Economic profit by industry, 2010-2014

Some industries really are more profitable than others

Posted Leave a commentPosted in Charts, Uncategorized

One of the concepts in academic economics which seems to obviously false in the real world is the idea that firms in a competitive market will earn “economic profits” of zero. An oversimplified version of that would be to say that after subtracting out all economic costs, including opportunity costs, there is no advantage of […]

retirement statistics

75% of 65+ Men Retired Today vs 25% in 1880

Posted Leave a commentPosted in Uncategorized

In the “shocking statistics” category, I wanted to post the following quote in this Morningstar article on the US retirement savings crisis: The notion of retiring is a recent phenomenon. In 1880, roughly 75% of men 65 years and older were still working. Life expectancy (at birth) was about 45 years. Today only about 25% […]

Singapore then and now, 1980s photos from Mothership

Posted Leave a commentPosted in Uncategorized, Web finds

An article on Mothership showing photos of how Singapore has changed in the past 30 years: https://mothership.sg/2019/01/old-singapore-before-and-after/

Highlights and photos from the China Alternatives Investment Summit 2018 in Beijing

Posted Leave a commentPosted in Uncategorized

Had some problems uploading these from the conference, but here are some photos of last week’s event on ETFs and alternative investments, with my Keynote on AI and Robo-investing.

A Critical Look at Critical Illness Insurance: Is It Worth It?

Posted Leave a commentPosted in Uncategorized

Most critical illness insurance policies (also known as “dread disease insurance”) I’ve seen before have looked like a pretty bad deal when I add them up and compare them with alternatives.  These are a few things I often find unattractive about them: They are often sold, not bought or sought. They are often sold on […]

Performance of Quality, Value, Momentum, and Low Volatility Strategies vs the S&P 500

Posted Leave a commentPosted in Investing, Uncategorized

I have been working with “smart beta” strategies since 2006 (before they were even called “smart beta”), and continue to believe that investing through these rules-based factors provides better risk-adjusted returns than index funds at far lower cost than actively managed mutual funds.  In GFM-managed client accounts, we continue to apply the well-researched factors, of […]

Silk Road Trip 2017 Photos Set 1 of 3: Hong Kong to Lanzhou to Urumqi

Posted Posted in Uncategorized

This is part 1 in the series of posts showing a total of 50 photos from our August 2017 trip to and along the China side of the silk road.  To continue to part 2, click here. In August 2017, we decided to take an educational summer trip to China’s silk road starting overland from […]

Silk Road Trip 2017 Photo Set 2 of 3: The Karakorum Highway and Tashgurkan

Posted 1 CommentPosted in Uncategorized

This is part 2 in the series of posts showing a total of 50 photos from our August 2017 trip to and along the China side of the silk road.  To continue to part 3, click here. The Karakorum Highway was the highlight of our August 2017 Silk Road trip, and if we had more […]

Silk Road Trip 2017 Photo Set 3 of 3: Back in Kashgar to see the Old Town, Sunday Market and Livestock Market

Posted 1 CommentPosted in Uncategorized

This is the last in the series of posts showing a total of 50 photos from our August 2017 trip to and along the China side of the silk road.  To go back to part 1 on this series, click here. After driving back along the 300km Karakorum highway road back from Tashgurkan to Kashgar, […]