John Bogle famously said that a US based investor doesn't need to own foreign stocks because US stocks get so much revenue from abroad. I rarely disagree with Bogle about anything, but this is one of the few things I think he got wrong. Late last year| Discipline Funds
Ezra Klein and Derek Thompson have published an excellent new book titled "Abundance". The broad message of the book is that the US has hampered its growth and potential with excessive regulations and bureaucratic hurdles in essential areas like housing, infrastructure and clean energy. These policies have| Discipline Funds
Here are some things I think I am thinking about this weekend. 1) Lots of Macro Thoughts. I did an interview with the guys over at Excess Returns this week. We covered a ton of ground including the broader macro outlook, the impact of tariffs,| Discipline Funds
Here are some things I think I am thinking about this week: 1) How NOT To Invest. Barry Ritholtz is out with a new book called "How Not to Invest". I loved this one. We spend a lot of time in the investment| Discipline Funds
Here are some things I think I am thinking about: 1) Why Does the Stock Market Hate Tariffs? One of the predominant trends in Corporate America over the last 40 years has been an expansion in margins. It's one of the primary drivers of the great| Discipline Funds
As I write this the US stock market is down -2.5% on the day. It's down about -8.5% from its peak just a few weeks ago. Then again, it's up 11% over the last year, 38% over three years and 110% over 5 years. This is what the stock market does. Over long| Discipline Funds
Here are three bad ideas I think I am thinking about: 1) The Reserve Currency Issuer Doesn't Need a Strategic Currency Reserve. The Trump administration announced a Cryptocurrency Reserve Fund that would hold Bitcoin, Cardano, Solana and Ripple. They seem to think the US needs this| Discipline Funds
