In baseball and in investing and in life, we often miss the obvious truths that are staring us in the face. Sometimes that delusion is willful and som…
In Part 1 of his Notes from the Road series, Rusty takes us to Ireland. There he begins an exploration of path-dependence and priors in our thinking a…
Part 3 of the Three-Body Alpha series, written for anyone puzzled by value's underperformance over the past NINE YEARS. Systematic value still works i…
Many of the memes that drive our political behaviors inherently push us toward Competitive Games and tribalism. Resisting these memes means losing bot…
Part 2 of the multi-part Three-Body Alpha series, introduced in Rusty's recent Investing with Icarus note. The Series seeks to explore how the increas…
The libertarian paternalism of a nudge culture in finance has created an industry of investors who care about fees but have forgotten about taxes, tra…
The behaviors that influence markets must be considered in context of archetypes, the languages and identities which group investors every bit as much…
When we try to define others' cartoon, we take away their agency, and strip away their humanity. And we do it with our clients, every time we guess wh…
Benjamin Graham famously said that the market is a voting machine in the short run, and a weighing machine in the long run. This is a right-sounding i…
Diversification is clearly one of the things that matter. Unfortunately, most investors pursue the meme of diversification! instead of the real thing,…
Part 1 of this note highlighted the supremacy of the risk decision in portfolio construction. In this follow-up, Rusty observes that many investors ma…
Of all the decisions you make as an investor, how much risk you take outweighs all of them. It is more important than costs, more important than diver…