by Stoffel | Jul 9, 2026 | Investing, Portfolio Management
Harry Browne built a portfolio that has survived stagflation, the dot-com collapse, the 2008 financial crisis, and the inflation shock of 2022. It has done exactly what it was designed to do for nearly five decades. And yet, for most people reading this, it is...
by Stoffel | Jun 25, 2026 | Investing, Portfolio Management
“Buy and hold” is one of the most useful pieces of investing advice ever given. It keeps investors in the market through volatility, suppresses trading costs, and reduces the tax drag of short-term gains. But somewhere along the way, “buy and...
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 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...
