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"The reports of my death have been greatly exaggerated"

Part of the reason I’ve been a little more successful than most people is I’m good at destroying my own best-loved ideas.”

Charlie Munger


Robeco explores the resurgence of the Value factor since the Covid-19 vaccine announcement roughly three years ago, with insights from ten key graphs.

AQR explains relationship between inflation and taxes, and why tax-efficiency becomes more valuable as inflation rises.

A Nominal Tax Rate of 23.8% turns into an Effective Tax Rate of:

*N/A here is technically an infinite tax rate, as the investor would pay taxes on a zero percent real return. See Beer, et al (2023) for more.

Facts & Figures

Here are a few great charts from Crestmont Research.

P/E beyond 2023 is an estimate only, there can be no assurance it will be achieved and actual results may vary substantially.

Plus one more chart from Bespoke Investment Group: “the S&P 500 has spent 44% of trading days since 1952 within 5% of an ATH compared to just 40.5% of the time when the index has been down 10% or more from an ATH.”


9/27/23 - 11 minutes

Morgan Housel talks about money and wealth in relation to eulogy virtues and resume virtues, and what actually leads to others having respect and admiration for you.

1/14/23 - 108 minutes

Ben Horowitz and Marc Andreessen discuss the twelve functions of the modern university and the challenges that universities face today.

Other Newsletters

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