Author archives: robbennett

Benjamin Graham was the first Valuation-Informed Indexer. He said in the 1930s that it made sense for investors to go with a 50 percent stock allocation when prices are moderate,…

I am the person who discovered the error in the Buy-and-Hold safe-withdrawal-rate studies. This was back in May of 2002. I had never had much interest in writing about stock…

Should policymakers prop up the stock market when it appears to be in danger of crashing down? Q3 2021 hedge fund letters, conferences and more This comes up in regard…

I am worried about what will happen in the days following the next price crash. Today’s CAPE value is 36. The mean CAPE value is 16. So a drop to fair value price levels would mean a price drop of more than 50 percent. At the end of earlier bull/bear c…

I believe that Robert Shiller is gradually losing confidence in his own research. He still has confidence in the findings. The findings are rock-solid and there is no reason to doubt them. But what really matters are the how-to implications of the rese…

Cash is at one side of the risk/reward spectrum of investment possibilities. Stocks are at the other end of the spectrum. Stocks are risky but offer great returns. Cash is safe but offers poor returns. Q4 2020 hedge fund letters, conferences and more R…