Tax policy is a balancing act between two titans of economics: efficiency and equity. In 2011, Howard Marks wrote an even-handed memo outlining the implicit considerations in our tax laws and just how loaded the question of “fair share” is. Neither liberals nor conservatives will find the porridge just right, so it has become my reference paper for how to think about taxes. My notes on it here.
Speaking of Howard Marks, his memos are iconic in the investment world and I’d make his book The Most Important Thing required reading for any inspiring investor. Blas Moros recently published his lessons from over 10 years of memos for your free enjoyment.
And speaking of taxes, economist Greg Mankiw discusses the “trophy wife tax credit”.
To piggyback off David Epstein’s explanation of chunking, I’ve discussed the technique several times in…
If you construct a portfolio from 2 stocks and one is $100 and the other…
In this issue: Experts make decisions faster than they can process. How? How I teach…
I think about what Matthew Clifford said about technology when he was on Infinite Loops…
Here’s a summer reading book rec for investors: My wife and I are both reading…
I turn 48 today. Once again grateful that another year of life insurance premium went…