How Much Money Are You Willing to Lose for a Theory?

There are a lot of theories that people use when choosing investments for their portfolio. Unfortunately, they are only theories,...
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Review of “What Works on Wall Street”

A friend asked me to review the book What Works on Wall Street, by James P. O’Shaughnessy. The book was...
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Diversification: Too Much of a Good Thing

We often hear the phrase “Don’t put all your eggs in one basket.” We think that’s good advice. We always...
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Investing and Farming: Know the Climate

The longer I manage money, the more it looks like farming. In mid-February 1992, we had 70º weather in Pittsburgh....
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