Author Archives: Rick Lesan, CFA

14 Weeks of Summer, Week 7: Advice worth listening to?

I think one of the hardest issues to tackle with respect to investing is where to go for advice.  I’ve long struggled with how to guide people on this issue since what needs saying is often hard to hear or … Continue reading

Posted in The Business of Investing | Leave a comment

14 Weeks of Summer, Week 6: The Scourge of Investment Costs

Several years ago I wrote a paper on the various costs of investing, how controllable they are for investors and how important this issue is to your long term wealth.  While I encourage you to read the paper in its … Continue reading

Posted in Economics, Ethics in Investing, Investment Philosophy, The Business of Investing | Comments Off on 14 Weeks of Summer, Week 6: The Scourge of Investment Costs

14 Weeks of Summer, Week 5: Moving Beyond the Active vs. Passive Debate

As previously discussed, the evidence is overwhelming that passive tools are superior to their active counterparts.  But after we accept that truth we then need to ask: is it possible to maintain a thoroughly passive portfolio?  Is it even desirable?  … Continue reading

Posted in Investment Philosophy | Comments Off on 14 Weeks of Summer, Week 5: Moving Beyond the Active vs. Passive Debate

14 Weeks of Summer, Week 4: Active vs. Passive Investing

This is the first of two posts on this subject.  Here I want to tackle why understanding this debate is not just relevant but crucial to all investors.  In the follow-on post I will ask you to rethink whether active … Continue reading

Posted in Ethics in Investing, Investment Philosophy, The Business of Investing | Comments Off on 14 Weeks of Summer, Week 4: Active vs. Passive Investing

14 Weeks of Summer, Week 3: ETFs vs. Mutual Funds…Which is Better?

To keep this post reasonably short yet useful, I’m not going to spend time on defining or explaining the exchange traded fund (ETF).  If you want to learn more, a great place to start is ETF University at etf.com, or … Continue reading

Posted in Investment Philosophy, The Business of Investing, Uncategorized | Comments Off on 14 Weeks of Summer, Week 3: ETFs vs. Mutual Funds…Which is Better?

14 Weeks of Summer, Week 2: Diversified or Di-WORSE-ifed?

Diversification is an investment term most are familiar with, and it’s an issue all investors must confront.  Most simply, it’s the act of spreading risks out with the goal of improving one’s overall risk/reward ratio.  But in an effort to … Continue reading

Posted in Investment Philosophy | Comments Off on 14 Weeks of Summer, Week 2: Diversified or Di-WORSE-ifed?

14 Weeks of Summer, Week 1: Some Perspective on the Upcoming Fiduciary Rule

On June 9, 2017, the Department of Labor’s Fiduciary Rule goes into effect.  In short, it requires that anyone providing advice to tax-deferred or tax-free retirement accounts for a fee must put the investor’s interests before their own.  While the … Continue reading

Posted in Ethics in Investing, The Business of Investing | Comments Off on 14 Weeks of Summer, Week 1: Some Perspective on the Upcoming Fiduciary Rule

In case of emergency, walk, don’t run…or better yet, don’t go anywhere

Oil lower by over 50%.  Greece possibly leaving the Eurozone.  Hints of global deflation, especially in Europe.  Russia continuing to cause problems in Eastern Ukraine.  China feeling a slowdown coupled with concerns about its enormous shadow banking sector.  ISIL causing … Continue reading

Posted in Investment Philosophy, Market Thoughts | Comments Off on In case of emergency, walk, don’t run…or better yet, don’t go anywhere

What Frontier’s strategy is…and is not

This is probably no surprise, but I thoroughly enjoy talking about investing strategies with people.  I’ve realized over the years, however, that most don’t share this interest.  In fact, most are happy to know as little as possible about the … Continue reading

Posted in Investment Philosophy, The Business of Investing | Comments Off on What Frontier’s strategy is…and is not

2015 Predictions

“Prediction is very difficult, especially about the future” – Unknown Every time the calendar year rolls over, investment pundits scramble to explain last year and predict the next.  I spend the first couple weeks of each new year looking over … Continue reading

Posted in Economics, Investment Philosophy, Market Thoughts | Comments Off on 2015 Predictions