QVMS - Weekly Market Pulse: Who's The Sucker?

• The problem with market speculation is that it starts to tempt the prudent investor into reckless behavior. What has always been prudent - owning a low-cost index fund - has now become a more speculative investment because of the degree of speculation in the market.
• The S&P 500 has become the default stock market investment for an entire generation of investors. But is that what you get when you buy SPY?
• There are ways to invest these days while sticking to a prudent person mandate. But it is a dwindling list of investment that fit that bill, and we are at such extremes now that I think a cash reserve (or very low-duration bond portfolio) is a requirement.

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