Today I read an excellent article in the WSJ regarding the fact that stocks have tripled since their March 2009 lows, but savers are still being squeezed from low interest rates...Read More

As we sit in year-7 of a historic bull market, with earnings likely to decline for the 3rd consecutive quarter, the lack of a margin of safety in most stocks, bonds, and real estate is becoming painfully obvious. The Federal Reserve’s record-low interest rate policies have driven all asset classes higher, to levels where the...Read More

After a month and a half of low volatility, where stock indexes failed to move by more than 1%, volatility has rushed back onto the scene over the last several days. Frankly, this is very normal market behavior, as periods of calm usually presage periods of volatility. One shouldn’t get complacent when things are quiet,...Read More

Over the last month, we have begun to see financial stocks outperform the overall market.  If one was to ask why, most market participants would say that the perception that interest rate hikes are more likely to be forthcoming in 2016 is driving the stocks.  In a market where short-termism is the status quo, these...Read More

When I review different investors portfolios, I’m quite often surprised at the exposure to bond mutual funds.  This has a lot to do with the cookie-cutter asset allocation philosophy that is pervasive throughout the financial advisor community, where recent historical returns are used as a proxy in building a portfolio allocation.  Of course the last...Read More

Unfortunately, the financial advisory industry is plagued with cookie-cutter formulas like the so called 4% rule, which is based off of statistical samples of historical returns to help create a withdrawal plan for retirees.  The problem with these types of generic solutions is that the historical returns may or may not be relevant whatsoever towards...Read More