More Thoughts


June 2018 - Is Short-Termism Harming the Economy?

On June 7, the Wall Street Journal published an important column by Jamie Dimon, Chairman and CEO of JPMorgan Chase & Company and Chairman of the Business Roundtable, and Warren E. Buffett, Chairman of Berkshire Hathaway and legendary investor.  It began like this …

“Every generation of Americans has a responsibility to leave behind a stronger, more prosperous society than the one it found.  The nation’s greatest achievements have always derived from long-term investments.  In both national policy and business, effective long-term strategy drives economic growth and job creation.”  

To read the entire column, click here.


April 2018 - Are you Ready for Retiree Health Care Costs?

Recently, Fidelity Benefits Consulting released its 16th Annual Retiree Health Care Cost Estimate.  It revealed a 65-year old married couple living into their middle 80’s may spend $280,000 on basic health care costs including Medicare Parts B and D premiums, copays and deductibles.  This amount excluded the cost of over-the-counter medications, dental and vision services, or long-term care.  Click here to read more. 

Further, a 2016 study by the Department of Health & Human Services found that “an American turning 65 today will incur $138,000 in future LTSS [long-term service and support] costs”[1].  So, for a married couple, long-term care costs might double their basic health care costs ($138,000 x 2 = $276,000).  Approximately 50% of these costs will be borne by public programs, like Medicaid, and private insurance.  And, the remainder will be borne out-of-pocket.

Long-term care services and supports (LTSS) help people with chronic illness, disability and cognitive impairment perform basic activities of daily living, like bathing, dressing, continence, eating, toileting, transferring, and walking.

[1] Long-Term Services and


July 2017 - Are you a well-behaved investor?  

Recently published, Dalbar’s 23rd Annual Quantitative Analysis of Investor Behavior (QAIB) shows that the average mutual fund investor underperforms the major market indices by a significant margin.  For example, stock fund investors earned an annualized return of 3.98% over the past 30 years, compared to 10.18% for the S&P 500.  In addition, this analysis reveals  the nine “psychological traps, triggers and misconceptions” leading to this dismal performance.  Click here to learn more.

June 2017 – Is professional advice worth the price?

Vanguard is well-known as a leading provider of low cost mutual funds.  What is not-so-well-known is they coined the term “Advisor’s Alpha” and have studied the value professional advisors bring to their clients since 2001.  Their conclusion … professional advisors offer a genuine value proposition, potentially adding 3% to net long-term returns.  
According to Vanguard, this value is added in a number of ways.  For example, a professional advisor might add 1% to 2% to a client’s net return by acting as his “emotional circuit breaker”, keeping irrational fears and exuberance in check.  Or, a professional advisor might add up to 75 basis points by implementing an effective asset location strategy.  Click here to learn more.


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