Dow Industrials vs. Gold
In the last 115 years there have been three secular bull markets in gold versus the Dow. The current secular bull market in gold...
Are Small-Cap Stocks Running Out of Steam?
Is the strength in small-cap stocks running out of steam? I’m not talking about the recent correction in small stocks, but rather the relative...
A Troubling Trio of Economic Indicators
In over four decades in the investment business, I have found that the most reliable economic indicators are not those released by government statistical...
The Crash
The Regional Economist from the Federal Reserve Bank of St. Louis is a must-read for any serious investor. The quarterly review provides business and...
A 500% Return in High-Yielders
Do you invest in master limited partnerships (MLPs)? MLPs are publicly traded limited partnerships. They combine the tax benefits of a limited partnership with...
Avoid Financial Ruin
Did you know that the S&P 500 is down 5% since year-end 1999? That’s not just price; I’m including dividends here. What an atrocious...
A Wake-up Call for Investors
The Dow Jones Industrial Average fell more than 5% this week. Up until this past week, U.S. stocks marched higher despite the increasing risks...
Are Small Stocks Safer Than Large Stocks?
A recent study in Financial Analysts Journal (FAJ) found that a portfolio of small-capitalization stocks is no more risky than a portfolio of large-capitalization...
Beat the S&P 500 by 2 to 1
My chart shows the long-term performance of $1 invested in the consumer non-durables sector in June of 1926 to $1 invested in the S&P...
The #1 Investment Book
You may be surprised to hear that Moneyball by Michael Lewis is my #1 investment book, given that it’s about baseball, not Wall Street...