Expedition Capital, LLC

https://www.inc.com//warren-buffett-says-4-choices-in-life

True investing success is all about compounding over long periods of time! Warren Buffett and the $300,000 Haircut - WSJ https://www.wsj.com//warren-buffett-and-the-300-000-haircu

In addition to the wager we made (3 American Funds vs. S&P 500 index fund, we have another bet. It is a 10 year bet, started a couple months ago. More details later!!

Gleaning wisdom from the Oracle!

Interesting article.... https://www.wsj.com//charlie-munger-the-phone-is-not-ringi

The stock market will be down today - unfortunately this is NOT an April fool's joke Although we are making a prediction about today, we can't tell you if the stock market will be up or down on Thursday or Friday. We have no idea what market will do next week, month or year. Despite our concern about the health and economic impacts of this crisis, we wouldn't bet against the United States economy over any long period of time. Our hearts go out to our fellow Americans and p...eople around the world, especially those dealing with devastating health and / or economic impacts from the covid-19 crisis. It didn't have to be this bad. The Center for Disease Control (CDC) does a lot of incredible work, but according to the New York Times, a testing kit snafu at the CDC cost America a month in terms of testing. The CDC should not have only relied on its internal team to create a test kit given that rapid testing is so critical to stopping the spread of a virus. Over 80 companies have developed test kits that work. We will get through this health crisis, but not without a lot of grief. It will leave us with an economic situation (in the US and countries around the world) that is far less pretty than before. The US economy could take several years to rebound. Once the market gets wind of a recovery, it will go up and this will reinforce the recovery. Notwithstanding this we believe certain sectors of the economy will suffer permanent damages. Avoiding a repeat of this crisis will become a major priority. We believe that within a year, a vaccine will be in clinical trials and by 2021 some form of effective prophylaxis will be widely available. I do not think you will see mask and other medical supply shortages in America in the future. We hope and believe the United States will be much better prepared in the future. Interest rates are a wild card to the market's recovery. Interest rates are like gravity for stocks (equities). Higher interest rates are bad for equities / equity valuations. If a pension fund or insurance company has a target return of 3% or 4%, today with Fed rate at 0%, they have to have some of their portfolio in equities to achieve or beat their minimum target return. Alternatively, they can invest in fixed income (debt) assets with risk profiles that feel like equities (eg HY Bonds, Mezz, or covenant light subordinated debt). When interest rates go up from 0%, some money will naturally be re-allocated towards Fixed Income. Despite the painful health and economic impacts of this crisis, we remain optimistic about the future. Stay healthy. We are all in this together.

This is interesting. DFA has been an amazing success story! https://www.barrons.com//dfa-alums-launch-new-factor-etfs-

In late 2017, we made a $1000 wager with a financial advisor friend. The wager started 1/1/18 and will play out over 15 years. He chose 3 mutual funds and allocated 33% to two and 34% to one. We chose an S&P 500 ETF (VOO) and allocated 100% to it. All dividends are assumed to be reinvested. At the end of year 5 (12/31/22) whoever is winning will get $100 and at the end of each of the next 9 years thereafter, whoever is winning on a cumulative basis will get $100. At the end of year 1 we were essentially tied. We will provide updates on this wager occasionally.

https://finance.yahoo.com//jack-bogle-wellington-index-fun

Lots of wisdom in this article!