Quote of the Day

"The whole idea of long-term investing is to align one’s portfolio with the odds. That means: 1) Holding securities that figure to outgain cash more often than not, and 2) Keeping costs very low while doing so. That sounds so obvious as to be useless. Yet many fail to observe those precepts."

(John Rekenthaler)

Chart of the Day

GMO’s 7-year asset class real return forecasts aren’t all that encouraging.