Risk Management

Are precious metals still precious?

“Precious metals, especially gold, have a reputation for being a hedge against inflation. This reputation, however, is difficult to support. Gold has had a surge lately, and there is a tendency to take recent results and extrapolate them. But the reality is that gold has a 200-year history of abysmal long-term returns, briefly punctuated by…

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Also posted in All Columns, Investment Management |

The cycle of market emotions

“Buying low and selling high is intuitively rational. But, often, that’s not what people actually do. There’s overwhelming evidence that many people seem to be hardwired to do just the opposite: to buy an investment after it has already appreciated only to sell the same investment if it goes down in price. So why do…

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Invest as if…

“When Black Monday happened, the people that had a long enough time frame to wait it out until the recovery were probably fine. In fact, despite Black Monday, the American markets actually finished 1987 in positive territory. But anyone who held long-term investments with a short-term mindset might not have been able to stick around…

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Also posted in All Columns, Investment Management |
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