The following article was condensed from “Some Lessons from 250,000 Years of Stock Returns” by Truman A. Clark of Dimensional Fund Advisors. “My stocks are down 30 percent. What are the chances they will come back soon?” “Man, I wish I had been out of stocks for the past three years. How often are stocks […]
Feb. 2004 – Lessons from 250,000 Years of Stock Returns Read More »
The highly publicized case against Martha Stewart has focused attention on the notion of insider trading. These events, as well as the trend described by the Wall Street journal article reprinted herein, serve as a reminder that individual investors are not well served by stock picking. The capital markets assimilate information with stunning efficiency. This
Mar. 2004 – Martha, et al. Read More »
On April 8 the 30 component companies of the venerable Dow Jones Industrial Average (DJIA) were changed for the first time since 1999. Eastman Kodak, AT&T, and International Paper were dropped while Pfizer, Verizon and American International Group (AIG) were added. Although two of the firms that were replaced were in our high-yield Dow model,
Apr. 2004 – Tweaking the Dow Read More »
The month of April ushered in news signaling very solid economic growth, and the bond market responded by sending interest rates to their highest level in a year, as shown in the first chart below. Conservative investors who have structured their portfolios in accordance with our recommendations might be anxious about the decline in their
May 2004 – Rising Rates Read More »
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