Channeling his inner Benjamin Graham (in the ST markets are a voting machine tallying popularity - in the LT markets are a weighing machine assessing substance) Josh Brown wrote this fantastic piece about why stock prices are a proxy about our beliefs about the future. By definition hope/faith (belief in the absence of evidence) is [...]
Frequent readers of the Apollo blog know of our, um, “love” for Big Media and the content-for-the-sake-of-content weapons-grade BS it spews. Given the importance of being fair we’ll give credit where due. Here’s an article actually worth reading: https://www.marketwatch.com/story/why-you-probably-have-less-money-invested-in-stocks-than-you-should-2018-05-23 For every Paleo diet, juice cleanse and the like there’s one tried and true way to [...]
Really enjoyed this graphic: So many applications to life. Knowing what we know, knowing what we don't and knowing there's so much more to learn. It's so important to know where we stand. We are what we are...not what we think we are.
We thoroughly enjoyed this piece by Morgan Housel. Highlighted are some of our favorite passages. Patience is indeed a virtue!
With apologies to the ubiquitous series we’ve co-opted the title in order to share the single most wonderful piece of investment advice we’ve read in a long, long time. Buried in an article about Dollar Cost Averaging vs. Lump Sum Investing is this gem: “Ultimately the best solution is the one that gets an investor [...]
Oh to be a talking head. Get paid to say a bunch of stuff and not have to be accountable. What a life! Year after year dope after dope heaps BS upon BS. We should ignore it but we don’t. We are our own worst enemies. (Go here and here to find out why.) With [...]
So you're a long-term investor, eh? You don't make emotional decisions, right? Then who's responsible for this: The above (courtesy of Bloomberg) shows that over the 4 trading days from Feb 1-6 "investors" (let's call them what they are...speculators) pulled a record $17.4 billion from the benchmark ETF tracking the S&P 500. People continue to [...]
Friday was painful, huh? The past few years of steady, positive returns have lulled us to sleep. It’s jarring for the plane to experience turbulence. But did we crash and burn? The higher the market the more irrelevant ‘point movements’ become. The 1987 Black Monday pullback of ~500 points was a one-day decline of 22%. [...]
Here’s an interesting look at the RORs of various asset classes over the past 10 years: Calculated values reflect returns of the following ETFs/ETNs: EM = iShares MSCI Emerging Markets ETF REITs = Vanguard REIT ETF Mid Cap = SPDR S&P MidCap 400 ETF Small Cap = SPDR S&P 600 Small Cap ETF Large Cap [...]
The amount of informational junk floating about is astronomical – content for the sake of content as we like to call it. The explosion began with 24-hour news channels. The low barriers to entry of Twitter, podcasts and the like have taken it to a new level. It’s created what we’ve often called an inverse [...]