You’ve got to guess at worst cases: No model will tell you that. My rule of thumb is double the worst that you have ever seen.

Market-cap based indexing will never be driven from its deserved perch as core and deserved king of the investment world. It is what we should all own in theory and it has delivered low-cost equity returns to a great mass of investors... the now and forever king-of-the-hill.

You’ve got to guess at worst cases: No model will tell you that. My rule of thumb is double the worst that you have ever seen.

Making mountains out of molehills sells more books than a study of molehills.

The president's attempted diktat takes money from bondholders and gives it a labor union that delivers money and votes for him.... Shaking down lenders for the benefit of political donors is recycled corruption and the abuse of power.

The term bubble should indicate a price that no reasonable future outcome can justify.

Listing rights generally involves enumerating things you may do without interference (the right to free speech) or may not be done to you without your permission (illegal search and seizure, loud boy-band music in public places). They are protections, not gifts of material goods. Material goods and services must be taken from others, or provided by their labor, so if you believe you have an absolute right to them, and others don't choose to provide it to you, you then have a 'right' to steal from them. But what about their far more fundamental right not to be robbed?