Wall Street’s Merry Pranks: Things that Matter #4
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…
Category: Things That Matter
The Myth of Market In-Itself: Things That Matter #3, Pt. 2
The behaviors that influence markets must be considered in context of archetypes, the languages and identities which group investors every bit as much…
The Myth of Market In-Itself: Things That Matter #3, Pt. 1
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…
You Still Have Made a Choice: Things that Matter #2
Diversification is clearly one of the things that matter. Unfortunately, most investors pursue the meme of diversification! instead of the real thing,…
Whom Fortune Favors: Things that Matter #1, Pt. 2
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…
Whom Fortune Favors: Things that Matter #1, Pt. 1
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…
Chili P is My Signature: Things that Don’t Matter #5
The second moral license from a wise emphasis on passive investing is spending inordinate amounts of time on tilts, trades and tactical ideas that wil…
And They Did Live by Watchfires: Things that Don’t Matter #4
For the bored (read: profitable) investor, the bias to action is a constant threat. As we become more passive in our strategies, the moral license to …