Everybody’s Wrong

Today is Guru Purnima, a tradition I came to appreciate during my many trips to India over the years.  It’s one of my favorite days of the year because it’s dedicated to something we probably don’t do often enough: Stop…

There are a lot of opinions in the market. Turn on financial television for five minutes, scroll social media for a few minutes, or sit through an investment committee meeting, and you’ll hear no shortage of predictions about what’s supposed…

SpaceX (SPCX) has already been cut roughly in half from its highs, just days after the biggest IPO in history. That sounds dramatic. But it really shouldn’t be surprising. We’ve been talking about this for months. In Exit Liquidity, I…

Everybody’s furious. The idea of letting public companies report earnings twice a year instead of four has people acting like it’s some giant giveaway to CEOs. Critics say companies will hide bad news, investors will be left in the dark,…

Founder’s Note: Grant Hawkridge is our data man Down Under. But there’s much more to it than that. Grant’s been around a lot, and all over, and he’s learned a lot about how markets and the world work. It always…

Every few months, a famous CEO says something cautious about the economy and the financial media reacts like the world is ending. This week it was Jamie Dimon. If you only read the headlines, you probably came away thinking the…

One of the biggest reasons I love the stock market has nothing to do with making money. I love ownership. I’ve watched it change people. Give someone a tiny piece of a business, even if it’s just a handful of…

When people want to know how the stock market is doing, they almost always look at the biggest companies. That’s understandable. The largest businesses grab the headlines, move the indexes the most, and seem to dominate every conversation. But if…