Sometimes a Cigar is Just a Cigar

Neurosis is the inability to tolerate ambiguity.– Sigmund Freud (1886 – 1939) To learn which questions are unanswerable, and not to answer them: this skill is most useful in times of stress and darkness.– Ursula K. Le Guin, “The Left Hand of Darkness” (1969) Is everything connected, so that events create resonances like ripples across …

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The Talented Mr. Ripley

The more I practice, the luckier I get.– Gary Player (b. 1935) Luck is the residue of design.– Branch Rickey (1881 – 1965) I’ve found that you don’t need to wear a necktie if you can hit.– Ted Williams (1918 – 2002) They say that nobody is perfect. Then they say that practice makes perfect. I …

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It’s Still Not About the Nail

Reader reaction to the March 31 Epsilon Theory note, “It’s Not About the Nail”, was probably the strongest and most positive for any note to date. The message in a nutshell: financial advisors of all stripes and sizes would be well-served to do more than serve up old-school diversification platitudes in this Brave New World …

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It’s Not About the Nail

Do, or do not. There is no try.” – Yoda, “Star Wars: Episode V – The Empire Strikes Back” (1980) I see it all perfectly; there are two possible situations – one can either do this or that. My honest opinion and my friendly advice is this: do it or do not do it – …

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Ghost in the Machine, Part 1

  The way out is through the door. Why is it that no one will use this method? ― Confucius (551 – 479 BC) Tanzan and Ekido were once traveling together down a muddy road. A heavy rain was still falling. Coming around a bend, they met a lovely girl in a silk kimono and …

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The Unbearable Over-Determination of Oil

Jett Rink: Everybody thought I had a duster. Y’all thought ol’ Spindletop Burke and Burnett was all the oil there was, didn’t ya? Well, I’m here to tell you that it ain’t, boy! It’s here, and there ain’t a dang thing you gonna do about it! My well came in big, so big, Bick and …

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Adaptive Investing: What’s Your Market DNA?

It is not the strongest or the most intelligent who will survive but those who can best manage change.– Charles Darwin We think we know that chimpanzees are higher animals and earthworms are lower, we think we’ve always known what that means, and we think evolution makes it even clearer. But it doesn’t. It is …

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