by Stoffel | Jun 18, 2026 | Investing
Bull markets are dangerous. Not because prices fall, but because they teach investors the wrong lesson. When everything goes up for a sustained stretch, timing starts to feel easy. Buy something, wait, watch it rise. Repeat. The discipline of when to invest starts to...
by Stoffel | Jun 11, 2026 | Biases, Investing
Most people believe they know their risk tolerance. They completed a questionnaire, answered questions about hypothetical market drops, chose a profile – conservative, moderate, aggressive – and moved on. The problem is that questionnaires measure what you think you...
by Stoffel | Jun 4, 2026 | Investing, Risk Premia
Paying a professional more to manage your money makes you statistically poorer. That is not a criticism of intelligence or effort. It is arithmetic; and the numbers, accumulated across decades and millions of investor accounts, are strikingly consistent. Most people...
by Stoffel | May 28, 2026 | Financial Literacy
Debt has a reputation problem. Mention it at a dinner table and you will hear one of two reactions: moral revulsion or dismissive shrugging. Both miss the point. Debt is a financial instrument and no more inherently virtuous or evil than a kitchen knife. The outcome...
by Stoffel | May 21, 2026 | Speculation
In June 2020, a 20-year-old student named Alex Kearns logged into his Robinhood account and saw a balance of negative $730,165. He had been trading options – complex instruments he did not fully understand – and the figure on the screen, which turned out to be a...
