Thanks Adam for being direct. It's wavering that causes people to question. That, and TBH greed. I'm not immune, so no sense in throwing stones. If there's a desire to beat the broad market, people should go in aware of a downside that indeed, does happen to some people. Maybe more than some.
Sometimes (not always), it is a distinction without a difference, but as a bit of confirmation bias I suspect our fellow readers know this difference intimately. Further, they're probably more aware than most of the challenges of looking around at friend and peer groups, or nowadays influencers, and feel like they're somehow behind, despite objective evidence to the contrary. All of which reminds me of an adage taught to me by professional mentors, that, 'the enemy of good is better.' In practical terms, lamenting not buying NVDA while ignoring that those same assets were in the S&P 500 or NASDAQ all along, earning > 20% last year alone. Good may be far better than good enough.
Excellent as always Adam, you ran numbers I had thought of but couldn't do the requisite math. But as a follow up, I'm very curious as to the answer to the question, "if not stocks, then what else?" given that in recent downturns bonds had not offered the downside protection that some/many may had presumed. Might a larger cash/cash equivalent be a better choice?
I'm familiar and have been curious about it for a few years. In fact there's a new article (today, I think) in the Wall St Journal about the next-gen of this, as given the tear of the market lately there are fewer 'losers' to sell to offset the wild gains by the tech high flyers. I've not (yet) pulled the trigger on this, but it's a consideration. I'd personally only do it in a system intended to mirror a main indices like the S&P 500 vs some other sector. But ultimately I'm trying to sort if the juice (improved tax efficiency) is worth the squeeze (fees).
I'm presuming this is a prior post of Jon's as the current date is after his passing, but regardless, sound advice. I'd add (I have a relative graduating from university today) to expect that adversity will certainly cross your path, and that it will not be anticipated. It'll be important at that time, after getting hit, to collect oneself and get off the mat. Perseverance, in life, love, career, can be a bigger contributor to long term success than pure smarts that wilt at the first encounter with adversity..
I watched that interview on CNBC. To cut to the chase, the math doesn't math. But if Cohen can convince enough people to drink that punch, he thinks he can get away with it. I strongly doubt it, and as Adam says, right now the market can's suspend reality either. Maybe Cohen thinks (incorrectly) that he's somehow channeling Musk, who isn't a stranger to aducatious comments. But beneath that bluster is an indeniable track record (Musk, not Cohen) that has paid off in the past.
First Elaine, belated condolences. I had no doubt HD would change without Jon's steady hand at the helm, but apologies on behalf of those who may have directed vitriol either at you or the site, which seems simply nuts. I'm still here as a reader, as I was way back in the day when Jon was at the WSJ. Sure, maybe it's a bit different, but still one of the very best personal finance sites out there. Best.
Comments
Thanks Adam for being direct. It's wavering that causes people to question. That, and TBH greed. I'm not immune, so no sense in throwing stones. If there's a desire to beat the broad market, people should go in aware of a downside that indeed, does happen to some people. Maybe more than some.
Post: Private Funds
Link to comment from November 1, 2026
Sometimes (not always), it is a distinction without a difference, but as a bit of confirmation bias I suspect our fellow readers know this difference intimately. Further, they're probably more aware than most of the challenges of looking around at friend and peer groups, or nowadays influencers, and feel like they're somehow behind, despite objective evidence to the contrary. All of which reminds me of an adage taught to me by professional mentors, that, 'the enemy of good is better.' In practical terms, lamenting not buying NVDA while ignoring that those same assets were in the S&P 500 or NASDAQ all along, earning > 20% last year alone. Good may be far better than good enough.
Post: Rich or Wealthy?
Link to comment from October 5, 2026
Excellent as always Adam, you ran numbers I had thought of but couldn't do the requisite math. But as a follow up, I'm very curious as to the answer to the question, "if not stocks, then what else?" given that in recent downturns bonds had not offered the downside protection that some/many may had presumed. Might a larger cash/cash equivalent be a better choice?
Post: Why Bonds Matter
Link to comment from October 5, 2026
Great post Adam. I may not agree fully with all of them but this is a great holistic perspective.
Post: Financial Lessons
Link to comment from September 28, 2026
I'm familiar and have been curious about it for a few years. In fact there's a new article (today, I think) in the Wall St Journal about the next-gen of this, as given the tear of the market lately there are fewer 'losers' to sell to offset the wild gains by the tech high flyers. I've not (yet) pulled the trigger on this, but it's a consideration. I'd personally only do it in a system intended to mirror a main indices like the S&P 500 vs some other sector. But ultimately I'm trying to sort if the juice (improved tax efficiency) is worth the squeeze (fees).
Post: Direct Indexing Anyone?
Link to comment from May 17, 2026
I'm presuming this is a prior post of Jon's as the current date is after his passing, but regardless, sound advice. I'd add (I have a relative graduating from university today) to expect that adversity will certainly cross your path, and that it will not be anticipated. It'll be important at that time, after getting hit, to collect oneself and get off the mat. Perseverance, in life, love, career, can be a bigger contributor to long term success than pure smarts that wilt at the first encounter with adversity..
Post: Jonathan’s Advice for 2026 Graduates
Link to comment from May 9, 2026
I watched that interview on CNBC. To cut to the chase, the math doesn't math. But if Cohen can convince enough people to drink that punch, he thinks he can get away with it. I strongly doubt it, and as Adam says, right now the market can's suspend reality either. Maybe Cohen thinks (incorrectly) that he's somehow channeling Musk, who isn't a stranger to aducatious comments. But beneath that bluster is an indeniable track record (Musk, not Cohen) that has paid off in the past.
Post: Pricing the Impossible
Link to comment from May 9, 2026
First Elaine, belated condolences. I had no doubt HD would change without Jon's steady hand at the helm, but apologies on behalf of those who may have directed vitriol either at you or the site, which seems simply nuts. I'm still here as a reader, as I was way back in the day when Jon was at the WSJ. Sure, maybe it's a bit different, but still one of the very best personal finance sites out there. Best.
Post: Note to HD Writers and Contributors
Link to comment from April 5, 2026