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The Sapient Investor

Milton Friedman Was Right Thumbnail

Milton Friedman Was Right

We should not have been surprised by the past year’s rampant inflation in the wake of Covid-related blowout government spending and consequent increases in the money supply. Milton Friedman (1976 Economics Nobel Laureate) warned about this long ago.

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Funding Your Retirement Liabilities Thumbnail

Funding Your Retirement Liabilities

Interest rates are up, and asset prices are down. However, the present value of your future retirement liabilities (spending needs) is also down, probably down more than the value of your retirement nest egg. This means that in nearly all cases, retirement investors have better coverage of future retirement liabilities than they did on January 1!

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Should I Invest in Municipal Bonds? Thumbnail

Should I Invest in Municipal Bonds?

Tax filing season often focuses minds on tax-efficient investing. Municipal bond funds may be one way to control taxes, but they are only attractive for high tax bracket investors. This article will tell you if they are right for you.

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Why Invest in Index Funds? Thumbnail

Why Invest in Index Funds?

The objective evidence in support of investing in low-cost, passively-managed funds rather than actively managed funds is overwhelming. I review the most widely respected academic studies on the subject.

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QYLD:  Option Premiums are Not Dividends! Thumbnail

QYLD: Option Premiums are Not Dividends!

Up to a point, higher yield can imply attractive value. But really huge yields come with outsized risks. If you invest naively based on yield without understand or analyzing the risks, you can get burned. QYLD, with a yield of 10%-12%, is a case in point.

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