One of the greatest mistakes I see smart people making is assuming that the S&P 500 will yield 8% “because it always has”. I would to introduce them to Japan’s Nikkei 225. If you bought the index in 1988 (!!!) your return would be negative 25 years later. Turns out valuation matters.... See more

I like to look at the data, in order to assess where it looks where we might be going. Then I look at the performance of the market, to see where investors think we are going. I then determine if I think there may be an opportunity in all of this. As with a stock, investors all should try to understand what is priced into any investment. That is my

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