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.

• 5 May, 2015

  Feliz Cinco de Mayo!

  There will always be a debate about the relevance of history to current conditions. I am firmly in the pro-history camp, ...

• 28 Jan, 2026

  Fireside Reading

  With most of the country confined to home by snow and ice, I thought you might appreciate some more book recommendations ...

• 13 Dec, 2016

  Shock, Part 3 (The End of Pax Americana)

  We are all trying to make sense of the election of Donald J. Trump to the presidency, and a few weeks ago I outlined the ...