Investment Truths Aren't Always Bite-Size
Often, things aren't as simple as they are presented.
Perhaps Not Twins
There are several billion differences between your writer and AQR chief Cliff Asness. One of us attained a finance Ph.D., worked for Goldman Sachs, founded a business, and became exceedingly wealthy. The other read Shakespeare, until landing an $18,000 position from a startup that didn't hire people who expected more.
We do, however, agree that much that passes for investment knowledge comes with asterisks. As with this column, Cliff's notes frequently poke at conventional wisdom. Financial pundits tend to present issues as being more straightforward than they are, because, of course, that is what the public wants. According to her website, Suze Orman sold 3 million copies of The 9 Steps to Financial Freedom. In contrast, the world's leading academic investment publication, The Journal of Finance, has a circulation of … 8,000.