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A basic stylised fact of financial markets is that active investment managers, as a group, do not outperform a monkey throwing darts at the stock tables. This is an embarrassing stylised fact, but you cannot, if you are an active manager, feel too b...

Dear Dave, I’m on Baby Step 2 of your plan, and I’ll be debt-free except for my home by the end of the year. I have a friend who is very irresponsible with his money, and he often asks to “borrow” cash between paycheques. I don’t want to be cruel, bu...

One of the seven money habits I often talk about is simply “Make a Plan for Your Money.” It’s so basic, but so many people don’t do it on a regular basis. Another way of saying this — and hang with me here — is you need to make a budget. I know what ...

Dear Dave, I was recently offered an opportunity to participate in a hands-on stock trading class. The problem is we don’t have the $6,500 registration fee just lying around. My husband and I are on Baby Step 4 of your plan, so what would you think a...

Ray Dalio calls it a “long ideological war.” Mark Mobius sees little hope for a quick resolution. And Stephen Jen says we’re witnessing the start of a 15-round fight. As the US and China clash over everything from trade to technology, some of the big...

I love to travel. I love trying out a new hotel, sleeping in a California king-size bed and not having to worry about making my bed in the mornings. The one thing that’s always true about travelling is that it costs money. And I’m all about saving m...

If you are in the market for an active fund manager, you might want to skip the usual questions about Sharpe ratios, investment philosophy and past track record. Instead, consider asking about their childhood experiences, especially those that inflic...

I’m going to come right out and say it: anyone can become a millionaire today. And when I say anyone, I mean anyone — that means you, too! Did you know there are about 12 million Americans today with a net worth of at least $1 million? And the good ...

Last week’s big story about Vanguard Group’s patented tax dodge raised some interesting legal and tax issues. Our charge today is to try and take a slightly deeper look at what Vanguard has been doing and why. Let’s start with some basics about the d...

Dear Dave, I’ve started following your plan, and I’ve got a beginner emergency fund of $1,000 saved. Now that I’m ready to start paying off debt in Baby Step 2, do you recommend paying off credit card balances before or after closing the accounts? MA...