Hedging Costs Money

Just a quick example for people who are keen on hedging or risk reduction. Hedging or risk reduction in any form acts as a drag on performance – this is a side effect of  what it is designed to do. The chart below is a performance comparison between GOLD and unhedged local gold ETF and…

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Depressing Stat of the Day

The following quote is from an excellent long form article on the opioid crisis in the US. Nevertheless, pain research remains startlingly underfunded and undervalued. In American medical schools, the average number of teaching hours on pain is nine; in the average veterinarian curriculum, it’s forty-five. More here – Harpers Magazine

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WHY MOST FINANCIAL MEDIA HINDERS, RATHER THAN HELPS, INVESTORS

At the end of a two-day investment conference sponsored by Dimensional Fund Advisors in Los Angeles last month, I couldn’t stop squirming. The final workshop included a slide show highlighting articles from major business publications across the country conveying a range of dire investment messages. Some spouted warnings of impending market calamity. Others urged investors…

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