American Investment Services, Inc.

Disciplined, Diversified, & Cost Effective

Seth Hoffman

May 2021 – Price Inflation

Consumer prices increased notably in April. It is not yet apparent whether this is a temporary phenomenon or the beginning of a long-term trend induced by an extraordinary fiscal and monetary expansion. But investors appear increasingly uncertain regarding future price inflation; stock markets have been turbulent since the release of this surprising inflation data and

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Feb. 2021 – Gamestop, Efficient Markets, and Your Portfolio

Recent news has focused on social media trading platforms aimed at driving up prices on certain “meme stocks”, most notably the contrived “short squeeze” of Gamestop (GME). These activities seem to have no basis in traditional security analysis; indeed the recent volatility in GME appears completely detached from a rational assessment of risk and return.

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Nov. 2020 – The Limits of Investment Knowledge

Successful investing is unlike many other endeavors. Because investment outcomes can be random and unpredictable, learning moreand trying harder don’t necessarily lead to better results. Contrast that with activities in which working harder statistically leads to better results. Some people like running. The average runner might run a few times a week in the summer,

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Sept. 2020 -Elections, Markets, and Emotions

As in previous election years, investors are inundated with headlines and opinions regarding potential electoral outcomes and resulting implications for capital markets. This year, uncertainty regarding the potential health and economic impacts of a global pandemic has amplified the noise. Meanwhile, the ascent of social media has fanned the flames by all too often animating

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