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What Soccer Can Teach Us About Investing

What Soccer Can Teach Us About Investing

Debunking the Action Bias

At times like these, investors often wonder whether they should react to the market correction. The newest member of our gang here at TWM, Jordan Gentile, played goalie on his college soccer team. In our e-Letter this month, he offers this interesting analogy about how goalies tend to react when they face the ultimate pressure situation, a penalty kick. Most goalies “feel” like they need to do something, jump to the right or the left, to try to stop the shot. But statistics show they would be better off if they just stayed put in the middle.

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What it Means to Be a Lifetime Investor

What it Means to Be a Lifetime Investor

What it Means to be A Lifetime Investor 

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Resisting Short-term Temptations: The Marshmallow Test

Resisting Short-term Temptations: The Marshmallow Test

The famous marshmallow test conducted in the 1960's showed that we have a hard time resisting instant gratification, even if we know that delaying gratification would lead to an even bigger reward. This, in short, is what makes investing and managing businesses so hard. Success requires many qualities, but conviction, discipline and thinking long-term must rank near the top....

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How Emotions Get in the Way of Smart Investing

How Emotions Get in the Way of Smart Investing

This article was written by Dr. Meir Statman. Professor of finance at Santa Clara University’s Leavey School of Business.

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Target Allocations: Spectrum of Returns

Target Allocations: Spectrum of Returns

These charts demonstrate how asset allocation affects the range of expected returns.

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Holding Period & the Odds of Losing Money in Stocks

Holding Period & the Odds of Losing Money in Stocks

The Concept of Time Diversification

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Asset Allocation: Cooking with Index Funds

Asset Allocation: Cooking with Index Funds

Asset allocation -- the mix of cash, bonds and stocks in a portfolio -- determines the spectrum of returns you will experience. Here's a great insight from Jack Bogle, founder of Vanguard...


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Principles for Investment Success Whitepaper

Principles for Investment Success Whitepaper

Our time tested keys to investment success.

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Featured

The High Cost of Thinking Short-Term

The High Cost of Thinking Short-Term

This article from Sunday’s New York Times updates data we've reported in the past about the Performance Gap suffered by the average mutual fund investor.

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"The Intelligent Investor" by Benjamin Graham notes

"The Intelligent Investor" by Benjamin Graham notes

These are notes from The Intelligent Investor, one of the most important books ever written about investing. Written by Benjamin Graham, Warren Buffett's mentor and professor at Columbia, it provides the margin of safety concept as well as the intellectual framework for many of our investment strategies. It outlines how one should think about the relationship between price/valuation and returns, as well as our approach to managing portfolios through market fluctuations. The chapter, The Investor and Market Fluctuations, should be considered required reading.

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" The Intelligent Asset Allocator" by William Bernstein notes

" The Intelligent Asset Allocator" by William Bernstein notes

William Bernstein applies Ben Graham's concepts to the subject of asset allocation -- the key to risk management and long-term investment success.

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Minimizing Investment Taxes

Minimizing Investment Taxes

Too often the industry avoids talking about one of the most important aspects of maximizing your long-term investment results: minimizing taxes.

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Einstein: Compound Growth the Most Powerful Force

Einstein: Compound Growth the Most Powerful Force

Albert Einstein called compound interest the most powerful force in the universe.

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Featured

Don't Shoot Yourself in the Foot: Our Own Behavior Can Make Stocks More Risky

Don't Shoot Yourself in the Foot: Our Own Behavior Can Make Stocks More Risky

Warren Buffett cites Brutus in his 50th annual Berkshire Hathaway shareholder letter about how so many investors shoot themselves in the foot...

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What to Do When Markets Are Volatile

What to Do When Markets Are Volatile

If market volatility has you second guessing your investment strategy or whether you should stay in the market, here are some tips on steps you should — and shouldn't — take...

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What Defines Long Term Investing?

What Defines Long Term Investing?

 How long is long term?

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TWM Diversification Process

TWM Diversification Process

But how does one go about diversifying a portfolio?

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Index Investing: A Simple, Low Cost Solution For Retirement Plans

Index Investing: A Simple, Low Cost Solution For Retirement Plans

401(k) Sponsors and participants share some common concerns: market risk, not saving enough for retirement and the impact fees may have on hard-earned savings. This brochure explains how index investing can help.

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The Illusion of Stock Picking Skill

The Illusion of Stock Picking Skill

 I first visited a Wall Street firm in 1984. I was there with my longtime collaborator Amos Tversky, who died in 1996, and our friend Richard Thaler, now a guru of behavioral economics.

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Stock Market Corrections: What History Says

Stock Market Corrections: What History Says

Many individual investors sell when the market declines out of fear it will never come back. The data actually says the opposite...

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