Today we take a moment to reflect on what we are thankful for. I am thankful for Ben Bernankes quantitative easing program and bailing out of the big banks, because it kept capital markets from grinding to a halt from illiquidity. I am thankful that the S&P 500 is flirting with new highs every day without the market trading much more than its fair value estimate. I am thankful for John Bogles pioneering of index fund investing, and the proliferation of this style with low cost ETFs. I am thankful for Markowitzs studies in the 1950s which developed modern portfolio theory, serving as the basis of carrying noncorrelated asset classes in modern design. I am thankful for Fama & French developing their three factor model (and expanded upon by contemporary research) which deviates from CAPM. Oh yeah, and Im also thankful for family, friends, a roof over my head, cigarettes which arent taxed as high as in NYC, food in my fridge, air in my lungs, garish Hollywood productions, high heels, cheap makeup, HRT, having a job, etc., etc., etc. Sorry if I missed anything.
Posted on: Thu, 27 Nov 2014 21:22:29 +0000
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