Is the Stock Rally Eclipsing Market Risk?

It was July 1991. My wife and I were leading a band of more than 100 shadow chasers to the Big Island of Hawaii. We were journeying there to watch a solar eclipse from American soil. At the same time, to the southwest of us, the travel company that I owned a part of,...

Are You Underestimating the Risk in Stocks?

Do you underestimate risk? Most people seem to think you, and even most experts, do. Research the phrase on the internet, and the headlines leap off the screen. According to the stories, we underestimate women’s risk of having a heart attack, risks to our health from...

One Way to Beat the Market

Reading Edward Thorp’s 1967 book “Beat the Market” in the summer of 1968 changed my life. I had picked the book up as a summer read while home from college. I was intrigued. Years before, I had read a Life magazine account of how Professor Thorp had created the system...