Clients often tell us the stock market makes no sense to them. How can the value of a company fluctuate 10% in a day? How can an entire stock market index, representing hundreds of stocks, move on average 1% per day? Clients view this type of volatility as something more akin to a huge casino rather than a rational, efficient capital allocation mechanism. You know what? They are partially right.... READ MORE

One of my favorite events each year is the “CFA Annual Forecast Dinner” that takes place every January. At this dinner, there is an array of professionals in the money management business who get the chance to “talk shop” and reflect on what happened in the previous year and how they navigated that environment. In addition, they usually have a few high-profile guests that are invited to... READ MORE