor — he was a disaster with policies. His ideas have given generations of politicians from both parties cover to run wildly irresponsible deficits. But while Keynes was wrong about a lot, his thoughts on...Read More
I really hate arguing with Warren Buffett… After all, the Oracle of Omaha can call “scoreboard” on just about any investor alive today. His cumulative returns at Berkshire Hathaway are a whopping 2,472,627% since 1965. No one in history has produced returns that high, over a period that long, and with a portfolio that large. Regardless,...Read More
For value investors, the past 10 years have been outright depressing. Since bottoming out in 2009, the S&P 500 is up over 330%. That compares to 235% returns in the S&P 500 Value Index. That’s nearly a 100% difference in returns over the past decade; enough to shake the confidence of even the most steadfast believers....Read More
There’s an old Wall Street saying that goes, “Bulls make money, bears make money, pigs get slaughtered.” No one really knows who originally said it, but its meaning is clear. You can make money in a rising market or a falling market if you’re disciplined. But if you hunt for stocks to buy while being greedy,...Read More
