The Harsh Realities of Individual Bond Investing

Spend any time working in the kitchen of a restaurant and you will think of restaurants very differently going forward.  Following a short experience in a restaurant kitchen during college, I’ve never once sent a meal back for being undercooked, overcooked, or even the entirely wrong order.  Use your imagination and we can just leave [...]

Luck and Skill in Baseball and Investing

The following is our quarterly investment letter that was recently sent to clients. 75 years ago this month, a thrilling World Series concluded what many baseball historians decidedly describe as the best baseball season ever.  That season is notably remembered for two historic accomplishments: Joe DiMaggio’s 56-game hitting streak and Ted Williams finishing the season with [...]

Best and Worst Questions to Ask a Financial Advisor

There should be natural skepticism when a financial advisor creates a list of the best and worst questions to ask a financial advisor.  It sounds a little like game show fixing of the 1950s where some contestants knew the questions before they were asked.  However, experience provides a unique advantage.  We have heard insightful questions and we have [...]

Amazon Prime and Mutual Fund Investing

There are an estimated 50 million Amazon Prime members in the United States which means that a household in this country is more likely to have an Amazon Prime membership than to have a dog.  It actually seems to be more challenging to find a Gen X or Millennial family who does not use Amazon [...]

IRA Rollover or Leave Assets in a 401k?

In a country founded on the idea of individual freedom, Americans value the idea of choice.  We inherently believe that maximizing individual freedom increases our individual welfare or happiness and that the best way to maximize individual freedom is to maximize choice.  A bar with 120 beers on tap is perceived better than a bar [...]

The Challenge of Individual Stocks

On a recent visit to the Museum of Modern Art (MoMA), I surprisingly stumbled upon an exhibit featuring classic video games such as Tetris, Asteroids, and Pac-Man.  The games were displayed on active video screens with an adjacent explanation of the creativeness or design elegance for why they were each chosen. In their heyday, these [...]

Pros and Cons of Toddler Golf and Target Date Funds

There is a refreshing simplicity to the golf game of a toddler.  I appreciate this because my youngest son’s passion for golf is only superseded right now by that of chocolate chip cookies and his blanket.  He spends long stretches every day hitting a foam golf ball around the yard and occasionally we visit the [...]