Bill Kelly

An ‘Aha’ Moment

An ‘Aha’ Moment “In an efficient market, at any point in time, the actual price of a security will be a good estimate of its intrinsic value.” –Eugene Fama 12-07-2020 Eugene Fama is considered the father of modern finance. He brought science to the world of finance and investing. He is best known for his …

An ‘Aha’ Moment Read More »

Words of Wisdom From Booth

Words of Wisdom From Booth “I don’t obsess over the short-term ups and downs of the market. I want to make sure I stick around to capture the long-term ups.” –David Booth, Executive Chairman, Dimensional Fund Advisors 12-01-2020 For my money, Booth is one of the smartest and most successful people in the investment business. …

Words of Wisdom From Booth Read More »

Win Win

Win Win “The potential for the reduction of conflicts of interest, or the appearances of them, is all for the good.” –Ron Lieber, NYT financial journalist 11-16-2020 Lieber had an interesting article in the NYT over the weekend. He believes that members of Congress should sign a pledge that they can’t own individual stocks. Up …

Win Win Read More »

Which Is More Democratic?

Which Is More Democratic? “We don’t need Socialism because we already have something more moral and more democratic – it’s called Capitalism.” –Dinesh D’Souza 11-02-2020 Check out this video that Dinesh did for Prager U. This is a good one. He explains the difference between free-market capitalism and democratic socialism and which system is more …

Which Is More Democratic? Read More »

Truth Not Certainty

Truth Not Certainty “Uncertainty actually is the friend of the buyer of long-term values.” –Warren Buffett 10-26-2020 People want the promise of certainty. It’s just part of our human make-up. You can find plenty of people in life and especially in the investment world that will try to sell you on the illusion of certainty. …

Truth Not Certainty Read More »

Moneyball and Investing

Moneyball and Investing “Bill James revolutionized the way we think about the game of baseball by assessing which factors are the most significant in determining the impact a player has on the outcome of a game.” –Larry Swedroe 10-19-2020 That’s right, Larry. James’ research found that a players on-base percentage and slugging average are more …

Moneyball and Investing Read More »

Hero or Villain?

Hero or Villain? “Is he a hero or a villain?” –Michael Knowles 10-12-2020 Knowles asks this question about Christopher Columbus. Check out his 5 minute video where he tries to put some historical perspective around this question. Celebrating Columbus

Managing the Unmanageable

Managing the Unmanageable “We need to unlearn what we think we already know.” –Jonathan Clements 09-21-2020 The truth of the matter is that we humans are not wired for investment success. Our brains are hard wired for short-term survival needs. Unfortunately, these short-term needs usually run contrary to what it takes to be a successful …

Managing the Unmanageable Read More »