28 May 2024

The Anxiety of Private Markets

I’m writing about private markets again, which may seem odd to long-time readers because we don’t invest in private markets. I routinely think about private investments for two reasons. First, they’re the hottest topic in our industry—what are you doing about privates? Have you heard of this private or that private? Second, as I’ve said many times, I’ve invested in some to learn more about them and see if they… Read More

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20 May 2024

Dow Jones Rocks 40,000

When I entered the investment industry upon graduating from college in 1995, the market was hitting all-new highs. The Dow Jones Industrial Average (DJIA), which everyone seemed to pay attention to, had just broken through 4,000 and would hit 5,000 by the end of the year. When the DJIA crossed 10,000 for the first time in 1999, there were tons of photos of traders on the floor of the NYSE… Read More

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6 May 2024

The Best Industries to Invest

I was listening to a finance-related podcast last week (as one does), and they said they thought that the best-performing industries in the US were beer and tobacco. The podcasters chuckled because they pointed out that market returns reflect what society wants, and companies respond by providing those goods and services. Beer and smokes – that’s what America has valued the most, as the story went. I thought it was… Read More

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