When you buy anything with lots of leverage, it does not require a whole lot to go wrong to lose it all.

In the investment business, you must expect to be wrong.

Even when you are right, there are costs and taxes associated with being tactical. When you are wrong, there are opportunity costs.

Shopmas now begins on Thanksgiving Day. Apparently, escaping the families you cannot stand to spend another minute with on Thanksgiving Day to go buy them gifts is how some Americans show their affection for one another. Weird.

If you think too-big-to-fail banks are not worthy of investment because of their impossible-to-read balance sheets, well then, don't buy them.

Any Wall Street advertising that does not go into the boring details of methodology is most likely to be pushing past performance.