How Lessons from a Navy SEAL Can Make You a Better Investor

By Justin J. Carbonneau “War is a nightmare, war is awful, it is indifferent, devastating and evil. War is hell. But war is also an incredible teacher, a brutal teacher and it teaches you lessons you will not forget.” In a 2017 TED talk,  former Navy SEAL, best-selling author, leadership consultant and top podcast host, Jocko Willink, shared his experiences and key leadership lessons that emerged from a battle in Ramadi, Iraq, a seemingly insurmountable… Read More

Excess Returns: Ep. 10: Lessons From Our Most Read Five Questions Interviews

In this week’s episode of Excess Returns, we talk about the biggest lessons from the first year of our Five Questions interview series. Our Five Questions series features in depth interviews with leaders in the investing industry. We discuss the five most important lessons we learned from our interviews with Jim O’Shaughnessy, Corey Hoffstein, Michael Mauboussin, Ben Hunt and Wes Gray.   We discuss the following lessons: Corey Hoffstein – Beware of the Risks You… Read More

Excess Returns, Episode 4: Lessons From March For The Fallen

Whether you are training for and participating in a 25+ mile march or are saving and investing for retirement and long-term wealth creation, success requires the right mindset as well as discipline and patience. In this episode of Excess Returns, Justin Carbonneau talks with Jack Forehand about Justin’s participation in The March For The Fallen, a 28-mile ruck he participated in a few months ago with 35 lbs in his backpack to honor those who… Read More

Investing Lessons from Hedge Fund Star Jim Simons

An article in MarketWatch argues that, while it’s impossible for the typical individual investor to trade like quant legend Jim Simons, “there are lessons every investor can learn from Simons’s successes and failures:” Go long— Since Simons has not been successful at generating hefty profits on long-term bets, the article notes, which “creates an opening for investors willing to hold shares for a year or longer, who don’t need to worry about facing off against… Read More

Investing Lessons from the Best Poker Players

Researchers on game theory say that poker strategies can translate into lessons for investors, according to a recent article in The Wall Street Journal. Carnegie Mellon professor of philosophy Kevin Zollman says that investors dislike losing more than winning and are prone to what behavioral finance refers to as the disposition effect, which leads them to sell assets that have increased in value but hold onto those that have decreased in value. The same behavior… Read More

Lessons from March For The Fallen

On September 28th, 2019, I had the privilege of participating in March for the Fallen (#MFTF), an event that honors military soldiers who lost their lives defending our country and our freedom. Participants in the event—which takes place at the Pennsylvania Army National Guard base in Fort Indiantown Gap—can choose a 5K run or a 14-or 28-mile march. Everyone is free to set their own pace and take as much time as they need to… Read More

Investing Lessons from Peter Lynch

A recent article in Fidelity.com offers insights from investing legend Peter Lynch. Here are some highlights: “In the stock market, the most important organ is the stomach. It’s not the brain.” Lynch says tolerance for pain is paramount because there will always be market declines. “Most people do really well,” he says, “because they just hang in there.” “More people have lost money waiting for corrections and anticipating corrections than in the actual corrections.” During… Read More

Investing Insights from Joel Greenblatt

During a recent interview at the CFA Society New York, author and legendary investor Joel Greenblatt offered perspective and insights regarding the state of value investing and its future outlook. Here are some highlights: ·      Greenblatt defines value investing as buying shares of a strong business at a discount. “The whole value versus growth thing is a little bit off,” he said, arguing that low price-book and low price-sales metrics are factors more than indicators of… Read More

Some Lessons For My Former Investing Self

By Jack Forehand (@practicalquant) One of the most dangerous games we all can play in investing is the game of looking back and thinking about what we should have done. Hindsight bias leads us to believe that we should have known all sorts of things that there was no way to know at the time, and that leads to conclusions that would have been very difficult to draw with the information that was available then.… Read More

Lessons from a Quantitative Investing Conference – Part Deux

By Jack Forehand (@practicalquant) Last week, I had the privilege of attending Alpha Architect’s annual Democratize Quant conference for the second time. The conference brings together leaders in the fields of quantitative investing and asset management to talk about the state of the business, and to share ideas to help all of us learn and improve our investment approaches. Given how good last year’s conference was (my summary of that is here), they were going… Read More