Market History

The Price of Admission

Some people think volatility is to be avoided. I illustrate that if you want to earn decent returns, volatility is a feature, not a bug, in stock markets.

The Will To Survive

A historical review of financial and biological systems and why they have a propensity to survive despite the worst of odds.

Nothing is Safe

Wealth preservation over very long periods of time is hard. I discuss the historical evidence surrounding a variety of assets and how they preserve wealth.