The Wrong Lesson

We tend to want to compartmentalize our politics, as we do with everything else, but in the real world, everything impacts everything else. We can’t separate foreign policy from economic policy from social issues because it all touches everything. This also makes it difficult to isolate a particular policy and know if its impact is positive or negative. In other words, there are no control groups, and learning the wrong lessons is very easy.

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No Free Lunch

“There is no such thing as a free lunch.” This age-old wisdom used to be common knowledge. Today politicians go around claiming they can make everything free. Charles Schwab announced this week that trading in certain securities is “free.” TD Ameritrade followed suit. Is it true? Of course not! There is no free lunch in trading, and there is no free lunch in a trade war.

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Second Quarter 2019

The Index is not the Market. The idea behind index investing is that the index is supposed to represent the market. One problem with this concept is that the index is just a sample of the market and, like any investment portfolio, it is a sample selected by someone. Often the index does not really tell the full story.

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