5 Mar 2014

Acropolis vs the Yale Endowment

Just as I enjoy and learn from Warren Buffets annual letter to Berkshire stockholders, I also read and get a lot of value from the annual report from Yale’s endowment.  Here’s a link to the current report. Yale’s endowment is the largest in the world and has enjoyed spectacular investment performance, particularly under the stewardship of David Swensen, who wrote one of my favorite investing books of all time, Pioneering… Read More

28 Jan 2014

Client Goals Trump Everything

Markets were lower yesterday across the board, but the feeling in the air, so to speak, was more calm, as evidenced by the four percent drop in the CBOE Volatility index.  Granted, it was a four percent drop following a 40 percent increase last week, but the direction was right. Bonds fell, as measured by the 10-year US Treasury bond, as bond investors pulled away from the ‘flight-to-quality’ trade and… Read More

17 Jan 2014

How We Use Past Performance

Yesterday’s insight about the Morningstar Manager of the Year generated a lot of interest and feedback from readers.  Thank you!  I appreciate your replies and make it a point to respond to all of them. While we’re on the subject, I also want to thank you for completing the satisfaction survey that we sent 10 days ago. I am pleased to report that when you were asked whether you would… Read More