Category: CKW’s Blog

People have Peaked not the Market

The generalists are mostly gone from our profession and the professionals are now specialists.  Technology will continue to bring cheaper, better products to the consumer.  ETP are one example of technology driving cost down and eliminating the many middlemen. Due...

Passive vs Active

Both passive and active are here to stay.  The correct answer to which is better? As always is, “It depends.” It depends on what is passive and what is active.  And in the end, people will disagree anyway. An index based on screening for different variables used by...

Dow 30,000, S&P 500 3000?

4/11/16 – We asked for an $18 trillion loan. No one responded. At the time the market PE was approximately 16x current earnings or an E/P earnings yield of 6.25% plus a dividend of 2%. 8/12/16 – The DOW was at 18,473 – 450 times its original value of 40.94 in 1896....

Investing Is Art

We humans looking for an investment job need to remember: the computer is quicker, faster, and cheaper at math than we will ever be. Understanding math and using the math to invest the way science proved works is still not art because AI can remember and recognize...