Old Age

It’s been 3 years since US equities have corrected more than 10%. But there’s no law about how long rallies can last without a correction.

In any event, as diversified, well-positioned investors (as, of course, we believe we are), does it really matter if stocks fall 10%? or 20%? If it does matter, you probably have the wrong portfolio. For the rest of us, volatility really does equal opportunity.

• 18 Jul, 2025

  Beach Reading

  Most of you know that Beach Reading is not a list of "summertime" romances or light novels, but rather my usual mix of ...

• 14 Aug, 2018

  Talkin' Turkey

  The expression comes from Colonial America, but its exact origins are unclear, and its meaning seems to have changed ...

• 29 Jun, 2015

  Drama/Drachma

  Here we go again, as Ronald Reagan used to say. Asian equities off 2-3%, Europe down 3-4%, Treasuries rallying, gold up. ...