Avoiding Wall Street’s Rake

Greetings from Las Vegas! I’m here visiting my parents and took the opportunity to play in a very low-limit poker game. I have always found the similarities between winning at poker and winning in the markets to be uncanny. They both require a solid understanding of the odds, the knowledge to develop a reliable strategy, [...]

Investing Tips for Doctors

I have sympathy for doctors. They are hounded by the financial services industry from the day they leave medical school. They’re showered with invitations to attend free seminars,  special events, and even gain access to special investment opportunities that are “just for doctors.” Every broker, financial advisor and insurance agent wants a piece of the [...]

Are You A Disciplined Investor?

Investment discipline is misunderstood.  Too many investors, both individuals and professionals, say they are diligent at running their portfolios when they’re really not. Portfolio performance data proves it. Turnover rates in portfolios are high, mutual fund performance chasing is the norm, and investor sentiment shifts much more rapidly than good discipline would infer. In my [...]

Invest Like a Marine!

I recently attended a Marine Corps reunion where I re-bonded with several fellow Marines from years gone by. This particular reunion was a gathering of former A-6 Intruder aircrew. Although the sophisticated carrier-based A-6 fighter has long since been retired to museums, the old warriors who flew them are still kicking. The guys I served [...]

The Evolution of Personal Investing

Austrian-American economist Joseph Schumpeter’s described creative destruction as the process of transformation that occurs in business following new innovation. He explains that entrepreneurs provide the catalyst for sustained long-term economic growth. However, the consequence of innovation is the destruction of value of established methods, including job security of workers that enjoyed a monopoly of sorts [...]