Original Research
Beware of Financial Alchemy
On the folly of chasing yield, why the stock market isn't a puzzle, and how pattern recognition can backfire.
![Painting of an alchemist in their workshop discovering phosphorus.](/content/images/size/w1460/wp-content/uploads/2020/10/featured_image3.jpg)
Is the Permanent Portfolio Broken?
How to fix three major risks of the permanent portfolio.
![Book cover the The Permanent Portfolio.](/content/images/size/w1460/wp-content/uploads/2020/10/permanent_featured_image2.png)
Measuring the Tax Drag of Trend Following
The goal of this post is to put concrete numbers on the tax impact of trend following strategies in taxable accounts. I tested 12-month and 6-month trend strategies from 1998 to 2019 on three stock index funds: * U.S. stocks with Vanguard’s VTSMX (ETF equivalent is VTI) * International stocks
![Measuring the Tax Drag of Trend Following](/content/images/size/w1460/wp-content/uploads/2019/06/joseph-keil-O0vW1bBOrFI-unsplash.jpg)
Analyzing Bond Performance in Stock Corrections
The table below shows the performance of bond categories during each -10% S&P 500 drawdown since 1987. VBMFX and BND for US aggregate bonds, FGOVX, VFITX, and VGIT for intermediate-term US government bonds, VWEHX and JNK for intermediate-term US high yield corporate bonds, MFBFX, VFICX, and LQD for
![Analyzing Bond Performance in Stock Corrections](/content/images/size/w1460/wp-content/uploads/2019/04/table.png)