It Takes a Village

By | September 4th, 2018|Advisor Insights, News|

By William Davis  According to a loose consensus, and by loose we mean a Thesaurus-full of synonyms for arbitrary, bull markets are ongoing rallies that run to a cumulative 20 percent gain without falling 20 percent along the way. A random definition, to be sure, but once the tradition bell rings [...]

Comments Off on It Takes a Village

No Jack, All Beanstalk

By | August 23rd, 2018|Advisor Insights, News|

By William Davis  In the capital markets, “price discovery” is, by definition, the process of setting the proper value of a security. Around the exchanges, investors most times consider factors like supply and demand, current risk attitudes, and the overall economic and geopolitical environment to determine what things are worth. [...]

Comments Off on No Jack, All Beanstalk

A Number Like 10 to the 12th Power

By | August 9th, 2018|Advisor Insights, News|

By William Davis  In the world of big mathematics, “googol” was conceived as a way to represent the large number 10 100, or 10 to the 100th power. In decimal notation, a googol is written as the digit 1 followed by one hundred zeroes (a million, don’t forget, has six). [...]

Comments Off on A Number Like 10 to the 12th Power

Be Afraid

By | July 24th, 2018|Advisor Insights, News|

By William Davis  It’s been a while – a little over 30 years actually – since Ronald Reagan gave us this one: “The nine most terrifying words in the English language are ‘I'm from the government and I'm here to help.’" The President, of course, was referring to the idea [...]

Comments Off on Be Afraid

(Another) Great Moment in ETF History

By | July 10th, 2018|Advisor Insights, News|

By William Davis  The best-recognized and oldest ETF in the universe tracks, simply enough, the massively popular S&P 500. The fund’s AUM, we hear, hovers around a million bazillion dollars. Then, there’s the wildly successful offering that effortlessly follows the MSCI EAFE index, which represents all the major developed markets [...]

Comments Off on (Another) Great Moment in ETF History

Not-So-Special Effects

By | July 3rd, 2018|Advisor Insights, News|

Losses Influence A Portfolio Disproportionately More Than Gains William Davis and Daniel Snover Successful investors will tell you they probably think more about losing money than they do making money. Not that they’re ignoring the hard task of finding winners. They are not. The goal, after all, of anyone [...]

Comments Off on Not-So-Special Effects

All Point, No Power

By | June 28th, 2018|Advisor Insights, News|

All Point, No Power By William Davis   Story goes that Jeffrey Immelt, the longtime boss at General Electric, was a particularly polished presenter. Why, just last year the world’s most successful lightbulb salesman wowed the Wall Street crowd with his pitch at GE’s annual drink-‘em-up off the coast of Sarasota. “This is a [...]

Comments Off on All Point, No Power

The Italian Job

By | June 5th, 2018|Advisor Insights, News|

By William Davis   THE ITALIAN JOB   Handsome Rob: “Where do we want it to go? We can't have a shoot up without guns. We'd lose.” Charlie Croker: “We do it like the Italian job.” Start with the art works of Botticelli, da Vinci, and Michelangelo, the operas of Verdi and [...]

Comments Off on The Italian Job

To Boldly Go…

By | May 22nd, 2018|Advisor Insights, News|

By William Davis   To Boldly Go… By definition, “frontier” capital markets drift somewhere along the far edge of the investment universe -- a veritable Kuiper belt of political instability, corruption, and underdeveloped financial systems. We’re told that Kazakhstan is not easily accessible. That Kuwait has a small number of liquid securities. [...]

Comments Off on To Boldly Go…


By | May 8th, 2018|Advisor Insights, News|

By William Davis   There’s a lot that goes on in the investment industry we don’t get. Like, why did Wall Street outfits known for years as “brokerage firms” suddenly become “banks”? Or why do a bunch of Department of Labor bureaucrats think they know anything about giving investment advice? And the [...]

Comments Off on LOSSAPALOOZA