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.

No Laws, Only Tendencies

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