The Price Is Right—Or Is It?

February 24, 2017

We left off yesterday with the conclusion that the price you pay for an investment can determine your returns over time. It's a commonsense principle: other things being equal, someone who pays more for an investment will, over time, do less well than someone who pays less.

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What Explains Long-Term Returns?

February 23, 2017

We concluded yesterday that time, in and of itself, does not explain how investments should behave over the next several years. The question now, of course, is what does?

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Another Look at the Long Run

February 22, 2017

Last week, we started thinking about what the long run really means for investors. It was a decent first cut, but the graphs I used to illustrate my point were not as useful as I had hoped. Today we’ll take a more numerical look at the argument.

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Monday Update (on Tuesday): Consumers Lead the Way

February 21, 2017

Last week’s flurry of economic data was generally positive, either coming in surprisingly strong or much better than it looked. Both rising prices and faster consumer spending growth reflected an improving economy.

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Thinking About the Long Run

February 17, 2017

As I wrote earlier this week, for investors, the difference between the short term and the long term is not as obvious as it would seem. Where does one end and the other begin?

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Why Isn’t Political Turmoil Shaking the Market?

February 16, 2017

I spend most of my time thinking about economics and the economy, but over the past several years, that has increasingly included a healthy side helping of politics.

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What a Difference a Year Makes

February 15, 2017

“Those who cannot remember the past are condemned to repeat it.” — George Santayana

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I'm pleased to be speaking during a general session at the Barron's Top Independent Advisors Summit on Thursday, March 23, at 11:15 A.M. ET. For more information or to request an invitation, visit
www.barrons-independent.com.  

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Disclosure

Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets. The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. All indices are unmanaged and investors cannot invest directly into an index.

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of 21 developed market country indices.  

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