Insights

“The investor’s chief problem — and even his worst enemy — is likely to be himself.” — Benjamin Graham The Intelligent Investor, 1949 The U.S. stock market (measured by the S&P 500) was down more than 5% two days following the historic Brexit vote. Investors sold out of stocks as it seemed the market was on course for a global market correction. Yet, only five trading days later the market was near its pre-Brexit level. I believe the panic was
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  As we approach Election Day on November 8, there will be endless debate, prognostication and media hype. But even before a single vote has been cast, the potential results are already being priced into stocks around the world. While elections do have real consequences and can certainly impact individual companies, in aggregate they tend to be less important than many of the other factors that drive stock prices. How much influence will the next president have on the price
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  It all begins with markets. But what are capital markets? What functions do they serve in our economy and society? By definition, markets allow investors to provide capital in exchange for the potential creation of wealth. In society, markets play a critical role. Here’s how: Investors provide capital and bear risks. In exchange, they receive compensation for taking on risks. This is how wealth is created. Successful investors know that in the real world, not all risks are worth
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