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Peter`s Uncertainty Principle
10/01/2004: Money Magazine
Peter Bernstein may know more about investing than anyone alive. And the most important thing he knows is this: He has no idea what the future will bring.
http://money.cnn.com/2004/10/11/markets/benstein_bonus_0411/index.htm;
http://www.jasonzweig.com/uploads/11.04PBernstein1.pdf;
http://www.jasonzweig.com/uploads/11.04PBernstein2.pdf
The way of the calm investor
08/01/2004: Money Magazine
Follow these five steps and you`ll make better investment decisions -- and agonize less over them.
http://money.cnn.com/2004/07/27/markets/stocks_calm_0408/index.htm;
http://www.jasonzweig.com/uploads/8.04Calm1.pdf;
http://www.jasonzweig.com/uploads/8.04Calm2.pdf
There`s no stock like home
06/17/2004: Money Magazine
How should you diversify the risks of owning your house?
http://money.cnn.com/2004/05/17/real_estate/investment_prop/freeintro_homed...;
http://www.jasonzweig.com/uploads/6.04RealEstate.pdf
The Rip Van Winkle portfolio
03/19/2004: Money Magazine
Is it possible to invest so reliably that you won`t have to change anything for 20 years? It`s worth a try.
http://money.cnn.com/2004/02/19/retirement/freeintro_20yearportfolio_0403/i...;
http://www.jasonzweig.com/uploads/3.04RipVanWinkle.pdf
Ben Is Back: Lessons and Ideas from Benjamin Graham
12/01/2003
This presentation summarizes the life and living legacy of Benjamin Graham, author of “The Intelligent Investor.” What can we still learn today from the greatest investment thinker who ever lived? Jason discusses the enduring lessons that every investor can – and should -- learn from Graham. (Note: AIMR charges a fee for access to this webcast).
http://www.aimrdirect.org/cpe/what.cfm?test_id=376
Benjamin Graham, the Human Brain, and the Bubble
10/01/2003: “Boom and Bust,” a volume of guest essays published by the European Asset Management Association (see pp. 160-164 in the PDF link below, or 145-149 in the print edition)
This article combines the insights of Ben Graham with the newest discoveries in neuroscience to shed light on the manic-depressive market of the past few years.
http://www.jasonzweig.com/uploads/BenGrahamEAMA.pdf
Benjamin Graham and The Intelligent Investor
09/06/2003: Minnesota Public Radio
Jason talks with Stephanie Curtis of Minnesota Public Radio’s “Sound Money” about revising Graham’s masterpiece and why it remains so relevant today. You can listen to the interview here:
http://soundmoney.publicradio.org/programs/2003/09/06/
The Intelligent Investor (Public Radio)
08/14/2003
Jason talks about how he edited the new edition of Benjamin Graham’s classic, “The Intelligent Investor,” and why the book is still relevant. You can listen to the interview, with Public Radio’s Cheryl Glaser, here:
http://marketplace.publicradio.org/morning_report/2003/08/14_mmr.html
Lessons From The Greatest Investor Ever
07/01/2003: Money Magazine, Vol. 32 No. 7
As The New Edition Of The Intelligent Investor Shows, Ben Graham Never Goes Out Of Style
http://money.cnn.com/best/magazine_archive/2003/07/MASA-01.html;
http://www.jasonzweig.com/uploads/7.03BenGraham1.pdf;
http://www.jasonzweig.com/uploads/7.03BenGraham2.pdf;
http://www.jasonzweig.com/uploads/7.03BenGraham3.pdf
What Would Jesus Buy?
05/01/2003: TIME Magazine
Can an investor become more righteous, and richer, by avoiding \"unholy\" stocks?
http://www.time.com/time/magazine/article/0,9171,1101030519-451000,00.html
Is Your Brain Wired to Make You Rich? The Neuroscience of Financial Decision-Making
03/01/2003: Hoover Institution
This speech, which Jason presented at the Hoover Institution at Stanford University, is a shorter and simpler version of a talk he gave earlier to the CFA Institute in 2002 [see May 14, 2002]. It’s an overview of how the human brain goes about making investment decisions – complete with colorful graphics of neurons firing away. [See also October, 2002.]
http://jasonzweig.com/brain2003.ppt
Are you wired for wealth?
10/01/2002: Money Magazine
What goes on inside your brain when you invest? Here’s how the latest breakthroughs in neuroscience can help make you smarter – and richer. [See also May 14, 2002 and March 18, 2003.]
http://money.cnn.com/2002/09/25/pf/investing/agenda_brain_short/index.htm;
http://www.jasonzweig.com/uploads/10.02Neuroeconomics1.pdf;
http://www.jasonzweig.com/uploads/10.02Neuroeconomics2.pdf;
http://www.jasonzweig.com/uploads/10.02Neuroeconomics3.pdf
What Fund Investors Really Need To Know
06/01/2002: Money Magazine, Vol. 31 No. 6 Special Double Issue/Invest To Win
Our Exclusive Study Of Mutual Fund Returns Shows Which Ones Really Made Money For Investors And Which Ones Took Shareholders For A Costly Ride
http://money.cnn.com/magazines/moneymag/moneymag_archive/2002/06/01/323312/...;
http://www.jasonzweig.com/uploads/6.02InvestorReturns1.pdf;
http://www.jasonzweig.com/uploads/6.02InvestorReturns2.pdf;
http://www.jasonzweig.com/uploads/6.02InvestorReturns3.pdf
Money and the Mind: How Neuroscientists Are Cracking the Code of Investment Behavior
05/01/2002
Jason explains the exciting new insights into financial decision-making that are coming from groundbreaking research in neuroscience. This presentation, to the annual meeting of the Association for Investment Management & Research, outlines the roles that different parts of the human brain play in estimating probabilities, assessing risk and reward, and integrating emotion with reason. [See also October, 2002, and March 18, 2003]
http://jasonzweig.com/Brain2002.ppt
New Cause for Caution on Stocks
05/01/2002: TIME Magazine
Fresh research challenges the historical rate of return on equities. Look to bonds for more balance.
http://www.time.com/time/magazine/article/0,9171,1101020506-234145,00.html
Mind over Money
03/01/2002: PBS
In this broadcast on PBS’ “Nightly Business Report,” Jason discusses how to apply the principles of behavioral finance to become a better investor.
http://www.nightlybusiness.org/transcript/2002/trnscrpt032902.htm
“Fat Tails, Thin Ice”
06/01/2001: Morningstar
In this speech, the keynote address to the 2001 Morningstar Investment Conference, Jason talks about how financial planners misunderstand and misuse the lessons of history: They cite academic studies “proving” investment theories without ever reading them; they extrapolate past data without questioning the quality and durability of the numbers; and they fail to communicate investment risk in terms clients can understand. Jason offers suggestions on how to do better.
http://datalab.morningstar.com/Midas/Home/ArticlesResearch/DL_Article_FatTa...
Wall Street\'s Wisest Man
06/01/2001: Money Magazine, Vol. 30 No. 6
Getting rich off stocks is simple, says Charles Ellis. Here\'s how.
http://money.cnn.com/best/magazine_archive/2001/06/FUN.html;
http://www.jasonzweig.com/uploads/6.01Ellis.pdf
Reading Them For The Right Reasons
06/01/2001: Money Magazine, Vol. 30 No. 6
MONEY's Jason Zweig thinks you'd be nuts not to read Jeremy Siegel's and Robert Shiller's stock market books. But he thinks you'd be even nuttier to take their every word as gospel.
http://money.cnn.com/best/magazine_archive/2001/06/books.html
Do you sabotage yourself?
05/01/2001: Money Magazine, Vol. 30 No. 5
Daniel Kahneman has done more than anyone else to explain why most of us make so many mistakes as investors--and what we can do about it.
http://money.cnn.com/magazines/moneymag/moneymag_archive/2001/05/01/301274/...;
http://www.jasonzweig.com/uploads/5.01Kahneman1.pdf;
http://www.jasonzweig.com/uploads/5.01Kahneman2.pdf;
http://www.jasonzweig.com/uploads/5.01Kahneman3.pdf
Splitsville
03/01/2001: Money Magazine, Vol. 30 No. 3
Can investors really make money buying stocks because they split?
http://money.cnn.com/best/magazine_archive/2001/03/FUN03.html;
http://www.jasonzweig.com/uploads/3.01Splits.pdf
A Matter of Expectations
01/01/2001: Money Magazine, Vol. 30 No. 1 Special Forecast Issue
How much will stocks return in the future? Even forecasts that don\'t pan out have lessons for investors.
http://money.cnn.com/best/magazine_archive/2001/01/FUN.html;
http://www.jasonzweig.com/uploads/1.01Expectations.pdf
New Year\'s Play
12/01/2000: Money Magazine, Vol. 29 No. 13 Special Double Issue
Can you make big bucks on small stocks by buying in December?
http://money.cnn.com/best/magazine_archive/2000/12/FUN.html;
http://www.jasonzweig.com/uploads/12.00JanEffect.pdf
The Trouble With Humans
11/01/2000: Money Magazine, Vol. 29 No. 12
A look at the neuroscience of investing: Why rats and pigeons might make better investors than people do.
http://money.cnn.com/magazines/moneymag/moneymag_archive/2000/11/01/290855/...;
http://www.jasonzweig.com/uploads/11.00Neuroeconomics.pdf
Hunting eggs
09/14/2000: money.com
How to diversify away the risk of too much company stock.
http://robots.cnnfn.com/2000/09/14/mailbag/mailbag/index.htm
Be your own fund manager
08/14/2000: money.com
Think you're worth five stars? Here's how to put yourself to the test.
http://robots.cnnfn.com/2000/08/14/mailbag/mailbag/index.htm
Performance Review: Part 3
08/01/2000: money.com
I've been answering your questions in Mutual Fund Mailbag for just about a year now, and I think I've gotten things mostly right. Just to be sure, though, I've asked some of the investing world's top minds for their two cents. In this three-part series, I square off with Vanguard's John Bogle, efficient-market theorist William Bernstein, and finance professor Terrance Odean on the issues you've written in most about. This week: Odean slaps me upside the head.
http://robots.cnnfn.com/2000/08/01/mailbag/mailbag/index.htm
Performance Review: Part 2
07/25/2000: money.com
I've been answering your questions in Mutual Fund Mailbag for just about a year now, and I think I've gotten things mostly right. Just to be sure, though, I've asked some of the investing world's top minds for their two cents. In this three-part series, I square off with Vanguard's John Bogle, efficient-market theorist William Bernstein, and finance professor Terrance Odean on the issues you've written in most about. This week: Bernstein gives me a bashing.
http://robots.cnnfn.com/2000/07/25/mailbag/mailbag/index.htm
Don\'t Get Me Wrong
07/01/2000: Money Magazine, Vol. 29 No. 7
When should a fund manager--or an investor--admit a mistake?
http://money.cnn.com/best/magazine_archive/2000/07/FUN.html;
http://www.jasonzweig.com/uploads/7.00Longleaf.pdf
Index funds
06/01/2000: IndexFunds.com
Should you have all your money in index funds? Jason debates the editor of IndexFunds.com on whether actively-managed mutual funds serve any legitimate purpose at all:
http://www.indexfunds.com/archives/articles/staff_20000616_from_the_message...
When index funds don't work
05/24/2000: money.com
Passive investing almost always beats active management. There are cases, though, when it just doesn't add up. (See also July 18, 2000.)
http://robots.cnnfn.com/2000/05/24/mailbag/mailbag/index.htm
Fun funds
04/28/2000: money.com
Mutual funds marketed to children aren't bad, but there are better ways to turn on your kids to investing.
http://robots.cnnfn.com/2000/04/28/mailbag/mailbag/index.htm
Chart Burn
04/01/2000: Money Magazine, Vol. 29 No. 4
The \"mountain charts\" in fund ads can be confusing.
http://money.cnn.com/best/magazine_archive/2000/04/FUN.html;
http://www.jasonzweig.com/uploads/4.00ChartBurn1.pdf;
http://www.jasonzweig.com/uploads/4.00ChartBurn2.pdf
Do health-care funds make sense?
03/10/2000: money.com
Depends who you ask--but if it's a financial journalist, think twice.
http://robots.cnnfn.com/2000/03/10/mailbag/mailbag/index.htm
The Star System
03/02/2000: Money Magazine, Vol. 29 No. 3
Are you sure you know what those Morningstar ratings really mean?
http://money.cnn.com/best/magazine_archive/2000/03/fun.html;
http://www.jasonzweig.com/uploads/3.00Morningstar.pdf
The case for boring bonds
02/17/2000: money.com
What good is 6% a year when you can make 6% an hour?
http://robots.cnnfn.com/2000/02/17/mailbag/mailbag/index.htm
Splitsville
02/11/2000: money.com
Are two nickels ever worth 12 cents? You can play that game with stocks, but not with funds.
http://robots.cnnfn.com/2000/02/11/mailbag/mailbag/index.htm
Do the Experts Get the Future Right? Does Anybody?
02/01/2000: Money Magazine, Vol. 29 No. 2
Before you put all your money in that tech fund, consider how far off our expectations have been over the past decade. Jason Zweig With additional reporting by Erica Garcia
http://money.cnn.com/best/magazine_archive/2000/02/fun.html;
http://www.jasonzweig.com/uploads/2.00DoExperts.pdf
Diversification overrated? Not a chance
01/26/2000: money.com
Jason takes issue with an article in Worth Magazine questioning the value of diversifying your investments.
http://robots.cnnfn.com/2000/01/26/mailbag/mailbag/index.htm
Diversity training
01/06/2000: money.com
You can't know when tech stocks will end their bull run. But you should start preparing now.
http://robots.cnnfn.com/2000/01/06/mailbag/mailbag/index.htm
Did You Beat the Market?
01/01/2000: Money Magazine, Vol. 29 No. 1 Special Forecast Issue 2000
Most investors who say they do are just kidding themselves.
http://money.cnn.com/best/magazine_archive/2000/01/fnd0101.html;
http://www.jasonzweig.com/uploads/1.00DidYouBeat.pdf
The Tyranny of Style
12/01/1999: Money Magazine Vol. 28 No. 12 Special Double Issue
Is a mutual fund's label more important than its returns?
http://money.cnn.com/best/magazine_archive/1999/12/fun.html
Is a green fund a good fund?
11/11/1999: money.com
Jason weighs in on the merits of socially-responsible mutual funds.
http://robots.cnnfn.com/1999/11/11/mailbag/mailbag/index.htm
Don't try this with your 401(k)
11/04/1999: money.com
Why loading up your retirement plan with shares in even a high-flying employer is a dangerous thing to do.
http://robots.cnnfn.com/1999/11/04/mailbag/mailbag/index.htm
Behavioral Finance: What Good Is It, Anyway?
10/01/1999: Harvard University
Behavioral finance – the study of investing psychology – is getting tons of attention. The trendiest money managers all say they use behavioral finance to exploit the mistakes of irrational investors. In this speech to a conference at the John F. Kennedy School of Government at Harvard University, Jason argues that behavioral finance is not a window onto the behavior of other people, but a mirror that shows our own shortcomings; we should use it not to take advantage of other stupid investors, but rather to make ourselves smarter investors.
http://www.jasonzweig.com/wip/documents/speeches/Behavior.doc
A Short Primer
09/03/1999: money.com
If you absolutely, positively have to short the market, Jason shows you how.
http://robots.cnnfn.com/1999/09/03/mailbag/mailbag/index.htm
“Expert Q&A”
08/01/1999: morningstar.com
In this online chat, Jason fields questions from Morningstar users about everything from stock-picking “systems” to index funds, how and why to use a broker, investing in corporate bankruptcies, saving for college, the fine points of bond funds, and the ethics of financial journalism. [Conversation 676: in the “Jump to #” box, enter 676]
http://socialize.morningstar.com/NewSocialize/asp/fullconv.asp
Day Trading
08/26/1999: CNN
Transcript of a CNN broadcast in which Jason calls day trading “the most effective weapon ever devised to commit financial suicide.”
http://money.cnn.com/1999/08/26/fortune/fortune_funds/
False Profits
08/01/1999: Money Magazine, Vol. 28 No. 8
You now have all the tools you need to pick your own pocket. (A critique of the stock-picking “strategies” of the Motley Fool.)
http://money.cnn.com/best/magazine_archive/1999/08/fnd08_fi.html;
http://www.jasonzweig.com/uploads/8.99FalseProfits.pdf
In defense of diversification
07/28/1999: money.com
Zweig answers critics who wonder why anyone would possibly want to invest in anything other than U.S. stocks.
http://robots.cnnfn.com/1999/07/28/mailbag/mailbag/index.htm
Fools and their money
07/21/1999: money.com
Reaction is swift, strong (and more than a little foolish) to Zweig's Money column criticizing the Motley Fool.
http://robots.cnnfn.com/1999/07/21/mailbag/mailbag/index.htm
Baloney.com
05/01/1999: Money Magazine, Vol. 29 No. 5
Don\'t believe the hype about Internet stocks and funds.
http://money.cnn.com/best/magazine_archive/1999/05/fnd05_fi.html;
http://www.jasonzweig.com/uploads/5.99Baloney.com1.pdf;
http://www.jasonzweig.com/uploads/5.99Baloney.com2.pdf
Mutual Bet: Beating the Odds?
10/01/1997: PBS
In this interview for PBS’s The News Hour with Jim Lehrer, Jason discusses the chronic underperformance of mutual funds: what causes it and what investors can do about it. Transcript available here:
http://www.pbs.org/newshour/bb/business/july-dec97/mutual_10-1.html
Why you should watch out for those sizzling funds that shout: “We’re No. 1!”
03/01/1996: Money Magazine
How good is a fund? It depends mainly on when you start measuring its returns and when you stop.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1996/03/01/210144/...;
http://www.jasonzweig.com/uploads/3.96WereNo.1.pdf
The neuroscience of investing
01/01/2003: CNN "Moneyline" with Lou Dobbs
An overview of the neural pathways your brain uses to make decisions about money.
http://cnnstudentnews.cnn.com/transcripts/0301/10/mlld.00.html
The trouble with timing
12/01/2003: Money Magazine
We\'re always told to buy low and sell high. Sounds simple and it makes sense. So why is such an easy rule so hard to follow? (Note: Full online access to this article is available only to MONEY Magazine subscribers.)
http://premium.money.cnn.com/pr/subs/magazine_archive/2003/12/INT-01.html;
http://www.jasonzweig.com/uploads/12.03TroubleTiming.pdf
Why You Would Be Foolish to Count on a 10% Annual Return
01/01/1996: Money Magazine
Lots of pundits say stocks will return an average of 10% forever into the future. They are wrong.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1996/01/01/207656/...;
http://www.jasonzweig.com/uploads/1.96Expectations.pdf
12 Deadly Fund Myths -- and How to Profit from Them
02/01/1996: Money Magazine
Like the Ancient Greeks, fund investors believe in myths. Here we debunk the biggest and give you advice to make you a richer shareholder.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1996/02/01/207716/...;
http://www.jasonzweig.com/uploads/2.96FundMyths1.pdf;
http://www.jasonzweig.com/uploads/2.96FundMyths2.pdf
The Hottest Funds Are Too Big for Their Britches
04/01/1996: Money Magazine
Ballooning mutual funds are great for the folks who run them, but they may be a bust for you. This article is an early look at the problem of how bigger funds produce smaller returns.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1996/04/01/211179/...;
http://www.jasonzweig.com/uploads/4.96AssetElephantiasis1.pdf;
http://www.jasonzweig.com/uploads/4.96AssetElephantiasis2.pdf;
http://www.jasonzweig.com/uploads/4.96AssetElephantiasis3.pdf
Why Socially Responsible Investing Is Not Quite As Heavenly As It Might Sound
06/01/1996: Money Magazine
A column that raised questions about whether mutual funds can really appease your investing conscience.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1996/06/01/213198/...;
http://www.jasonzweig.com/uploads/6.96SRIFunds.pdf
When to Take a Wild Ride on a New Fund Rocket
07/01/1996: Money Magazine
Brand-new funds often go straight to the moon -- or crash. This is a guide on what you need to know before blasting off on one of them.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1996/07/01/214172/...;
http://www.jasonzweig.com/uploads/7.96NewFunds1.pdf;
http://www.jasonzweig.com/uploads/7.96NewFunds2.pdf
Should You Wish upon the Stars to Pick Funds?
07/01/1996: Money Magazine
A column explaining how the Morningstar mutual-fund ratings work.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1996/07/01/214159/...;
http://www.jasonzweig.com/uploads/7.96Morningstar.pdf
Which Funds Are Too Hot
08/01/1996: Money Magazine
A look at why so-called hot funds so often end up going cold.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1996/08/01/215474/...;
http://www.jasonzweig.com/uploads/8.96FundsOnFire1.pdf;
http://www.jasonzweig.com/uploads/8.96FundsOnFire2.pdf;
http://www.jasonzweig.com/uploads/8.96FundsOnFire3.pdf
Peering into the Past Does Not Tell You the Future of a Fund
10/01/1996: Money Magazine
Why past performance is not an accurate guide to the returns a fund will earn after you buy it.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1996/10/01/217536/...;
http://www.jasonzweig.com/uploads/10.96HotFunds.pdf
Funds that Really Make Money for Their Investors
04/01/1997: Money Magazine
An exploration of one of the most puzzling gaps in the investing world: why mutual fund investors make less money than the mutual funds they own.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1997/04/01/224322/...;
http://www.jasonzweig.com/uploads/4.97InvestorReturns1.pdf;
http://www.jasonzweig.com/uploads/4.97InvestorReturns2.pdf;
http://www.jasonzweig.com/uploads/4.97InvestorReturns3.pdf
Learn from the Big Bad Bear
05/01/1997: Money Magazine
Lessons from veteran investors who survived the crash of 1973-1974.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1997/05/01/225653/...
Proof that Chasing Hot Funds Will Make You Dizzy, Not Rich
05/01/1998: Money Magazine
New research shows that the more fund investors move their money around, the less of it they have in the end.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1998/05/01/241536/...;
http://www.jasonzweig.com/uploads/5.98HotFunds.pdf
Fidelity Is Back
09/01/1998: Money Magazine
Corporate profile of the fund giant, illustrating how it is placing a new emphasis on managing risk.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1998/09/01/247700/...
No Dumping
01/01/1999: Money Magazine
Is your underperforming mutual fund manager the problem? Or are you? A look at why most people sell at the wrong time.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1999/01/01/253680/...;
http://www.jasonzweig.com/uploads/1.99NoDumping.pdf
How Women Can Out-Invest Men
06/01/2000: Money Magazine, special summer issue
Many men -- and even some women -- think men are better at investing than women. However, they are probably wrong.
http://www.jasonzweig.com/uploads/6.00Women.pdf
The Higher Wisdom of Warren
07/01/2004: Money Magazine
Buffett has a lot more to teach than merely how to beat the market.
http://www.jasonzweig.com/uploads/7.04Buffett.pdf
A Tale of Two Washingtons
11/01/2004: Money Magazine
What you can learn from the drastically different ways Washington Mutual and Expeditors International of Washington communicate with investors
http://www.jasonzweig.com/uploads/11.04Washingtons.pdf
Ten Lukewarm Funds to Buy Now!
07/01/2005: Money Magazine
New research shows why the hottest funds do not generate the most wealth for investors.
http://www.jasonzweig.com/uploads/7.05LukewarmFunds.pdf
Mergers Are Hot. You Should Stay Cool.
04/01/2005: Money Magazine
Some rules on how to invest, and how not to invest, in takeover stocks.
http://www.jasonzweig.com/uploads/4.05M&A.pdf
Scholar of the Boomers` Future
02/28/2007: Money Magazine
Olivia Mitchell has thought as deeply as anyone about this generation`s retirement. Her take: Tune out the most dire forecasts. You may be in for a pleasant surprise.
http://money.cnn.com/2007/01/30/magazines/moneymag/mitchell.moneymag/index....;
http://www.jasonzweig.com/uploads/3.07Mitchell.pdf
Bottoms-Up Analysis
04/01/2007: Money Magazine
What the ultimate liquid asset -- wine -- can teach us about investing. (With Asa Fitch.)
http://money.cnn.com/magazines/moneymag/moneymag_archive/2007/04/01/8403604...;
http://www.jasonzweig.com/uploads/4.07Wine.pdf
Mr. Worst-Case Scenario
05/01/2007: Money Magazine
Robert Shiller called the tech stock crash just as NASDAQ peaked. Where does he think the real estate market is headed now? Uh-oh.
http://money.cnn.com/2007/04/09/real_estate/shiller.moneymag/index.htm;
http://www.jasonzweig.com/uploads/5.07Shiller.pdf
Markets Where Only Fools Rush In
08/01/2007: Money Magazine
Why emerging markets are not a `no-brainer.`
http://money.cnn.com/2007/07/24/pf/funds/emergingmarkets.moneymag/index.htm;
http://www.jasonzweig.com/uploads/8.07EmergingMkts.pdf
Master of the Imperfect Mind
09/01/2007: Money Magazine
An interview on behavioral finance with the Nobel Prize-winning psychologist Daniel Kahneman.
http://www.jasonzweig.com/uploads/9.07Kahneman.pdf;
http://money.cnn.com/2007/08/23/pf/zweig_kahneman.moneymag/index.htm?postv...
Do The Right Thing and Make Money
01/01/2008: Money Magazine
The Good and Bad of Ethical Investing: Socially responsible funds deliver decent returns.
http://money.cnn.com/2007/12/19/pf/funds/ethical_investing.moneymag/index.h...;
http://www.jasonzweig.com/uploads/1.08SociallyResponsible.pdf
Why You Don`t Want to Invest like an Expert
02/01/2008: Money Magazine
The way some finance professors manage their money offers valuable lessons—in what not to do.
http://money.cnn.com/2008/01/28/pf/dont_expert.moneymag/?postversion=200801...;
http://www.jasonzweig.com/uploads/2.08ThoseWhoCantDo.pdf
Why to Steer Clear of the New Gold Rush
04/01/2008: Money Magazine
Stampeding into commodities right now is one of the stupidest things an investor could do.
http://www.jasonzweig.com/uploads/4.08Commodities.pdf
Stop Worrying, and Learn to Love the Bear
07/12/2008: The Wall Street Journal
The upside of down markets
http://online.wsj.com/article/SB121582067258747665.html
Why the Obvious Isn’t Inevitable (How to Handle a Market Gone Mad)
09/16/2008: The Wall Street Journal
The future is often least knowable when it seems most certain.
http://online.wsj.com/article/SB122152121190739301.html
Of Market Knights and Fairy Tales
09/20/2008: The Wall Street Journal
Stocks are not about to have a magical recovery.
http://online.wsj.com/article/SB122186784815658973.html?mod=yahoo_free
What History Tells Us About the Market
10/11/2008: The Wall Street Journal
An essay for the Weekend section of The Wall Street Journal on the real -- and illusory -- parallels between 2008 and 1932.
http://online.wsj.com/article/SB122368241652024977.html
Capitulation: When the Market Throws in the Towel
10/25/2008: The Wall Street Journal
What is market ``capitulation``? Does it make sense? Does it even exist?
http://online.wsj.com/article/SB122488709542968173.html
The Other Reason for Warren Buffett’s Success
11/01/2008: The Wall Street Journal
Mr. Buffett is not just better than other market players. He also plays a different game entirely.
http://online.wsj.com/article/SB122548632193589047.html
1931 and 2008: Will Market History Repeat Itself?
11/22/2008: The Wall Street Journal
Where is the bottom? Should you bail out before it is too late?
http://online.wsj.com/article/SB122731594413349829.html
Stocks Are Less of Your Net Worth Than You Think
11/29/2008: The Wall Street Journal
Thoughts on tallying up the toll that the market decline has taken on your net worth.
http://online.wsj.com/article/SB122790995714865339.html
How Bernie Madoff Made Smart Folks Look Dumb
12/13/2008: The Wall Street Journal
Why `sophisticated investor` is such an oxymoron.
http://online.wsj.com/article/SB122912266389002855.html
Why Market Forecasts Keep Missing the Mark
01/24/2009: The Wall Street Journal
How just ten days out of 29,694 made all the difference, and why the prophets of doom don`t often profit.
http://online.wsj.com/article/SB123275782424412007.html
Pay Collars Won’t Hold Back Wall Street’s Big Dogs
02/07/2009: The Wall Street Journal
Why the attempts to cap pay on Wall Street can\'t work.
http://online.wsj.com/article/SB123396963383059235.html
After the Crash, Stocks May Face Long Road Back
02/26/2009: The Wall Street Journal
The markets will recover, but that recovery will probably take longer than many investors imagine.
http://online.wsj.com/article/SB123561056456077505.html
How Managing Risk with ETFs Can Backfire
02/28/2009: The Wall Street Journal
Why the hottest investments around -- leveraged ETFs -- are too hot for just about anybody.
http://online.wsj.com/article/SB123578237239398181.html
‘Rebalancing’ Your Portfolio Can Be a Tough Ride
03/07/2009: The Wall Street Journal
Selling some of whatever`s gone up and buying some of whatever`s gone down is a good idea. But it can`t work miracles.
http://online.wsj.com/article/SB123637573235256849.html
For Mother’s Day, Give Her Reins to the Portfolio
05/09/2009: The Wall Street Journal
What men could learn about investing from women.
http://online.wsj.com/article/SB124181915279001967.html
Should Managed Futures Be in the Cards for You?
05/16/2009: The Wall Street Journal
Making money in commodities is not quite as easy as it looks.
http://online.wsj.com/article/SB124242429895325075.html
Does Stock Market Data Really Go Back 200 Years?
07/11/2009: The Wall Street Journal
What many investors don`t know about stock returns `since 1802.`
http://online.wsj.com/article/SB124725925791924871.html
What’s Under the “Emerging” Curtain
07/25/2009: The Wall Street Journal
Emerging markets are hot. Will they stay hot?
http://online.wsj.com/article/SB124846985120879989.html
Why Investors Need to See the Light and Slow Down
08/29/2009: The Wall Street Journal
After one of the biggest market rallies in history, now is no time to get more aggressive.
http://online.wsj.com/article/SB125149410400267863.html
Remembrances: Peter L. Bernstein, 1919-2009
Risk-Management Pioneer and Best-Selling Author Never Stopped Insisting Future Is Unknowable
06/13/2009: The Wall Street Journal
An obituary for the investment philosopher Peter Bernstein.
http://online.wsj.com/article/SB124486041357112031.html#mod%3Dtodays_us_opi...
Buy-and-Hold Is Dead. Long Live Buy-and-Hold
09/11/2009: The Wall Street Journal Online
If buy-and-hold is dead, then what is alive?
http://online.wsj.com/article/SB125268187666503403.html#mod%3DWSJ_hps_MIDDL...
Don`t Let a Market Crash Hit You at the Finish Line
10/10/2009: The Wall Street Journal
Does the risk of owning stocks really decline over time?
http://online.wsj.com/article/SB125513033586977149.html
Can Angel Investors Earn Heavenly Returns?
10/31/2009: The Wall Street Journal
It`s a very good time to become a mini-venture capitalist. It`s also a good time to think twice before you do.
http://online.wsj.com/article/SB125694047773419513.html
Why Turning the Page on a CEO Isn`t Always a Panacea
12/05/2009: The Wall Street Journal
A look at the belief that corporate destiny is controlled by the boss.
http://online.wsj.com/article/SB10001424052748703735004574575880529756434.h...
Reach for Stock Yield, and You Might Just Get Bitten
12/12/2009: The Wall Street Journal
The difference between fixed income and dividend income, and why it matters.
http://online.wsj.com/article/SB10001424052748704201404574590030886119694.h...
The Financial Year in Review
12/25/2009: Public Radio
A roundtable discussion with Tess Vigeland of Public Radio`s Marketplace.
http://marketplace.publicradio.org/display/web/2009/12/25/mm-2009yearinrevi...
Why Many Investors Keep Fooling Themselves
01/16/2010: The Wall Street Journal
How come even “experts” have foolishly high expectations for stock returns?
http://online.wsj.com/article/SB10001424052748704381604575005291706758502.h...
High Trading Is Bad News for Investors
02/13/2010: The Wall Street Journal
Why investors, including big institutions, keep acting like traders.
http://online.wsj.com/article/SB10001424052748704337004575059960489864970.h...
Inefficient Markets Are Still Hard to Beat
01/09/2010: The Wall Street Journal
Markets may not be efficient, but that doesn`t make beating them easy.
http://online.wsj.com/article/SB10001424052748703535104574646530815302374.h...
Why Fund Managers’ Hot Performance Isn’t So Hot
03/27/2010: The Wall Street Journal
Have markets suddenly gotten easy to beat?
http://online.wsj.com/article/SB10001424052748703416204575145703078176296.h...
What Makes a Good Investor?
03/31/2010: Blue Marble Research
An audio interview with Vinny Catalano of Blue Marble Research.
http://www.bluemarbleresearch.com/btsb/Zweig.mp3
The 11-Year Itch: Still Stuck at Dow 10000
06/12/2010: The Wall Street Journal
Could the long slog of the stock market turn out to be a replay of 1966 through 1982?
http://online.wsj.com/article/SB10001424052748704463504575300693236099872.h...
Get Ready for a Cataclysmic Market Crash! (Or Maybe Not)
07/10/2010: The Wall Street Journal
Some forecasters are calling for the Dow to drop all the way to 1000. What would it take for them to be right?
http://online.wsj.com/article/SB10001424052748704799604575356840533734182.h...
Unlikely Superstar: How a Forgotten Fund Got Hot in a Hurry
09/18/2010: The Wall Street Journal
The meteoric rise of the Permanent Portfolio says more about investors than about investments.
http://online.wsj.com/article/SB10001424052748704858304575497662644720960.h...
Manias and Meddlers: The Secret Past of the Chinese Stock Market
10/23/2010: The Wall Street Journal
Government-controlled market bubbles in China date back more than a century, and in the past they didn`t end well.
http://online.wsj.com/article/SB10001424052702304354104575568251451512656.h...
A Chance to Veto a CEO`s Bonus
1/29/2011: The Wall Street Journal
Will a `say on pay` slow the growth in executive compensation?
http://online.wsj.com/article/SB10001424052748703399204576108680208010522.h...
How Now, 36,000 Dow? The Ominous Undertone of Rallies
02/12/2011: The Wall Street Journal
The folks who brought us``Dow 36,000`` at the peak of the last bull market now warn of a bear market.
http://online.wsj.com/article/SB10001424052748704329104576138271281667798.h...
Once Bitten, Twice Bold: Look Who`s Buying Stocks Now
02/26/2011: The Wall Street Journal
Meet the sheepish bulls: people who got out of the stock market when it crashed and who are tiptoeing back in after it has risen.
http://online.wsj.com/article/SB10001424052748704692904576166290382532296.h...
Own Government Bonds? Here`s Something Else to Fret About
05/21/2011: The Wall Street Journal
The coming of `financial repression` could mean painfully low returns for a painfully long time.
http://online.wsj.com/article/SB10001424052748704083904576335420994526968.h...
How Inflation-Protected Funds Get to Inflate Their Yields
04/30/2011: The Wall Street Journal
The oddity that enables TIPS funds to report report `yields` three times higher than those of the bonds they hold.
http://online.wsj.com/article/SB10001424052748704473104576293063576172904.h...
Now That`s Performance Art
12/24/2011: The Wall Street Journal
A look at how hedge funds goose performance -- and fees -- with manipulative trades at yearend.
http://online.wsj.com/article/SB10001424052970203686204577116352886527644.h...
Now That`s Performance Art
12/24/2011: The Wall Street Journal
How hedge funds pump up performance -- and fees -- in the year-end ritual of `window dressing.`
http://online.wsj.com/article/SB10001424052970203686204577116352886527644.h...
Here`s One Way to Beat the Market
06/04/2011: The Wall Street Journal
How some managers, including Jim Cramer, get to say they outperform: by comparing themselves to a benchmark with one hand tied behind its back.
http://online.wsj.com/article/SB10001424052702304563104576363892725584866.h...
Too Flustered to Trade: A Portrait of the Angry Investor
08/20/2011: The Wall Street Journal
Years of lousy returns have turned investors into horrified bystanders.
http://online.wsj.com/article/SB10001424053111904070604576518584290614602.h...
Why a Legendary Market Skeptic Is Upbeat About Stocks
09/10/2011: The Wall Street Journal
An interview with Vanguard founder John C. Bogle.
http://online.wsj.com/article/SB10001424053111904103404576560913892680574.h...
The Extraordinary Popular Delusion of Bubble Spotting
11/05/2011: The Wall Street Journal
It turns out the author of `Extraordinary Popular Delusions and the Madness of Crowds`was an apologist for a bubble that unfolded before his very eyes.
http://online.wsj.com/article/SB10001424052970204621904577017960729384948.h...
Are Pension Forecasts Way Too Sunny?
01/28/2012: The Wall Street Journal
For many pension plans to meet their projections, the stock market needs to grow at nearly 14% a year. Dream on.
http://online.wsj.com/article/SB10001424052970203363504577185440666871560.h...
Facebook and the St. Petersburg Paradox
02/04/2012: The Wall Street Journal
How much should investors be willing to pay for a company whose growth prospects seem almost unlimited?
http://online.wsj.com/article/SB10001424052970204662204577200862677176998.h...
The Dividend-Fund Dilemma
04/07/2012: The Wall Street Journal
Do the investors who have poured billions of dollars into dividend-oriented funds understand the risks?
http://online.wsj.com/article/SB10001424052702304072004577326221868111132.h...
Is `You` a Good Investment?
05/19/2012: The Wall Street Journal
As Facebook goes public, investors need to bear in mind that loving a company is one thing. Loving the stock is entirely another.
http://online.wsj.com/article/SB10001424052702303879604577412610568852458.h...
Are Bond Rates on a Road to Nowhere?
06/09/2012: The Wall Street Journal
The `bond vigilantes` who used to bring discipline to interest rates have been run out of town.
http://online.wsj.com/article/SB10001424052702303296604577454431047267896.h...
Super Bowl Indicator: The Secret History
01/28/2011:WSJ Online: MarketBeat blog
Every January, market forecasters trot out the Super Bowl Indicator again, pretending that it has predictive power. Don`t any of them know it was deliberately conceived as a farce?
http://blogs.wsj.com/marketbeat/2011/01/28/super-bowl-indicator-the-secret-...
Investor, Take This Test
10/18/2011: WSJ Online: Total Return blog
An alternative to the dopey `risk-tolerance` questionnaires that financial advisers foist on their clients.
http://blogs.wsj.com/totalreturn/2011/10/18/investor-take-this-test/
Correlation Quackery
10/20/2011: WSJ Online: Total Return blog
The latest lame argument from crybaby stockpickers: They can`t do well when correlations are high.
http://blogs.wsj.com/totalreturn/2011/10/20/correlation-quackery/
A Modest Proposal
11/01/2011: WSJ Online: Total Return blog
What if market forecasters were held accountable for the accuracy of their predictions?
http://blogs.wsj.com/totalreturn/2011/11/01/a-modest-proposal/
Real Estate: The Long Road Back
11/08/2011: WSJ Online: Total Return blog
How long will it take the psychology of the housing market to recover? History suggests it could take years more.
http://blogs.wsj.com/totalreturn/2011/11/08/real-estate-the-long-road-back/
Can You Sum Up Your Investing Philosophy in 10 Words?
01/27/2012: WSJ Online: Total Return blog
Famous investors -- and regular readers -- boil their beliefs down to 10 words or less.
http://blogs.wsj.com/totalreturn/2012/01/27/can-you-sum-up-your-investing-p...
The Financial Wisdom of G.K. Chesterton
03/06/2012: WSJ Online: Total Return blog
What the master of English prose can teach us about the follies of economic forecasting.
http://blogs.wsj.com/totalreturn/2012/03/06/the-financial-wisdom-of-g-k-che...
What Brokers Call Clients Behind Their Backs
03/16/2012: WSJ Online: Total Return blog
Why is anyone surprised that bankers at Goldman Sachs call clients `muppets`?
http://blogs.wsj.com/totalreturn/2012/03/16/muppets-suckers-and-guppies-wha...
`Jumbo Shrimp,` Meet `Sophisticated Investor`
03/28/2012: WSJ Online: Total Return blog
What would George Carlin think of the idea that the markets are full of sophisticated investors?
http://blogs.wsj.com/totalreturn/2012/03/28/jumbo-shrimp-meet-sophisticated...
Are You Brilliant, or Lucky?
12/08/2012: The Wall Street Journal
Why are investors pouring money into actively managed bond funds despite the massive evidence that bond index funds will do better?
http://online.wsj.com/article/SB10001424127887323316804578165143799397184.h...
U.S. Stocks: Look Out Below?
12/15/2012: The Wall Street Journal
Economist Robert Gordon argues that the U.S. economy is doomed to a future of slow growth. Is he right?
http://online.wsj.com/article/SB10001424127887324296604578179470910812286.h...
How Huge Returns Mess With Your Mind
01/05/2013: The Wall Street Journal
What makes compound returns so hard for many people to understand, and what to do about that.
http://online.wsj.com/article/SB10001424127887323689604578221783598474120.h...
Berkshire Hathaway shareholder letters
Link to Warren Buffett's annual letters to shareholders, 1977 to date. If you want to learn how to think logically and clearly about all the issues that confront investors -- from inflation to stock options to diversification to index funds to the true meaning of risk -- Buffett's brilliant letters are the first (and often the final) word. He will never steer you wrong, and the learning is free and without obligation.
http://www.berkshirehathaway.com/letters/letters.html
Efficient Frontier
Link to William J. Bernstein's "Efficient Frontier" online newsletter, where he serves up opinion that is, at one and the same time, both biting and mathematically rigorous, both challenging and fun to read. Full of righteous anger at the knaves and nincompoops who dish out most financial advice, Bernstein is an invigorating breath of fresh air.
http://www.efficientfrontier.com/
Bogle Financial Markets Research Center
This site, featuring John C. Bogle's speeches and research papers, enables you to keep up with the latest thinking of the founder of the Vanguard Group. Jack Bogle is probably the best friend the individual investor has ever had, and the materials archived here are rich with insights into how the money management business really works and how you can take control of your own financial destiny.
http://www.vanguard.com/bogle_site/bogle_home.html
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