• Purpose of This Blog and Information about the Author

Latticework Wealth Management, LLC

~ Information for Individual Investors

Latticework Wealth Management, LLC

Monthly Archives: December 2019

Happy New Year, Beginning Thoughts, and Information for International Viewers

27 Friday Dec 2019

Posted by wmosconi in active investing, asset allocation, Average Returns, behavioral finance, benchmarks, bond market, cnbc, Consumer Finance, economics, Education, finance, financial advice, Financial Advisor, financial goals, financial markets, Financial Media, financial planning, financial services industry, gross returns, historical returns, Individual Investing, individual investors, investing, investing advice, investing information, investing tips, investment advice, investments, market timing, passive investing, personal finance, portfolio, rebalancing, rebalancing investment portfolio, risk, risk tolerance, risks of bonds, risks of stocks, S&P 500, S&P 500 Index, statistics, stock market, Stock Market Returns, Stock Market Valuation, stock prices, stocks, Valuation, volatility

≈ Leave a comment

Tags

#assetallocattion, #financialmarkets, 401(k), asset allocation, behavioral finance, economics, education, finance, financial, invest, investing, investments, math, noise, portfolio, portfolio management, stocks, trading, uncertainty

I am looking forward to sharing more information regarding investing, finance, economics, and general knowledge about the financial services industry in 2020.  I am hopeful to increase the pace with which I publish new information.  Additionally, I am happy to announce that I reached viewers in 108 countries in all six continents.  Countries from Japan, France, Germany, and Russia to Ghana, Colombia, and even Nepal.

Since the number of my international viewers has grown to nearly 30% of overall viewers of this blog I wanted to allocate a short potion of this post to the international community.  Some of my comments are most applicable to the US financial markets or the developed markets across the globe.  If you are living in a country that is considered part of the developing markets, I would strongly recommend that you seek out information in your country to see how much of my commentary is applicable to your stock or bond market and situation in general.  It is extremely important to realize that tax structure, transparency of information, and illiquidity of stock and bond can alter the value of what I might say.  During the course of the coming year, I will attempt to add in some comments to clarify the applicability.  However, as the aforementioned statistic regarding the global diversity of viewers of this blog suggests, I would be remiss if I did not acknowledge that I will not hit on all the issues important to all international individual investors.

I encourage you to take a close look at your portfolio early on in 2020.  It is a perfect time in terms of naturally wanting to divide up investing into calendar increments.  As you listen to all the predictions for the New Year, I would encourage you to look at your personal portfolio and financial goals first.  The second step is to always look at that economist’s or analyst’s predictions at the beginning of 2019.  Now I am not implying that incorrect recommendations in the previous year will mean that 2020 investing advice will be incorrect as well.

To help you with a potential way to look at the outlook for positioning your portfolio of investments, I recently published a summary on the topic of rebalancing a portfolio.  You can find the link below:

https://latticeworkwealth.com/2019/12/14/rebalancing-investment-portfolio-asset-allocation/

Now, there will always be unknown items on the horizon that make investing risky.  You hear that we need to get more visibility before investing in one particular asset class or another.  It usually means that the analyst wants to be even more certain how the global economy will unfold prior to investing.  I will remove the anticipation for you.  There will only be a certain level of confidence at any time in the financial markets.

One can always come up with reasons to not invest in stocks, bonds, or other financial assets.  The corollary also is true.  It can be tempting to believe that it is now finally “safe” to invest even more aggressively in risky stocks, bonds, or other assets.  As difficult as it might be, you need to try to take the “emotion” of the investing process.  Try to think of your portfolio as a number rather than a dollar amount.  Yes, this is extremely difficult to do.  But I would argue that it is much easier to look at asset allocation and building a portfolio if you think of the math as applied to a number instead of the dollars you have.  Emotional reaction is what leads to “buying high and selling low” or blindly following the “hot money”; that is when rationality breaks down.

Here is an experiment for you to do if you are able.  There are two shows I would recommend watching once a week.  The first show is Squawk Box on CNBC on Monday which airs from 6:00am-9:00am EST.  The second show is the Closing Bell on CNBC on Friday afternoon which airs from 3:00pm-5:00pm EST.  You only need to watch the last hour though once the stock and bond markets are closed.  Note that these shows do air each day of the week.  Now depending on whether or not you have the ability to tape these shows first and skip through commercials, this exercise will take you roughly 12-16 hours throughout the month of January.  You will be amazed at how different the stock and bond markets are interpreted in this manner.

When you remove the daily bursts of information, I am willing to bet that you will notice two things:

Firstly, Friday’s show should demonstrate that many “experts” got the weekly direction of the market wrong.  It is nearly impossible to predict the direction of the stock market over such a short period.

Secondly, Monday’s show should illustrate what a discussion of all the issues that have relatively more importance are.  However, this is not always a true statement though.  Generally though, financial commentators and guests appearing on the show will have had the entire weekend to reflect on developments in the global financial markets and current events.  Since the stock, bond, and foreign exchange markets are closed on Saturday and Sunday, there is “forced” reflection for most institutional investors, asset managers, research analysts, economists, and traders.  The information provided is usually much more thoughtful and insightful.

I believe that the exercise will encourage you to spend less time attempting to know everything about the markets; rather, it may be more helpful to carefully allocate your time to learning about the financial markets.  After you devote your time to watching CNBC in this experiment, I recommend one other ongoing personal experiment.  Try picking three financial market guests that appear on CNBC during January and see how closely their predictions match reality.  You might want to check in once a month or so.  I think that this exercise will show you how futile it is to try and time and predict the direction/magnitude of the stock market and other financial markets too (e.g. bonds and real estate).

Best of luck to you in 2020!  As always, I would encourage anyone to send in comments or suggestions for future topics to my email address at latticeworkwealth@gmail.com.

Rebalancing Your Investment Portfolio – Overview

14 Saturday Dec 2019

Posted by wmosconi in asset allocation, financial advice, financial goals, financial markets, financial planning, financial services industry, Individual Investing, individual investors, investing, investing advice, investing tips, investment advice, investments, personal finance, portfolio, rebalancing, rebalancing investment portfolio, Stock Market Returns

≈ 1 Comment

Tags

asset allocation, dynamic rebalancing, financial planning, investing, investing tips, personal finance, portfolio, portfolio allocation, portfolio management, portfolio rebalancing, rebalancing, rebalancing investment portfolio, stocks, target date, target date funds, year end, year end rebalancing

With the end of the year fast approaching, it is an excellent time to discuss the concept of rebalancing one’s investment portfolio.  The simplest definition of rebalancing is the periodic reallocation of an investment portfolio back to the original percentages desired.  The fluctuations of the financial markets over time will inevitably alter the amount of exposure in one’s investment portfolio to different types of assets.  The jargon in the financial services industry is your asset allocation

These changes may cause the portfolio to be suboptimal given an individual investor’s financial goals and tolerance for risk.  Knowing about rebalancing is so important because it is one of the most effective ways to eliminate, or at least reduce, the emotions surrounding investment decisions that affect even professional investors.  Additionally, numerous academic studies have concluded that 85% of the overall return of an investment portfolio comes from asset allocation.

I published a three-part series of articles to define and explain the various nuances of rebalancing an individual investor’s investment portfolio several years ago.  However, I thought that it would be a great idea to bring it back as an updated version because the end of the year is fast approaching.  The first article covers the definition of rebalancing in its entirety.  Furthermore, the article looks at an illustration of how rebalancing works in the real world.  It offers an introduction to this important investing tool.  The link to the complete article can be found here:

https://latticeworkwealth.com/2015/07/16/how-to-rebalance-your-investment-portfolio-part-1-of-3/

The second article discusses a unique way to get assistance with rebalancing an investment portfolio.  Many of the largest asset managers in the financial services industry, such as Vanguard, Fidelity, and T Rowe Price, offer life cycle or target date mutual funds.  These mutual funds have a predefined year that the individual investor intends to retire.  Moreover, the combination of assets in the mutual fund is structured to change over time and become less risky as the target date approaches.

Since these mutual funds report their holdings on a periodic basis, any individual investor is able to replicate the strategy for free.  Plus, another feature is that an individual investor can be more conservative or aggressive than his/her age warrants according to the mutual fund family’s calculations.  The individual investor is able to pick a target date closer than the endpoint (i.e. more conservative) or pick a target date later than the endpoint (i.e. more aggressive).  For a more comprehensive discussion of this facet of rebalancing an investment portfolio follow this link:

https://latticeworkwealth.com/2015/07/29/how-to-rebalance-your-investment-portfolio-part-2-of-3/

The third and final article discusses the most advanced feature of rebalancing utilized by a subset of individual investors.  The investing strategy is referred to as dynamic rebalancing in most investment circles.  Dynamic rebalancing follows the general tenets of rebalancing.  However, it allows the individual investor to exercise more flexibility during the rebalancing process of the investment portfolio.  Essentially the individual investor determines bands or ranges of acceptable exposures to asset classes or components within the investment portfolio.

For example, a lower bound and upper bound for the asset allocation percentage to stocks is set.  The individual investor is free to allocate monies to stocks no less than the lower bound and no more than the upper bound.  Note that the bands or ranges are normally fairly tight and applies to the subcomponents of the investment portfolio, such as small cap stocks, emerging market stocks, international bonds, and so forth.  To learn more about this fairly complex aspect of rebalancing follow this link:

https://latticeworkwealth.com/2015/11/21/how-to-rebalance-your-investment-portfolio-part-3-of-3/

The articles above capture the vast majority of information individual investors need to know about rebalancing an investment portfolio.  It is good to get a head start on learning about or reviewing this topic prior to the end of the year.  The reason is that most rebalancing plans utilize the end of the calendar year as the periodic adjustment timeframe.

Top Five Investing Articles for Individual Investors Read in 2019

09 Monday Dec 2019

Posted by wmosconi in asset allocation, Average Returns, behavioral finance, beta, bond yields, confirmation bias, correlation, correlation coefficient, economics, finance theory, financial advice, Financial Advisor, financial advisor fees, financial advisory fees, financial goals, financial markets, Financial Media, Financial News, financial planning, financial services industry, gross returns, historical returns, Individual Investing, individual investors, investing, investing advice, investing information, investing tips, investment advice, investment advisory fees, investments, market timing, personal finance, portfolio, reasonable fees, reasonable fees for financial advisor, reasonable fees for investment advice, reasonable financial advisor fees, risk, risk tolerance, risks of stocks, S&P 500, S&P 500 historical returns, S&P 500 Index, speculation, standard deviation, statistics, stock market, Stock Market Returns, stock prices, stocks, time series, time series data, volatility, Warren Buffett, yield, yield curve, yield curve inversion

≈ Leave a comment

Tags

behavioral finance, bond market, bond yields, bonds, economics, economy, education, fees, finance, Financial Advisors, financial advisory, fixed income, historical stock returns, invest, investing, investing advice, investing blogs, investing information, investment advice, math, mathematics, performance, portfolio, reasonable financial advisory fees, recession, risk, risk tolerance, S&P 500 historical returns, S&P 500 Index, standard deviation, statistics, stocks, success, time series, time series data, trading, uncertainty

As the end of 2019 looms, I wanted to share a recap of the five most viewed articles I have written over the past year.  The list is in descending order of overall views.  Additionally, I have included the top viewed article of all time on my investing blog.  Individual investors have consistently been coming back to that one article.

1. Before You Take Any Investment, Advice Consider the Source – Version 2.0

Here is a link to the article:

https://latticeworkwealth.com/2019/09/18/investment-advice-cognitive-bias/

This article discusses the fact that even financial professionals have cognitive biases, not just individual investors.  I include myself in the discussion, talk about Warren Buffett, and also give some context around financial market history to understand how and why financial professionals fall victim to these cognitive biases.

2.  How to Become a Successful Long-Term Investor – Understanding Stock Market Returns – 1 of 3

Here is a link to the article:

https://latticeworkwealth.com/2019/09/23/successful-long-term-investing/

It is paramount to remember that you need to understand at least some of the history of stock market returns prior to investing one dollar in stocks.  Without that understanding, you unknowingly set yourself up for constant failure throughout your investing career.

3.  How to Become a Successful Long-Term Investor – Understanding Risk – 2 of 3

Here is a link to the article:

https://latticeworkwealth.com/2019/09/25/successful-long-term-investor-risk/

This second article in the series talks about how to assess your risk for stocks by incorporating what the past history of stock market returns has been.  If you know about the past, you can better prepare yourself for the future and develop a more accurate risk tolerance that will guide you to investing in the proper portfolios of stocks, bonds, cash, and other assets.

4.  Breakthrough Drugs, Anecdotes, and Statistics – Statistics and Time Series Data – 2 of 3

Here is a link to the article:

https://latticeworkwealth.com/2019/11/20/breakthrough-drugs-statistics-and-anecdotes-time-series-statistics/

I go into detail, without getting too granular and focusing on math, about why statistics and time series data can be misused by even financial market professionals.  Additionally, you need to be aware of some of the presentations, articles, and comments that financial professionals use.  If they make these errors, you will be able to take their comments “with a grain of salt”.

5.  Breakthrough Drugs, Anecdotes, and Statistics – Introduction – 1 of 3

Here is a link to the article:

https://latticeworkwealth.com/2019/11/11/breakthrough-drugs-statistics-and-anecdotes-investing/

I kick off this important discussion about the misleading and/or misuse of statistics by the financial media sometimes with an example of the testing done on new drugs.  Once you understand why the FDA includes so many people in its drug trials, you can utilize that thought process when you are bombarded with information from the print and television financial media.  Oftentimes, the statistics cited are truly just anecdotal and offer you absolutely no guidance on how to invest.

                                       Top of All Time

Are Your Financial Advisor’s Fees Reasonable?  Here is a Unique Way to Look at What Clients Pay For

Here is a link to the article:

https://latticeworkwealth.com/2013/08/07/are-your-financial-advisors-fees-reasonable-here-is-a-unique-way-to-look-at-what-clients-pay-for/

This article gets the most views and is quite possibly the most controversial.  Individual investors compliment me on its contents while Financial Advisors have lots of complaints.  Keep in mind that my overall goal with this investing blog is to provide individual investors with information that can be used.  Many times though, the information is something that some in the financial industry would rather not talk about.

The basic premise is to remember that, when it comes to investing fees, you need to start with the realization that you have the money going into your investment portfolio to begin with.  Your first option would be to simply keep it in a checking or savings account.  It is very common to be charged a financial advisory fee based upon the total amount in your brokerage account and the most common is 1%.  For example, if you have $250,000 in all, your annual fee would be $2,500 ($250,000 * 1%).

But at the end of the day, the value provided by your investment advisory is how much your brokerage account will grow in the absence of what you can already do yourself.  Essentially you divide your fee by the increase in your brokerage account that year.  Going back to the same example, if your account increases by $20,000 during the year, your actual annual fee based upon the value of the advice you receive is 12.5% ($2,500 divided by $20,000).  And yes, this way of looking at investing fees is unique and doesn’t always sit well with some financial professionals.

In summary and in reference to the entire list, I hope you enjoy this list of articles from the past year.  If you have any investing topics that would be beneficial to cover in 2020, please feel free to leave the suggestions in the comments.

Breakthrough Drugs, Statistics, and Anecdotes: Three Things Every Individual Investor Needs to Know – Yield Curve Inversion and Recession – Part 3 of 3

02 Monday Dec 2019

Posted by wmosconi in Uncategorized

≈ 4 Comments

Tags

balanced probit model, BIS, bond yields, bonds, econometrics, economics, fixed income, forecast, forecasting, investing, math, mathematics, probabilities, probit, probit model, recession, spreads, statistics, yield curve, yield curve inversion

Here is the last article related to our discussion of observations by the financial media with only a handful of observations, statistics, and time series data.  The goal here is to provide an actual example to see what some of the pitfalls are.  Prior to starting that discussion, I wanted to provide links to the first and second articles:

The first article laid the groundwork for the idea that there are many misuses of statistics and related items which appear most everyday in the print and television financial media.  Here is a link:

https://latticeworkwealth.com/2019/11/11/breakthrough-drugs-statistics-and-anecdotes-investing/

The second article focused more on time series data and using the normal distribution to make conclusions and predictions about the financial markets.  As promised, I will be posting a more detailed mathematical article as a supplement.  However, the point of this article is only to make you aware of what to look for in general.  You do not need to feel the need to get very granular.  The audience that really wants more information has contacted me offline and is very small.  Here is a link:

https://latticeworkwealth.com/2019/11/20/breakthrough-drugs-statistics-and-anecdotes-time-series-statistics/

Now let’s begin our journey to sum up these two articles by using the specific example of a “yield curve inversion”.  First, what exactly is the yield curve?  Okay, we are going to keep this explanation simple.  The point of this article is not to become an expert on bond yields.  The yield curve is simply the interest rate (referred to as “coupon” in the financial jargon) of bonds at certain maturities.  For U.S. Treasury issues, you normally look at the interest rate on one-month, three-month, and six-month  U.S. Treasury Bills.  Then you add in one-year, two-year, three-year, five-year, seven-year, and ten-year U.S. Treasury Notes.  And finally, you have the thirty-year Treasury Bonds (otherwise referred to as the “long bond” in financial jargon).  Why bills, notes, and bond?  It is simply a naming convention for all U.S. Treasury debt less than twelve-months is a bill, between one-year and ten-years is a note, and anything greater than ten-years is a bond.  Once you know all those interest rates, you draw a line that connects all of those interest rates from one-month U.S. Treasury Bills all the way to thirty-year U.S. Treasury Bonds.

Why do people focus on this?  Well, first, you would expect that interest rates for one-month bills to be lower than thirty-year bonds.  Think of it like this:  if your friend borrowed $20 and was going to pay you back at the end of the week or in three years.  What interest rate would you charge him/her?  Now a totally altruistic person would say nothing.  But let’s say you are trying to teach your kids the value of money.  Most people would charge a greater amount of interest for three years compared to one week.  The U.S. Treasury debt market works very similarly.  People who loan the government money for one month normally demand a lower interest rate than those people who are going to have to wait thirty years to get their money back.  When the economy is growing normally, the yield curve is called steep.  It goes from lower interest rates and gradually moves higher.  But that is not the only shape of the yield curve possible.

The other two are flat and inverted.  A flat yield curve simply means that interest rates all along the various maturities are pretty much the same.  Now, as our article will shift to, an inverted yield curve means that closer maturities actually have a higher interest rate than the very long-term maturities.  Why does this happen?  Well, most economists and financial professionals will tell you that the economy is slowing down and a recession is coming.  Why?  The last 7-8 recessions were preceded by a yield curve inversion.  Let’s take a look at the yield curve over time by comparing two-year U.S. Treasury Notes with ten-year U.S. Treasury Notes.  Keep in mind that we are taking a look at the difference between the two.  A number that is positive means that interest rates are higher for ten-year bonds and a negative number means just the opposite.

Here is a daily comparison from June 1, 1976 through November 6, 2019:

Daily Spreads - All Data

Here is the same comparison but on a monthly basis:

Monthly Spreads - All Data

I used a graph of the month difference (“spread”) to smooth out some of the volatility.  Now if you remember your economic history, you will notice that there are negative “spreads” that occur prior to a downturn in the U.S. economy.  Let’s focus on the yield curve inversion prior to the Financial Crisis.  As you can see, the yield curve was inverted at various times over the course of 2006 to 2008.  It took approximately two years from the yield curve inversion before the Financial Crisis hit in full force in September 2008.  Because this pattern has occurred before, economists and financial professionals appearing on television or writing articles have pointed to the yield curve inversion just recently.

But you should take a closer look at the latest inversion of the yield curve.  It is only a small difference and only lasted for a short period of time.  I will blow it up to investigate and will show November 1, 2018 through October 31, 2019:

Daily Spreads - 2018 to 2019

I had to use a one-year timeframe to even be able to get the difference in interest rates to show up.  So, for a period during August 2019 and September 2019,  there were a plethora of financial markets’ articles and television commentators who talked about how soon a recession would take place in the U.S. economy.  In fact, there were days when over 25% of the day’s coverage of financial market news focused only on this yield curve inversion.  Now, will the U.S. economy go into recession in the next 12-24 months?  Well, that is still an open question.  The main point is that the financial news media focus on things that have similar patterns for only a brief period of time.  Even worse though, financial “experts” who know very little about the bond market and economics start making predictions.  And, as I have said many times in the past, the financial news media rarely, if ever, invites guests back or has another article written about how wrong they were.

Lastly, you will sometimes here people say that there is a 30% chance that the U.S. economy will enter a recession in the next 12-24 months.  Where does that percentage come from?  Oftentimes, it is a “best guess”.  Unless you hear that same financial professional talk about a probity econometric model that came up with that percentage of recession probability, you should take the comment with a “grain of salt”.  Trust me though, most financial professionals are not running probit models when they tell you their opinion on this matter (related to an inverted yield curve or due to another topics/event).  In the supplemental article that is forthcoming, I will actually discuss a panel probit model that the Bank of International Settlements (BIS) just ran to look at the phenomenon of yield curve inversion preceding a recession in an economy.  It is not that the percentages derived are “correct” per se.  The important point is that they are not “pulled out of a hat” by someone.

I hope that this series of articles has been helpful in covering this important topic.  The main takeaway is that, whenever you hear or read about a financial market prediction, you should always look to see how many examples (observations) are being used.  If it is less than 30, you should not take it very seriously at all.  Additionally, any time series data that is trending upward or downward cannot be used to talk about the financial markets.  Remember you need to first-difference the time series data or adjust it in some other manner.  Why?  Otherwise, there may be correlations between two or more time series that just are not really there because the trend dominates.  (Please refer to the second article for more information in this regard).  So, please be more aware and skeptical of what you hear or read.  It is not that the information/prediction is totally wrong.  The salient thing is that it should be based on sound statistics and mathematics.

Subscribe

  • Entries (RSS)
  • Comments (RSS)

Archives

  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • April 2017
  • July 2016
  • May 2016
  • March 2016
  • December 2015
  • November 2015
  • July 2015
  • June 2015
  • May 2015
  • August 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013

Categories

  • academia
  • academics
  • active investing
  • active versus passive debate
  • after tax returns
  • Alan Greenspan
  • alpha
  • asset allocation
  • Average Returns
  • bank loans
  • behavioral finance
  • benchmarks
  • Bernanke
  • beta
  • Black Swan
  • blended benchmark
  • bond basics
  • bond market
  • Bond Mathematics
  • Bond Risks
  • bond yields
  • bonds
  • book deals
  • books
  • Brexit
  • Brexit Vote
  • bubbles
  • business
  • business books
  • CAPE
  • CAPE P/E Ratio
  • Charity
  • Charlie Munger
  • cnbc
  • college finance
  • confirmation bias
  • Consumer Finance
  • correlation
  • correlation coefficient
  • currency
  • Cyclically Adjusted Price Earnings Ratio
  • Dot Com Bubble
  • economics
  • Education
  • EM
  • emerging markets
  • Emotional Intelligence
  • enhanced indexing
  • EQ
  • EU
  • European Union
  • Fabozzi
  • Fama
  • Fed
  • Fed Taper
  • Fed Tapering
  • Federal Income Taxes
  • Federal Reserve
  • Fiduciary
  • finance
  • finance books
  • finance theory
  • financial advice
  • Financial Advisor
  • financial advisor fees
  • financial advisory fees
  • financial goals
  • financial markets
  • Financial Media
  • Financial News
  • financial planning
  • financial planning books
  • financial services industry
  • Fixed Income Mathematics
  • foreign currency
  • forex
  • Forward P/E Ratio
  • Frank Fabozzi
  • Free Book Promotion
  • fx
  • Geometric Returns
  • GIPS
  • GIPS2013
  • Greenspan
  • gross returns
  • historical returns
  • Income Taxes
  • Individual Investing
  • individual investors
  • interest rates
  • Internet Bubble
  • investing
  • investing advice
  • investing books
  • investing information
  • investing tips
  • investment advice
  • investment advisory fees
  • investment books
  • investments
  • Irrational Exuberance
  • LIBOR
  • market timing
  • Markowitz
  • math
  • MBS
  • Modern Portfolio Theory
  • MPT
  • NailedIt
  • NASDAQ
  • Nassim Taleb
  • Nobel Prize
  • Nobel Prize in Economics
  • P/E Ratio
  • passive investing
  • personal finance
  • portfolio
  • Post Brexit
  • PostBrexit
  • reasonable fees
  • reasonable fees for financial advisor
  • reasonable fees for investment advice
  • reasonable financial advisor fees
  • rebalancing
  • rebalancing investment portfolio
  • rising interest rate environment
  • rising interest rates
  • risk
  • risk tolerance
  • risks of bonds
  • risks of stocks
  • Robert Shiller
  • S&P 500
  • S&P 500 historical returns
  • S&P 500 Index
  • Schiller
  • Search for Yield
  • Sharpe
  • Shiller P/E Ratio
  • sigma
  • speculation
  • standard deviation
  • State Income Taxes
  • statistics
  • stock market
  • Stock Market Returns
  • Stock Market Valuation
  • stock prices
  • stocks
  • Suitability
  • Taleb
  • time series
  • time series data
  • types of bonds
  • Uncategorized
    • investing, investments, stocks, bonds, asset allocation, portfolio
  • Valuation
  • volatility
  • Warren Buffett
  • Yellen
  • yield
  • yield curve
  • yield curve inversion

Meta

  • Register
  • Log in

Blog at WordPress.com.

Cancel