A Goals-Based View of Security Prices and Market Dynamics: WHAT IF THERE IS NO “CORRECT” MARKET PRICE?

I have been thinking lately about how a market of goals-based investors might interact. As it turns out, the resulting … More

On Horses, Tractors, and Markets

Growing up on a cattle ranch in central Texas, I developed a certain respect for the tools of the trade. … More

How to Optimize a Goal-Based Portfolio

Traditional portfolio optimization (often called modern portfolio theory, or mean-variance optimization) balances expected portfolio return with expected portfolio variance. You … More

Why You Should Be a Goals-Based Investor

Imagine for a moment that you owe a violent loan shark $10,000 by tomorrow morning. But today you have only … More

How Much Can You Lose Before You’ve Lost Too Much?

I started my career in finance in 2007. For about a year I thought “this is great!” Then 2008 hit … More