TINA refers to a commonly held belief today that investors should maximize their exposure to stocks given the lack of potential return in “safer” categories such as bonds and cash. Granular detail on stock ownership is difficult to find but here are a...
Investors in equities have been successful using a variety of analytical techniques but one of the more enduring methods is the value approach which involves purchasing a stock at a discount to one’s estimation of a given company’s fair or intrinsic value. Practitioners...
In 2018, we published Longevity: Trends and Challenges which could be described as the classic “good news bad news” story. The good news was that life expectancy in the U. S. had risen from 47.3 to 78.9 years over the period 1900 to...
The pandemic has provided us with a powerful reminder that unpredictable human behavior makes it very difficult to forecast the economy. You may recall that during the economic contraction associated with the lockdown, there were a variety of forecasts as to the trajectory...
“On A Clear Day You Can See Forever” – Alan Lerner, 1965 Over the years, I have heard innumerable people say they did not want to make any investment decisions until the economic and financial outlook was clear and more certain. However, the...
The second quarter of 2020 saw a significant rally in risk assets as the world worked to assess the pandemic, provide fiscal and monetary support and began a wide variety of re-opening formats. While portfolios results look better today than they did at...
