Do Stock Buy Backs Bring Real Value?
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Stock buyback programs are a method of returning profits to shareholders without causing a taxable event.

What Is The Average Holding Period For A Stock?
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The average holding period for a stock is not simply the inverse of liquidity.

What Is Shareholder Primacy?
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Since only a small portion of stock is traded each day, a large majority of shareholders prioritize the long term appreciation of the value of the company.

Bond Basics
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Bonds are like the iron rods put in the bottom of sailing ships. They don’t make the ship go faster, but they do keep the ship from capsizing in stormy weather.

What Is The Sharpe Ratio?
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At best, the Sharpe Ratio is a single hard coded straight-line preference curve, and the portfolio with the highest Sharpe Ratio is not necessarily the one which will give you the best chance of meeting your goals.

What Is A “Risk-Free” Guaranteed Investment Return?
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There is no such thing as a risk-free, guaranteed investment. Everything has risks.

What is Margin?
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We don’t normally recommend being on margin, but we recommend having the option in case it is needed.

What Is Turnover Rate?
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Beware the turnover rate. It’s much wiser to invest in funds managed by people you trust.

What Is Correlation?
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The correlation between two investment is used in portfolio construction and rebalancing.

P/E Ratio
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P/E ratio tells you how many dollars you have to invest to receive $1 in earnings.

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