The study of behavioral finance tells us that people's fear of financial loss exceeds their desire for gain. This helps explain why most people, given a sum of money to invest, prefer to enter the market in stages rather than all at once
It seems counterintuitive, but qualified personal residence trusts (QPRTs) can make a lot of sense now. QPRTs are generally not considered effective in a low interest rate environment.
Losses beget redemptions, which can beget more losses—and more redemptions
Not every fund is suffering huge cash outflows
Much has been made of Miller’s recent underperformance. Is Miller a genius who has temporarily gone cold? Or was he just lucky—for 15 years?