BUYING GOLD AGAIN
Investor Kevin Muirâs latest column signals a renewed appetite for gold as a hedge against rising inflation and geopolitical uncertainty. He notes that central banks are rebuilding reserves, while retail investors are turning to physical bullion after a prolonged period of low yields. Recent data shows gold spot prices climbing above $2,200 per ounce, marking the strongest rally in two years. Muir argues that the current macro backdrop makes buying gold again a prudent diversification move.
Let's Take a Moment to Appreciate the Benefits of Diversification đ
U.S. equities have retreated, with the S&P 500 sliding about 7% from its JanuaryâŻ27 high of 6,978. The decline hits investors heavily weighted in broad largeâcap index funds, underscoring the pain of limited diversification. At the same time, the soâcalled...
Rick Rule Says This Gold Stock Panic Looks Like a Buyer Opportunity
Veteran resource investor Rick Rule warns that the recent sharp sellâoff in gold equities is less a crisis than a buying window for disciplined, longâterm investors. He argues that focusing on a "shopping list" of highâquality names, rather than trying...
Charlie Munger: 7 Wealth Mistakes Middle Class People Keep Making
Charlie Munger, Berkshire Hathawayâs vice chairman, outlines seven common wealth mistakes that trap middleâclass investors, from chasing quick returns to ignoring opportunity costs. He stresses that lasting wealth stems from patient compounding, simple strategies, and staying within oneâs circle of...
Social Security Spousal Benefits
Social Security spousal benefits stop growing once the spouse reaches their own Full Retirement Age (FRA), so delaying a claim until age 70 yields no higher payment. The benefit is capped at 50% of the workerâs Primary Insurance Amount, regardless...
Wrapping It Up
The author reflects on entering retirementâs âfourth quarter,â describing a shift to a passive, globally diversified lowâcost index fund portfolio. He notes upcoming tax complexities, especially looming Required Minimum Distributions, and the decision to claim Social Security early while staying...
Is It Time To De-Risk Your Portfolio? | Ted Oakley
Ted Oakley, founder and CEO of Oxbow Advisors, urges investors to keep 20â25% of their portfolios in cash or Treasury bills as stock valuations remain extreme and earnings multiples risk compression. He warns that both declining earnings and falling multiples...
The Incredible Structural Alpha
The study âThe Incredible Structural Alphaâ by Andrew Berkin and Christine Wang argues that alpha is not dead but hidden in portfolio construction. Using a 60âyear U.S. equity sample (JulyâŻ1963âJuneâŻ2023) they reâexamined the classic 5âŻĂâŻ5 sizeâvalue grid popularized by Fama...
Full Time Investing Countermeasures
Dean outlines his personal countermeasure system for transitioning to fullâtime investing after leaving a managerial role as a mechanic. He establishes numeric portfolio thresholds and a fourâstage response plan that escalates from cutting luxury expenses to reâentering the workforce. The...
Markets Are Decoupling Again, Based On Return Correlations
A rollingâwindow analysis of daily returns shows the median correlation across major asset classes has slipped to 0.42, down from above 0.65 a few years ago. This lower correlation indicates that diversification benefits have strengthened in the current market environment....
At The Money: Investing in Freedom
The Freedom 100 Emerging Markets ETF (FRDM) uses a freedomâweighted index to allocate capital to the worldâs freest emergingâmarket economies, deliberately excluding autocratic nations such as China, Russia, Saudi Arabia, Egypt and Turkey. Managed by Life and Liberty Indexes, the...
The Best Defense: What 222 Years of Data Reveals About Protecting Your Portfolio
Over two centuries, the classic 60% stock/40% bond mix delivered roughly 7% annual returns but suffered drawdowns exceeding 71%. A new study covering 1800â2021 evaluated dozens of defensive tactics and identified Defensive Absolute Return (DAR4020) and multiâasset trendâfollowing as the...
Building Financial Stability Beyond the Gig
Artists in the gig economy often lack formal financial training, leading to cashâflow volatility and stress. The DC Jazz Festivalâs CEO highlights budgeting, emergency savings, debt management, and retirement planning as essential habits for musicians. He also promotes workshops that...
Prepaid Tuition Plan Vs. 529 Plan: Which Is Best?
Prepaid tuition plans let families lock in todayâs college costs, effectively hedging against tuition inflation, while 529 collegeâsavings plans function as definedâcontribution accounts with a wide range of investment options. Both vehicles provide taxâfree withdrawals for qualified education expenses, but...
Something to Think About
The author has been using a dollarâcost averaging approach for Roth conversions, accelerating conversions whenever the broader market dips. He now realizes the mistake: the targetâdate fundâs share price hasnât fallen in lockstep with the market because of its 40%...
How to Make Your First Estimated Tax Payment
April 15 marks both the deadline to file 2025 returns and to make the first estimated tax payment for 2026. The Sunlight Tax newsletter walks readers through a noâguesswork method to calculate and remit this payment, emphasizing cashâflow considerations. It...
Working While You're Collecting Social Security
Choosing when to start Social Security benefits has lasting financial consequences, especially for those who keep working. In 2026 the earnings exemption is $24,480 for workers under full retirement age (FRA) and $65,160 after reaching FRA, with a $1âforâ$2 and...
Tax Deductions Musicians Often Miss: Beyond the Basics
The article outlines a suite of oftenâoverlooked tax deductions that independent musicians can claim beyond the usual instrument and travel writeâoffs. It details how homeâstudio space, software subscriptions, education fees, conference travel, marketing costs, healthârelated services, and insurance premiums qualify...
Using a HELOC to Fund a Childâs First Home
Parents can tap home equity via a HELOC to help their childâs firstâhome purchase, but the way the funds are classifiedâgift or loanâdrastically influences the childâs mortgage qualification. Lenders require a signed gift letter and clear transfer records, and timing...
9 Long-Term Habits to Build Lasting Wealth
The Substack post outlines nine longâterm habits designed to create lasting wealth, from paying yourself first to treating your personal brand like a CEO. It stresses asset acquisition, deep skill mastery, a robust emergency fund, and continuous investment in knowledge....
Russell Napierâs Warning: The Great Portfolio Reset
Russell Napier warns that investors face a "great portfolio reset" as bond markets lose appeal, U.S. equities become riskier, and financial repression intensifies. He argues that prolonged lowâinterest rates will erode fixedâincome returns, prompting a shift toward real assets and...
The Sunday Best (03/22/2026)
Physician on Fire released three timely posts addressing financial pitfalls for doctors. The first examines assetâliability mismatches that can cripple cash flow early in a medical career. The second compares Solo 401(k) and SEPâIRA retirement vehicles, highlighting contribution limits and...
MiB: Bill Miller IV, CIO, PM, Miller Value Fund
Bill Miller IV, CIO and portfolio manager of the Miller Value Fund, appears on the Masters in Business podcast to discuss his investing origins, the fundâs highâconcentration, convictionâdriven approach, and his view of Bitcoin as a technologyâlike asset class. The...
10 Ways the Middle Class Can Use AI to Build Wealth Instead of Falling Behind in 2026
AI is reshaping wealth creation for the middle class, turning the traditional timeâandâlabor model into a technologyâleveraged one. The article outlines ten concrete waysâfrom AIâenhanced trading research to automated solo businesses and AIâoperator consultingâthat can generate scalable income streams. It...
$3 Trillion S&P 500 Gatecrashers
Three of the largest private tech firmsâSpaceX, OpenAI and Anthropicâare slated for IPOs later this year, together representing roughly $3âŻtrillion in private market value. With the S&PâŻ500 valued at about $60âŻtrillion, their entry could reshape the composition of the worldâs...
Ignoring the Noise Is Impossible
Financial advisors increasingly confront an unrelenting stream of market noise, making traditional "ignore the noise" counsel impractical. The article distinguishes "good advice"âgeneric, static recommendationsâfrom "effective advice," which integrates durable portfolio construction with behavioral safeguards. Citing Fisher Blackâs research and Charles...
Annuities in 401(k) Plans Arenât All Their Cracked Up to Be
A new study from the Center reveals that 83% of retirees encounter unexpected expenses each year, averaging about 10% of their annual income. To cover such shocks over a 25âyear retirement, households need an emergency fund ranging from $200,000 to...
At the Money: Billionaire Divorce Planning
The Bloomberg "At the Money" episode explores how ultraâwealthy divorces differ from ordinary splits, focusing on privacy concerns, complex estate structures, and liquidity challenges. Guest Patrick Kilbane explains that while the legal process mirrors standard divorces, a single tax mistake...
How to Properly Size Investment Positions
The article explains how investors can boost riskâadjusted returns by properly sizing positions rather than merely finding ideas. It introduces a simple upsideâtoâdownside framework, illustrates it with PayPal and Perimeter Solutions, and ties the ratio to a practical allocation rule...
Personal Finance Links: Extended Expenses
The roundup curates recent personalâfinance content spanning podcasts, tax strategy analyses, housing market reports, and lifestyleâfocused investing pieces. Highlights include Bloombergâs look at taxâaware strategies for wealthy investors under Treasury scrutiny, The Atlanticâs examination of a condoâbuilding collapse that is...
I Fired Myself As Money Manager And It Feels Great
A relative left a Goldman Sachs advisory firm, paying roughly 1.5% management fees plus 1â2% fund fees, and asked the author to manage her $2âŻmillion portfolio. By reallocating to lowâcost ETFs, the author saved about $30,000 in fees and achieved...
Fundsmithâs Terry Smith Explains Underperformance and Sticks to Strategy
At Fundsmithâs annual meeting, CEO Terry Smith admitted the fundâs performance over the past year was âpoor.â He rejected excuses, emphasizing that the shortâterm underperformance stems from broader market structural shifts rather than a flaw in the firmâs process. Smith...
Risk Management Secrets From Top Financial Pros
Top financial professionals rely on a systematic blend of diversification, quantitative risk tools, and hedging to protect assets while pursuing returns. They employ metrics such as Value at Risk, stress testing, and scenario analysis to anticipate market shocks. The article...
Solo 401(k) Vs. SEP-IRA for Physicians (2026): Which Wins for Your Income Level?
The article compares Solo 401(k) plans and SEPâIRAs for physicians, breaking down contribution limits, tax deductions, and administrative requirements across different income brackets. It shows that highâearning doctors can contribute up to $66,000 annually with a Solo 401(k), while SEPâIRAs...
Donât Miss These 10 Often-Overlooked Tax Breaks
Tax season is approaching, and many filers overlook valuable deductions and credits that could significantly lower their 2025 tax bill. The article lists ten oftenâmissed tax breaks, ranging from the Earned Income Tax Credit and Child and Dependent Care Credit...
A Crashing Stock Market Is Great For Our Childrenâs Future
The author argues that stock market crashes are advantageous for building childrenâs wealth. By using the annual $19,000 giftâtax exemption and a tiered dollarâcostâaveraging strategy, parents can fund custodial accounts during corrections. The piece outlines three phases of parental financial...
Old Cars, New Money
The blog notes a paradox in the 2020s: while new cars become faster, safer and more softwareâdriven, they also grow homogenous and expensive. Meanwhile, collectors are flocking to lateâ1990s and earlyâ2000s analog performance cars, treating them as alternative assets. A...
The 401(k) Rollover Mistake That Cost Me 40% of My Savings
A finance author lost 40% of her 401(k) by using an indirect rollover, depositing the check into a personal account and missing the 60âday deadline. The IRS then applied a 10% earlyâwithdrawal penalty, mandatory 20% tax withholding, and treated the...
Why Do Rich People Still Borrow Money?
Wealthy individuals increasingly turn to debt as a strategic tool rather than a liability. By borrowing against real estate or securities, they avoid triggering capitalâgains taxes, preserve compounding returns, and diversify cash exposure. Newer optionsâbased structures such as boxâspread loans...
This 9% Yielder Gives You Databricks, Anthropic, And ByteDance At A 12% Discount
The BlackRock Science and Technology Term Trust (BSTZ) offers a 9% annualized yield and trades about 12% below net asset value, giving retail investors exposure to private AI leaders like Databricks, Anthropic and ByteDance. About 38.5% of its $1.7âŻbillion portfolio...
MiB: Matt Cherwin, Co-Founder and Chief Investment Officer of Marek Capital
Matt Cherwin, coâfounder and CIO of the newly launched Marek Capital, sat down for a Risk and Reward interview to discuss the firmâs investment philosophy and market outlook. Cherwin brings 16 years of senior experience from JPMorgan, where he oversaw...
Mamdani's Estate Tax Will Suffocate NYC's Middle Class
A proposal circulating in Albany would slash New Yorkâs estateâtax exemption from over $7âŻmillion to $750,000 and raise the top rate to 50âŻpercent. The change would shift the tax burden from ultraâwealthy dynasties to typical middleâclass families who own modest...
The Anatomy of a Threshold Rebalance: April 2025
An investor with a ruleâbased policy rebalanced his retirement portfolio in April 2025 after a 15% equity decline triggered by the "Liberation Day" tariff announcement. Using a threshold rebalance, he sold overweight bonds and bought underweight stocks within a taxâadvantaged...
The Executive-to-Investor Transition Nobody Talks About
The article highlights a growing shift among senior women executives from earning salaries to becoming active investors. As they accumulate wealth, many are confronting an identity transition, leveraging strategic and operational skills to navigate private markets. Community salons hosted by...
What, Me Worry?
Investors confront two distinct threats to wealth: inflation and market bear markets. Historical data shows bear markets can plunge 20â50% in months, with recoveries ranging from five months to seven years, while a steady 3% inflation rate trims purchasing power...
At The Money:Â Pursuing Alpha Through Exchange-Traded Funds
In the March 12, 2026 episode of "At the Money," Wes Gray of Alpha Architect explains how quantitative ETFs can deliver "poor manâs" alpha by embedding systematic factor exposures within lowâcost, taxâefficient wrappers. He outlines the firmâs product lineupâincluding momentum,...
Dividend Aristocrats List For 2026
The S&PâŻ500 Dividend Aristocrats index for 2026 comprises 69 companies that have raised their cash dividends for at least 25 consecutive years. To qualify, firms must belong to the S&PâŻ500, have a floatâadjusted market cap of at least $3âŻbillion and...
Charlie Munger: 10 Financial Mistakes That Quietly Trap the Middle Class
Charlie Munger outlined ten persistent financial mistakes that ensnare the middle class, ranging from overspending and ignoring compounding to envyâdriven purchases and reliance on conflicted advisors. He emphasized that simple, disciplined habitsâliving below oneâs means, continuous learning, and patient investingâare...
Pzena: When a Value Index Stops Looking Like Value
Pzena Investment Management argues that the Russell 1000 Value Index has drifted from a pureâvalue construct, now holding hundreds of megaâcap technology names alongside traditional value stocks. The indexâs broadened composition makes it resemble a broad market basket with a...
Why Marlboro Gold Is Better Than Gold
A forum post argues that Marlboro Gold cigarettes can serve as a more practical crisisâtime store of value than gold. It draws on the authorâs experience in highâsecurity prisons, where tobacco functions as a reliable medium of exchange. The piece...