| Hepburn Capital Management

Diversification: When More is Less

Posted on March 28, 2007

Diversification: When More is Less The idea that institutional investors are the biggest players in the market is nothing new, but a quote from the Wall Street Journal, recounted by Robert Folsom of Elliott Wave International really caught my eye. “Institutional investing is now largely the business of giants. America’s 100 largest money managers alone now hold 58% of all stocks.” This reminded me of a

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Posted in Featured Articles behemoth, business, changing, comparison, currently, devastating, different, diversification, diversifying, increasing, individual, institutional, international, investing, investment, investments, investor's, management, participants, perspective, recounted, retirement, undiscovered, unhealthy

The Dollar, Deficits and International Trade

Posted on January 25, 2007

The Dollar, Deficits and International Trade (for the Yacht-less) Trying to make a topic like this understandable is only slightly less daunting than explaining the meaning of life, but I recently had an insight about this topic that I want to pass along, so here goes . . . I’ve been thinking about all this since the dollar began plunging against the value of most other

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Posted in Money Matters Newsletter accomplish, accomplishing, articulate, capitalism, categories, consequences, currencies, denominated, designated, devaluation, difference, diversification, effectively, eventually, importantly, intelligent, international, investments, isolationism, redistributed, redistributing, redistribution, rockefeller, understandable, unproductive

Economic Review and Market Outlook

Posted on January 11, 2007

Economic Review and Market Outlook Despite an unfolding economic slowdown, a market that is long overdue for a decline, and a real estate market that continues to deteriorate, the stock markets continue to do OK. In the past few months I have come to believe that the stock markets are benefiting from investors who are fleeing real estate and need another place to put their money.

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Posted in Money Matters Newsletter accelerates, accordingly, aggressive, allocations, attractive, benefiting, categories, commodities, conservative, deteriorate, devaluation, diversification, fluctuations, frequently, government, interesting, international, investments, occasionally, opportunity, possibility, restrictions, sensitivity, sophisticated, telecommunications

Are You Good at Poker?

Posted on November 29, 2006

Are You Good at Poker? How about investing? Just about everyone knows that three of a kind beats a pair, even those of us who don’t play poker. But as I point out in an example for my college class, it takes a higher level of skill to play and consistently win at poker than merely knowing the relative values of the hands. Where many people

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Posted in Money Matters Newsletter abilities, absolutely, assessments, attention, categories, competence, consistently, definition, difficulties, estimation, expertise does, incompetence, incompetent, individual, individuals, international, overestimate, performance, psychologists, recognizing, themselves, underestimate, underestimated, unfortunately, university

The Fatal Flaw

Posted on August 18, 2006

The following is a letter I wrote to the Certified Financial Planners Board of Standards, the College For Financial Planning, and the Financial Planners Association in late 2002. Its message is as relevant today as it was then. Will Hepburn The Fatal Flaw in Most Financial Plans To Whom This May Concern: I believe very strongly that certain standards in the financial planning industry are promoting

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Posted in Featured Articles advertising, association, assumptions, conferences, constructively, contributed, disappointment, diversification, diversifying, embarrassed, encompassing, established, financial planning, financially, foundations, fundamental, international, organization, professional, recommending, respectfully, stockbrokers, strategiestm, understanding, unfortunately