Millions of mutual-fund investors

Millions of mutual-fund investors sleep well at night, serene in the belief that superior outcomes result from pooling funds with like-minded investors and engaging high-quality investment managers to provide professional insight. The conventional wisdom ends up hopelessly unwise, as evidence shows an overwhelming rate of failure by mutual funds to deliver on promises. David F. … Read more

Like any good drug,

Like any good drug, anger can mask all reality. But anger is not an easy emotion to call up on demand, which is why an enemy is so wonderful. You’re tired. Didn’t sleep well. You have zero energy. Then you get lucky. You pull into the boathouse parking lot and see your favorite enemy. Celebrate. … Read more