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I have likened truth-telling in finance to being sober in a house of addicts; when noting irrational, destructive behaviours, you are often dismissed as the problem–too dumb, critical or boring to join the party. Adoring naked emperors is a common … Continue reading →

My partner Cory Venable’s big picture snapshot of the S&P 500 Index since 1997 (below) highlights the prior cycle peaks in 2000 and 2007 and the breathtaking parabolic move since 2020.  Remember that this is one of the most widely … Continue reading →

After a rough couple of weeks, the risk trade is bouncing.  While those in the business of selling us risk (in exchange for our cash ‘trash’) advise that investing requires bravery, the truth is that risk management, discipline, and math-based … Continue reading →