The Equity Risk Premium and what to use it for
On this basis it could be argued that, at that time, since expected returns were well below historic norms, prices were too high.
portfolio management
The best number of stocks to own
Too much of a good thing can be wonderful
Fallacies around the truth of what drives the market
The top-performing 2.4% of firms account for all of the $US 75.7 trillion in net global stock market wealth creation from 1990 to December 2020
Investing expertise can be learned
It is only by working at what you can’t do that you turn into the expert you want to become.
There’s a time to hold ‘em and a time to fold ‘em.
The investment principles around selling losers and holding winners are one of the most important and subtle topics in investing; laden with psychological pitfalls
How I invest my money
This approach has worked
An overarching portfolio strategy
In sports, in war and in the battle for investment survival it is helpful to distinguish between strategy and tactics.
The problem with analysts’ target prices
The sell side analyst’s target prices do not estimate fair value. DCF estimates do just that. Investors should not confuse the two.
My investment plan for 2021
Plan for the worst. Hope for the best. And don’t agonize.
Let’s cut to the heart of how risk and uncertainty impact diversification
Diversification is inadequate as a risk management technique and too primitive for the new environment of volatility and uncertainty.
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