International Investing is Harder to Sell

It’s becoming harder and harder to convince families and corporate clients that international diversification is good for them. 

Back in 2013

It’s completely understandable. US stocks have done far better over the last 6 years. I wrote about this back in 2013 when I first sensed investor frustration that their professionally constructed portfolios were under-performing the S&P 500 (which is almost all Large US companies).

3 More Years Have Passed

Three ...

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Trump is Elected

There is heavy speculation on the election’s impact.

This will probably be like most political outcomes: It is not going to be as BAD as one side thinks. It is not going to be as GOOD as the other side thinks.

Right now it is still difficult to sort out. Trump claims he wants more infrastructure spending. This is something Democrats have been pushing for a long time. On the other hand, he wants immigration reform that is further to ...

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Chinese Depression? Hypocritical Blame?

This downturn in China could conceivably be a start of a major depression in that country.

I don’t expect this to be the case, but it is a remote possibility.

Does this mean the way the Chinese have been managing their economic growth has been a disaster?

Let’s not start calling “failure” so soon. A lot of the criticism I see of China is hypocritical. The US economy went through incredible gyrations during the “American Century,” including our Great Depression. ...

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Volatility Up…Hold On

Being able to hold on to your investments over the next several years will be an important strategy.

Friday was a hard day in the stock market with the S&P 500 down more than 3%. I would not necessarily say that August 21st was the “official start” of any particular phenomenon, but I do believe volatility in the stock market, and for that matter virtually all capital markets, will increase and remain high for many years.

Doesn’t everyone say ...

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Greece Not a Surprise to Some

Three days ago Greece seemed split on the referendum. The results, however, showed the “No’s” won by a wide margin. On July 4th I was told, by someone who is pretty knowledgeable about history, that the Greeks would probably vote “No.”

His reason was that “No” is the same response the Greeks gave Mussolini at the start of WW2 – another time in history when the Greeks felt bullied by larger European neighbors. The connection seems like a ...

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Hedge Funds Continue to Lose to the Index

Many call it Warren Buffett’s bet against hedge funds. 

Keep in mind the bet doesn’t pit Warren Buffett’s skill against other hedge fund managers. Buffett simply picked the world’s simplest index fund and bet its performance against hedge funds for a 10 year time period.

So what is the bet really? It isn’t Buffett against hedge funds. Rather, it is a challenge to hedge funds to prove aren’t utterly worthless……and they are losing.

There has been a lot of ...

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