Excess Returns

"For most investors, it's better to be Rip Van Winkle than Nostradamus."

"Coming up with a portfolio, particularly with public markets, I want that sucker to be on autopilot."

Meb Faber on the one lesson he would teach the average investor.

Holding cash can help you avoid selling everything else.

"We knew there would be days like this, and we allocated a portion of your assets to ride out this storm."

Daniel Crosby on the behavioral value of a cash cushion during a bear market.

A rising stock market can make Berkshire's profits look huge without the same jump in its underlying businesses.

"In a big stock market up year, earnings look huge."

Adam Mead on why Buffett separates investment gains and losses from Berkshire's operating earnings.

Higher producer costs have to go somewhere: into consumers' prices or companies' margins.

"Investors probably shouldn't be happy either way."

Eric Pachman's full Last Call appearance on producer inflation, freight costs and the oil-market pressures behind them.

An AI selloff can reach the economy through households, not just tech spending.

"We're basically at peak sensitivity to equity markets relative to prior decades."

@AahanPrometheus's full Last Call appearance on the wealth effect, consumer spending and how he separates economic signals from election noise.