Posts filed under “Philosophy”
FIRE President Greg Lukianoff interviews Harvard psychology professor and bestselling author Steven Pinker about his books, the crucial role dissent plays in keeping society sane, the special importance of free speech on campus, and the origins of political correctness. Professor Pinker, a member of FIRE’s Board of Advisors, is the author of The Blank Slate, The Better Angels of our Nature, and The Stuff of Thought.
Your Sunday deep dive: “The widespread prevalence and persistence of misinformation in contemporary societies, such as the false belief that there is a link between childhood vaccinations and autism, is a matter of public concern. For example, the myths surrounding vaccinations, which prompted some parents to withhold immunization from their children, have led to a…Read More
Since its a lazy Friday before a 3 day weekend (many schools are closed for a Jewish holiday Monday), I guess its time to wax philosophical about the subject of precisely what it is you are supposed to be doing professionally. I guess its just human nature. This subject keeps coming up, and is seemly…Read More
The reality is fear and greed are part of the human condition. There are however times when it appears that the greed factor is dominating — I have not yet figured out if this is a cyclical phenomena or something more insidious. Regardless, I found this amusing: Source: Reflections of Me
Anthony Freda/Daniel Zollinger What Would Jesus – Or the Rabbis of Old – Do? Preface: If you are an atheist and believe that religion is crazy, please remember that some 85% of the American population identifies itself as Christian and millions more identify themselves as Jewish. Very few Americans are atheists … and the…Read More
This Monday morning we reach our tenth and final installment in our series of most common investor errors.
This is a rather simple but overlooked aspect of investing — and that is making sure that when you work with any sort of professional (Lawyer/Accountant/Manager/Planner) you get your money’s worth.
10. When Paying Fees, Get What You Pay For: It always surprises me how much money some people are willing to throw at people like me to manage their financial affairs — whether its necessary or not.
For the professionals who charge by the hour (Lawyers and Accountants) avoid chatting or dawdling on the phone. When they take you out to lunch, expect tat you are actually paying the bill — either your account is charged for the tab or the time is billed. Make it business, not social.
And when retaining a financial professional, make sure your fees cover a variety of the services you actually need.
For some people, hiring a pro can make sense. If you have a more complex financial situation — perhaps you may have a complicated tax issue, or may be looking at a generational wealth transfer. These sorts of issues are often best served with a competent professional managing them.
We have lots of clients who are too busy running their own businesses and do not have the time to manage their own investments. And as noted in many of our prior points (1-9), a lot of folk simply lack the temperament and discipline to deal with stress and emotions of capital markets. If that describes you, paying someone to run your assets or at least facilitate your investing and income management makes sense.
But for many others, they might be better off simply dollar cost averaging into a group of broad indices and saving the 1-2% annual fees.
Consider what sort of help you really need, and find someone competent to assist you in your financial planning. If your needs are straightforward and simple, you might be able to do it yourself and save the fees.
1. Excess Fees
2. Reaching for Yield
3. You Are Your Own Worst Enemy
4. Asset Allocation vs Stock Picking
5. Passive vs Active Management
6. Mutual Fund vs ETFs
7. Neglecting the Long Cycle
8. Cognitive Deficits
9. Past Performance vs Future Results