Creative Capital Archives - Page 18 of 20

Bull Markets and Bear Markets are such momentous events that they tend to fixate investor attention to the exclusion of more important matters. Most people, for example, would define a “market cycle” with reference to Bulls and Bears. Typically, investors might view a market cycle as extending from the peak of a Bull to the …

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Capital Preservation Paul, Part V

by Greg Curtis

So far in our increasingly exciting investment contest, it’s been a positive experience all around. For the first three years the capital markets rose relentlessly: a modestly positive first year followed by two terrific Bull Market years. But things are about to change. Now, in Year 4 of our contest, the good times seem like …

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Capital Preservation Paul, Part IV

by Greg Curtis

Last week we observed how our investment competitors fared as they navigated a boring, so-so market environment. But this week things get more interesting. As we will recall, Years 2 and 3 of our contest were Bull Market years. The equity markets were so strong that even highly diversified portfolios rose 15% in Year 2 …

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Capital Preservation Paul, Part III

by Greg Curtis

Last week we asked Mr. Market to establish the playing field for our investment contest. This week we’ll check in to see how our contestants are faring. Year 1 of the contest, we will recall, was a so-so, boring year in the markets. Mr. Market’s portfolio—that is, a portfolio with exactly the same asset allocation …

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Capital Preservation Paul, Part II

by Greg Curtis

On the last day of March, we launched our own, far more interesting version of March Madness, namely, an investment contest. Our contest features the Investing Final Four, that is, the four main kinds of investors I’ve encountered in a long and checkered career in the financial advisory business. But instead of competing for something …

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Creative Capital

Capital Preservation Paul

by Greg Curtis

I’ve been in the business of advising wealthy families for 40 years. (Actually, it’s been longer than that, but I’ve reached the age where everything gets rounded down.) Over all those years, almost every family I’ve worked with has followed an investment strategy focused on the preservation of their capital, and it’s not hard to …

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Creative Capital

Loose Change, Part X

by Greg Curtis

“Without courage all other virtues are useless” – Edward Abbey, Desert Solitaire We are talking about climate change, this being the tenth and (finally!) last post in my long series on “changes” that might be considered by the new Trump Administration. In my last post, I alluded to scientific misgivings about the seminal “Seven Nations” …

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Loose Change, Part IX

by Greg Curtis

Headline of the future: “Oat Bran—the Silent Killer.” (Woody Allen or David Letterman, I forget which.) We are courageously dealing with the controversial subject of climate change, but since my courage is running low, this will be our next-to-last foray into the subject. My fundamental argument about the climate issue is that while the climate …

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Loose Change, Part VIII

by Greg Curtis

“What have future generations ever done for us?” – Groucho Marx Last week we took on the controversial subject of climate change. This week, just to demonstrate how reckless a humble blogger can be, we’ll return to the scene of the crime and do it all over again. When I was in college I took …

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Loose Change, Part VII

by Greg Curtis

In my last post we looked at the need for “change” in one controversial domestic sector, education. But since that wasn’t nearly contentious enough (I only got about 400,000 death threats), let’s move on to something really controversial: climate change. Strangely enough, climate science is a subject I actually know something about. (You needn’t be …

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Loose Change, Part VI

by Greg Curtis

In my last few posts we looked at some of the more controversial “changes” in the international arena that seem to be demanded. Now we’ll turn to the domestic sector, beginning with education. The controversy surrounding Betsy DeVos’s nomination as Education Secretary obscures a far more urgent issue: the state of American public education today, especially …

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Loose Change, Part V

by Greg Curtis

Last week we examined one of the “changes” Americans are looking for, and we focused on Russia. This week let’s look at a remarkably similar situation, namely: Israel As with Russia, when Barack Obama left office America’s relations with Israel had hit rock bottom, as bad as they had been since the State of Israel …

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Loose Change, Part IV

by Greg Curtis

Last week we solved the problem of reforming a defective Affordable Care Act in a simple and brilliant manner. Alas, not all the changes Americans want—and voted for—will be so simple to effect. For example, let’s turn to: Russia Although President Obama entered office promising to “reset” America’s relations with Russia, he left office with …

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Loose Change, Part III

by Greg Curtis

In my last post I breathlessly announced that I held the solution to the American healthcare dilemma in my hot little hands. While the hapless Republicans and Democrats are stumbling around blaming each other and wishing the healthcare issue would just blow away, your humble blogger has solved the problem without breathing hard. In order …

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Creative Capital

Loose Change, Part II

by Greg Curtis

In my last post we observed how overwhelming the desire for “change” is in America, and we also paused to notice the penalty the Democratic Party has paid for ignoring voters’ wishes. In this post and the ones that follow, I will touch on some of the more important policies and practices that will be …

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Creative Capital

Loose Change

by Greg Curtis

Since the Presidential election there has been a lot of loose talk about “change.” In this series of posts we’ll try to tighten up that conversation by identifying some specific changes Americans have on their minds. Specifically, I’ll touch on some of the more controversial changes the new Administration will be evaluating. Before we get …

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Is Everything That Didn’t Work Worthless? Part IV

by Greg Curtis

We began this series of posts by examining the sorry state of value investing. We then moved on to making unfashionable arguments on behalf of hedge fund fees and performance. We’ll close the series by looking at the important role hedge funds—and, for that matter, value investing—play in the long-term success of investment portfolios. Hedge …

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Is Everything That Didn’t Work Worthless? Part III

by Greg Curtis

We’re talking about nobody’s favorite subject, hedge funds. Last week we dispensed with the ugly topic of hedge fund fees, and this week we’ll take a deep breath and tackle the even more noxious topic of hedge fund performance. On the surface, the only way to describe recent hedge fund performance is “terrible.” Over the …

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Creative Capital

Is Everything That Didn’t Work Worthless? Part II

by Greg Curtis

In my last post, we discussed the sorry state of value investing following seven years of rigged markets courtesy of our central bankers. In this post we’ll turn to another category of investing that sits right near the top of so many investors’ Sh*t Lists: hedge funds. Whole books have been written about hedge funds, …

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Creative Capital

Is Everything That Didn’t Work Worthless?

by Greg Curtis

For reasons best known to themselves and their (not very robust) consciences, America’s central bankers concluded that the best way to drag the US economy out of the Financial Crisis was to make rich people richer and poor people poorer. They therefore adopted policies—QE1, QE2, QE3—that drove up the prices of assets mainly held by …

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Creative Capital

On Karoshi, Part III

by Greg Curtis

As noted in my last several posts, Japanese salarymen worked long hours without overtime pay for a selfless reason: to pull their defeated country up by its bootstraps. And they succeeded wildly. By 1978 Japan had surpassed Germany to become the world’s second-largest economy, a position it held until it was pushed down to third …

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Creative Capital

On Karoshi, Part II

by Greg Curtis

The word “karoshi” was invented in 1978 to describe an increasingly common phenomenon: Japanese workers, mostly the venerable salarymen, were dropping dead of heart disease in the prime of life. There was a reason it all happened in the 1970s. The shocking—to the Japanese—and humiliating loss in World War II had caused the proud country …

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