Author Archives: Rick Lesan, CFA
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
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So why do people buy alternatives?
As a follow up to my snarky reaction to Don Phillips’ editorial, I thought it might be helpful to share a few thoughts about what my experience tells me regarding just why people invest in alternatives. First let me admit … Continue reading
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Frontier Advisors Strategies Turn 4 Years Old!
I want to report on how the models I’ve created for managing client assets have performed now that they’ve established a long enough live history to be relevant. I’m the first to admit that 4 years is still very short … Continue reading
Posted in Investment Philosophy
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A good use of two minutes…
Here might be the most insightful two minutes I’ve heard in a long time. It’s an NPR commentary from Bob Reich, a professor at UC Berkeley and the Secretary of Labor under President Clinton. Basically, he’s saying that both the … Continue reading
Posted in Economics
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Knowing what we don’t know
There was an interesting article in the New York Times a few days ago (“Testing What We Think We Know”) that discussed the exorbitant amount we spend on medical procedures that don’t do what we thought they would. Often times … Continue reading
Posted in Investment Philosophy, The Business of Investing
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Calculating advisory fees fairly for both client and advisor
Most investors who have their portfolios managed by “fee-based” investment managers should wish the second quarter of 2012 ended a day earlier. Today, the last day of this quarter, the global equity markets are up over 3%. Since the vast … Continue reading
Posted in Ethics in Investing, The Business of Investing
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Still think bigger is better?
I’ve experienced investment management from the investment team of a firm with $800 billion under management and another with $47 billion under management, and I can say with confidence to anyone thinking that bigger is better, you’re fooling yourself. Many … Continue reading
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Let’s stop kidding ourselves about “risk management”
One of the more popular marketing ploys in investing these days is to claim “superior risk management”. It seems every manager and every strategy today highlights that they are supremely focused on risk, implying either that they are better at … Continue reading
Posted in Investment Philosophy, The Business of Investing
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Is wealth being created with the Facebook IPO?
I just heard one of the knuckleheads on CNBC remark that we are observing “wealth being created” by today’s Facebook IPO and that it is a good thing. By his analysis, America is better off today than it was yesterday … Continue reading
Posted in Market Thoughts
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Vanguard founder Jack Bogle is an icon, but he needs to refine his rant…
I can’t say enough good things about Jack Bogle, who has been THE paragon for prudent and sound investing for the last four decades. He has, to my knowledge, been completely consistent in speaking out about the negative impact of … Continue reading
Posted in Ethics in Investing, Investment Philosophy, Taxes, The Business of Investing
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