Fortunes & Frictions

It's finally over.

I recently collaborated with WSJ's Gunjan Banerji on a project where she provided ChatGPT with the profile of an investor, and prompted it to suggest an appropriate portfolio.

Most investment problems are overreach problems.

(the one we don't make) My annual rite — to bastardize the legacy Wall Street ritual of forecasting how markets will perform the next year.

The best investment lesson from the year, 2025?

The Hardest Part.

Every investor earns a single return stream for her entire life.

Is the reputed asset manager swimming in too many lanes?

1️⃣ Market Capitalization — the absolute price that matters Many investors incorrectly believe that a stock price tells you how expensive...

I recently joined Peter Lazaroff on our friend Ally Jane Ayers' podcast: The Liquidity Event .

With President Trump removing Harvard's tax-exempt status, here is a roadmap to lowering tax drag.

When it comes to investing, it's not that hard to make money most of the time.

Market downturns of this scope and velocity create an uncomfortable truth for prudent, long-term investors: you should (possibly) be day...

There are now robots roaming the streets of Austin, and cities around the world, delivering food.

Occasionally, the people we admire most peel back layers for the masses.

In 1914, at The Ohio State University (OSU), the "path architect" began the project by famously not beginning it.

GUIDING PRINCIPLES Current volatility is frequently representative of imminent volatility.

Welcome to Wall Street.

Happy New Year, everyone!

Market averages tell the big story: if you buy the entire stock market, and sit on it, over long periods that investment portfolio has...