Meb Faber Morgan Stanley A couple of great charts from Mike:

Stop wearing exhaustion as a badge of honor. NASA proved that 26 minutes of strategic rest makes you 34% better at your job.

"If you're not willing to react with equanimity to a market price decline of 50% two or three times a century, you're not fit to be a common shareholder - and you deserve the mediocre result you are going to get." Charlie Munger

No one knows how long a correction will last when you're in it But buying stocks when they are down tends to be a good long-term strategy A look at what happens when you buy the stock market down 10%, 20% and 30%: awealthofcommonsense.com/2026/03/how-th…

There oughta be a law...

Small caps trade close to their 20yr average P/E JPMAM

EM trades at an 11.3x P/E ... which is close to the 20-year average $EEM JPMAM

Want a lower tax bill? Avoid active mutual funds in taxable accounts. JPMAM

Vanguard's research showed that you could add 0.30% of annual after-tax returns simply by having a correct asset location strategy: - avoid bonds in brokerage. Keep them in retirement accounts - growth assets in Roth - efficient ETFs in brokerage - avoid REITs in brokerage

When we meet with new clients, this is what we see over and over again: • An old estate plan… or no estate plan at all • Large amounts of cash sitting idle in investment accounts • Asset allocations that no longer match their goals, timeline, or risk tolerance •

Always something, yet the market finds a way...

IMPORTANT: in 2026, you can deduct charitable donations even if you take a standard deduction (up to $1,000 for single, or $2,000 married) Please track all your cash donations in 2026. They could help save on taxes (whereas you had to itemize to get any tax benefit before)

Reminds me of my favorite Jack Bogle quote: “Don't look for the needle in the haystack. Just buy the haystack!”

The meditation industry wants you to think you need 20–30 minutes a day. The actual research says 5 minutes works. Randomized control trials with 5 min/day for 30 days, via Andrew D. Huberman, Ph.D. and Dr. Richard Davidson: 1. Depression, anxiety, and stress measurably drop 2. Well-being

You Don't Lose Anything By Being Happy

REMINDER: You have 1 day left to contribute to your Roth IRA for 2025. Even if you can only contribute $100, it’s worth it. Once the deadline passes, you can’t go back and contribute for 2025. As fyi, Roth IRA contributions can also be withdrawn at any time without a penalty!

The majority of US stocks (59%) have underperformed Treasury bills over their lifetime and 45% end up having a negative cumulative return. “Don’t look for the needle in the haystack. Just buy the haystack.” - Jack Bogle Video: youtube.com/watch?v=IC55jw…

This is the aspect of climate change that I worry most about — when instead of seeing gradual degradation, we cross an irreversible line.

There are at least 4 types of wealth: - Financial wealth (money) - Social wealth (status) - Time wealth (freedom) - Physical wealth (health) Be wary of jobs that lure you in with 1 and 2, but rob you of 3 and 4.

Exceptional people are rare. When you find someone wonderful, invest in them. -When you find a great employee, pay them well. -When you find a great friend, prioritize the relationship. -When you find a great spouse, out-love them each day. Relationships are probably the