Klement on Investing

I have recently written a rather sheepish post on the link between the perceived morality of a company and the wages a company has to pay. Back then, I showed that companies that are perceived as immoral have to pay higher wages to attract qualifi...
I guess you have heard these stories where scientists have examined money or the wastewater in office buildings and found traces of cocaine everywhere. That is all fine, but scientific instruments are so precise that they can find even the smalles...
In my book, I wrote about the laboratory experiments with different investors that show that if you let people trade with each other they naturally create bubbles where share prices deviate significantly from fair value and then crash towards the ...
Recently, both Howard Marks in his latest memo and Cullen Roche on his Pragmatic Capitalist blog have touched on the question of how fast we are going to leave this crisis behind? Cullen makes the crucial distinction between a shock and a crisis. ...
In a recent post, I mentioned the research of Henrik Bessembinder who investigates the extreme outliers in the US stock market, i.e. the 200 best and worst stocks by 10-year performance. Obviously, we all would love to find the next Amazon before ...
Fund companies have a knack for relabelling their funds to make them more attractive to investors. In the late 1990s, many funds changed their names to include the word “growth” or similar expressions to convey that investors would get significant...
Hong Kong is one of my favourite cities in the world and (with apologies to New York City and others) its skyline is hands down the best in the world. But the Hong Kong property market is funny. Most people know that Feng Shui plays an important r...
The trick is to stop thinking of it as ‘your’ money. IRS Tax collector One of the things that surprises me as a German about Americans and Brits is how willing they are to spend money they don’t own. Obviously, they don’t put it that way, but the ...
The Fed has recently changed its monetary policy goal from an inflation target of 2% to an inflation target of 2% “over time”, which means the Fed will allow inflation to rise above 2% for a while before it hikes interest rates. At the moment, the...
Individual investors have a hard time keeping up with the professionals. The annual review of the buy and hold returns of funds by Morningstar in comparison to the realised return of investors buying these funds shows a persistence underperformanc...
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