“Using volatility as a measure of risk is nuts.” Charlie Munger The future is full of possibilities, some good some bad. Risk comes from not knowing which of them will come to pass. Given it’s impossible to imagine and consider every potential outcome, we focus our energy on the most likely ones. In market speak, […]
“All generalizations are dangerous, even this one.” Alexandre Dumas Across the taxonomy of investment products, the hedge fund category invokes some rather extreme reactions. On the one hand, there are images of ruthless and greedy managers, whose performance doesn’t always justify their fees or egos. On the flip side, you have some of the world’s […]
If you don’t know where you’re going, you’ll end up someplace else. Yogi Berra With the kids out of school, families across the country are packing up their cars and embarking on summer road trips. Journeys filled with bad dad jokes, frequent pee stops, and that oh too familiar backseat chorus. ‘Are we there yet?’ […]
It could be, it might be…it is! A home run! Harry Caray The Home Run. With one single swing of the bat, all the baserunners and the batter come home to score. For a hitter, it doesn’t get much better than knocking the ball out of the park. Between them, Reggie Jackson, Jim Thome, Adam […]
The Law of Unintended Consequences | September 2017
“The road to hell is paved with good intentions.” Proverb One of the great dilemmas in moral philosophy is whether actions should be judged based on their intentions or consequences. The difficulty, of course, arises when the impact of our intentions are unforeseen, unexpected, or unintended. This concept of unintended consequences was popularized by the […]