I recently heard in a podcast from Meb Faber, which he attributed to someone else, the following: “Most people dont want to be a millionaire; they want to spend a million dollars.” I thought this quote is profound. When most people get some extra cash, they would rather spend it than save and invest it. Most people do not have the disc...

With investing, diversifying has become a given at this point, and is the default for individuals, financial advisors, companies, and institutions. It is one of the few universally held investment beliefs. This is why mutual funds and even the S&P 500 have become so popular. I have been in conversations multiple times where just mentio...