Why We Don’t Make Forecasts

How many times did the Wall Street consensus predict a market drop? "A spectacular zero."
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The Normal

Normal is the market going up and down in a manner that can be unnerving over short-term periods.
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An Important Lesson for All Investors: Keep It Simple

Simple portfolios consistently outperform top endowments.
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Where Are Fees and Expenses Not Costs?

This essay was originally published by the CFA Institute for their Enterprising Investors website. In the Often-Alternative World of Alternative Investing We “properly” don’t consider “performance-based compensation” […]
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Private Equity Presentations: Are Some Tall Tales?

Private equity internal rate of return (IRR) and volatility calculations can sometimes be misleading.
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How Can Trustees Be Prudently Passive?

It’s not enough to follow someone’s advice to invest in index funds. Actual passivity contradicts the trustee’s duty to act as a prudent fiduciary. Passive investment products are potentially as complex as any other, and prudence demands careful evaluation.
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