“If you’re so smart, why aren’t you rich?”   Let’s be very clear. It is a great thing to be smart. Being smart is not in any way an impediment to being a good investor. But just as the gift of strength can exacerbate any tendency towards being a bully, intelligence misapplied can lead a […]

Let’s be honest: most Kaggle competitions are like gym membership. Lots of enthusiasm at the start, a few late-night sprints, and then your notebook gathers dust while the leaders grind on without you. Everyone knows the script: a thousand people stack XGBoost and random forests, they play with feature engineering, and the winners are either […]

There’s a curious magic trick in finance: a return that appears when nothing happens. No news, no surprises, no change in price. Just carry—the part of a trade’s return that comes from standing still. Currency traders have long known this sleight of hand. Borrow low-yielding yen, buy high-yielding Aussie dollars, collect the difference in interest […]

Peter Lynch was an exceptional investor. He took over the Fidelity Magellan fund in 1977 and over the next 13 years increased the assets under management from $18 million to $14 billion. This was not just a triumph of marketing — over this period he averaged a return of 29% a year, doubling the return […]

Practically every money manager or advisor will tout the benefits of experience, particularly their own experience (But no, being a good chess player doesn’t make you a good investor — that’s a topic for another day.) But experience only matters if it has been used as a learning opportunity. It is the knowledge derived from […]