You want a fiduciary, not a salesman

You're paying for loyalty - make sure you're getting it. If you're paying someone for advice and investment management, his only compensation should be what you pay him, the advisory fee. 0.75 to 1.5 percent per year is fair, depending on account size. Obligations are structured by payments, and his only obligations should be to your interests. Back when people used full-service stockbrokers, a good broker could offer financial advice and help craft a portfolio to…

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We don’t have to predict rates to adjust our expectations

Rates are near all-time lows across the civilized world. Everyone has an opinion about what that means for stocks - some say rates must soon start marching back up to 1982 levels, thereby dragging down multiples. Others say that we don't have to worry about current high valuations since we're in a low-rate era, or even that our idea of fair-value CAPE and price:sales ratios are outdated. A look at…

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