Couples therapists have a quiet running joke. When a new couple walks in and says they are fighting about money, the therapist already knows they are not. They are fighting about something else entirely, and money just happens to be the language they have agreed to argue in. It is the safest topic available, which […]
Why Money Arguments Are Not Actually About Money Read More »
There is a specific kind of person who gets excited about a stock trading below its book value. There is another specific kind of person who gets excited about a triplex in a neighborhood nobody wants to drive through yet. These two people rarely end up at the same dinner party. When they do, they
Cheap Stocks vs. Cheap Buildings: Value Investing Meets Real Estate Read More »
There is a question that value investors ask before they buy anything. It is the oldest question in finance, and it sounds almost embarrassingly simple. What is this thing actually worth? Not what someone will pay for it tomorrow. Not what the chart suggests. Not what the crowd is chanting. What is the underlying business
John Bogle spent his entire career trying to convince people of something deeply unsexy. He wanted investors to accept that they could not beat the market, that fees were silently eating their futures, and that the most powerful force in finance was not intelligence but patience. He built Vanguard into a giant not by promising
What John Bogle Would Have Said About Bitcoin and Why Crypto Investors Would Not Care Read More »
There is a particular facial expression that only exists on the internet. You have seen it. It is the look of someone who knows they should close the tab, knows nothing good will come of watching, and keeps scrolling anyway. It is the expression of a Boglehead lurking on WallStreetBets at eleven at night. They
Why Bogleheads Look at WSB Like a Car Crash They Cannot Stop Watching Read More »
There is a particular kind of horror that dividend investors feel when they watch someone day trade. It is not the horror of watching money being lost. They can live with that. Losses happen. Markets fall. Mistakes are part of the game. What horrifies them is something stranger and harder to explain. It is the
Imagine a quiet library. A man in reading glasses is halfway through a two hundred page annual report, circling footnotes about inventory accounting. He has owned this stock for three years. He bought it because nobody wanted it, which to him was the entire point. The price is low, the business is boring, and the
There is a quiet joke that the fastest way to retire early in the last decade was to ignore every piece of FIRE advice and buy Bitcoin. And the second fastest way to go broke trying to retire early was also to buy Bitcoin. Both things are true. That is what makes the argument so
Can Bitcoin Fund Your Early Retirement, or Does FIRE Demand Boring Assets? Read More »
There is a particular kind of person who buys a duplex in a boring suburb, spends a weekend fixing a leaky toilet, and then does almost nothing for the next five years except collect rent checks and watch the mortgage balance shrink. And there is another particular kind of person who, on a Tuesday afternoon,
Why The Landlord Plays the Long Game and WSB Plays Options Expiring Friday Read More »
Ask a dividend investor what they did last Tuesday and they will probably say nothing. Ask a day trader the same question and you will get a story involving three screens, a ruined lunch, and a moment of either triumph or quiet self loathing. Both people are in the market. Both want to make money.