The main difference between natural and financial systems is that natural systems tend to have immutable laws, while financial systems only have tendencies.

When investing a lump sum of money, it is better to do it all at once than to dollar cost average into the market. Here’s why.

A market timing strategy rarely outperforms dollar cost averaging even when that strategy knows exactly when to buy.

On the persistence of stock market anomalies.

On the importance of supply and demand and how it can help predict future stock returns.

On order within the universe and what it means for investors.

On broad trends and prioritizing process over outcome.

Why we shouldn’t take market history for granted.

On the ever-changing landscape of markets.

When old patterns break and how to think about financial data.

On the nature of equity price declines and recoveries.

How investing has changed over the century and why future returns are likely to be lower.

On the skew in monthly stock returns.