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  • Technical Analysis: Really?

    If you’ve studied finance in school, or read books by finance professors, you’ve probably learned that technical analysis “doesn’t work.” In one important sense, that is correct, because when it does work…

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  • A Better Way to Regulate Industry

    People don’t like it when airplanes, or parts, explode. Last week, a plugged door exploded out of a brand-new Boeing 737 Max 9 in mid-flight. By good luck or good grace, no…

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  • Novo Nordisk: Time to Sell?

    Novo Nordisk: Time to Sell?

    Novo Nordisk shareholders have grown fat even as the obesity drug company’s customers have been losing weight. From relative obscurity just five years ago, Novo Nordisk has become the most valuable company…

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  • What Would You Pay for an Extra Year of Life?

    What Would You Pay for an Extra Year of Life?

    What would you give up for an extra year of life? Investors, economists, traders, and other people may immediately object that the question is under-specified. Time Preference At the minimum, they would…

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  • The Hidden Risk: Interest Rates and Inflation

    This month, the Fed decided not to raise interest rates, and traders responded by driving the Dow Jones Industrial Average to an all-time record.[1] Why? Apparently, the market believes that the next…

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  • Year-End Giving: Have We Been Doing it Wrong?

    The industry’s approach to charitable planning is broken. Today we’ll focus on one way in which it’s broken. We hope understanding the problem, and the solution, will help you help your clients,…

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  • Berkshire After Buffett

    Last week’s death of Warren Buffett’s long-time “partner”, Charlie Munger, got us thinking about what might happen to Berkshire when Buffett, now 93 years old, either dies or becomes unable to continue…

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  • Hidden Portfolio Risk: Is Sugar the Next Tobacco?

    Certain products, notably alcohol and tobacco, have been demonized at various times in American history. These periodic demonizations typically have many “unintended” consequences.[1] So What?When products are “demonized,” trouble can follow. Consumers may…

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  • Do 95% of Stocks Eventually Lose?

    Yes, 95% of stocks do eventually lose. That’s the bad news. But there’s good news too. We’ll explain the above claim, and then will suggest a solution. The stock market has generated incredible wealth…

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  • Why is Warren Buffett Looking So Grim?

    Why is Warren Buffett Looking So Grim?

    Warren Buffett has sold about $23 billion of stock since the beginning of the year, including a recent $2 billion trade in a single concentrated position, Chevron.[1] Buffett has built Berkshire’s cash…

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