The problem is not billionaires. The problem is a government that spends too much, and a populace that expects government to do too much.

Almost no one knows what the distribution of stock returns is over the long-term. But everyone should. It’s 3 steps forward and 1 step back, on average. That’s why you want to hold as much stock as you can stomach and stay invested. What about after a down year? 75% of next 12-mo is positive, just like all years. The odds always support staying the course

If you’re just looking at expense ratios you might be leaving 50% of your wealth on the table. You deserve better than indexing.

I live on the edge, 100% global small cap value.

For decades, foreign investors enjoyed a free lunch: U.S. Treasuries offered attractive yields while the U.S. dollar provided natural equity hedging. That era is over. Amid ongoing dollar depreciation, hedging U.S. fixed income often locks in negative yields for investors abroad, making domestic bond markets more attractive. This shift has profound implications. U.S. current account data shows equity inflows remain strong, while fixed income allocations grow increasingly selective. Central banks and institutional investors are reassessing dollar concentration, seeking alternatives that don’t penalize prudent risk management. #ChartingPerspectives

You can be anything you want in America, but you can not be a communist.

We cannot let them stay. Debates regarding illegal immigration often focus on policy issues like welfare, healthcare, crime, economic contribution, etc. That is a distraction. Democracy is the real issue. Status quo is that any city or state desirous of greater power can declare a suspension of federal law and import millions of illegal aliens for the purpose of inflating their electoral votes and Congressional representation. Arguments about illegal immigrants voting directly in elections fraudulently usually miss this point. If you offer the political architects of these rebellions a trade, permanent amnesty and residency for all aliens with clear agreement that they cannot be counted for the purposes of electing our President or Congress, they will adamantly refuse. Why? Because the people pushing this do not want immigrants from socially-conservative countries in Latin America to actually vote. They want to vote on their behalf via census representation, much like reconstruction-era Southern states demanded for newly-freed slaves. Their ideal situation is an urban core of deeply aligned ideologues voting with the power of millions of illegal aliens, currently worth dozens of Congressman and eight states worth of electoral votes. There is an effectively unlimited supply of poor people from poor countries that want to live in the United States who can be used to fuel this strategy. Some might be net positive to the US economy, some might not be, but that is beside the point - all would equally contribute to a future where minority rules the majority with no recourse. Rewarding states that refuse to recognize the legitimacy of American law ensures other states will use these same tactics, if only to maintain their own relative power. It will end our republic.

This is an old paper, but still interesting. Goes over the case for long/short strategies. However, the conclusion leaves much to be desired. Who exactly are these managers? Can we identify them in advance? papers.ssrn.com/sol3/papers.…

This seems to be an incredibly aggressive drawdown strategy. Depending on an individuals sources of permanent income, it is likely to leave you with a high probability of running out of money. Check out @ErnRetireNow safe withdrawal series. earlyretirementnow.com/safe-…