Memory is fallible, and routines can change for convenience or on a whim. Using a static, printed checklist ensures that every item is completed, every time. Checklists are routines that have been optimized by time and experience. Do exactly this,…
Most investors know that the US stock market is overvalued, as is often the case during the late stages of a bull market. This however doesn't keep them from staying long and bullish, since short-term expectations are predominant. In the…
Tactical asset allocation (TAA) starts with a highly-diversified asset allocation, of the kind inspired by Harry Browne's Permanent Portfolio (1/4 each in stocks, bills, bonds, and gold). We'll do better later by adding additional asset classes, but even this simple…