MoneyOctober 21, 2025
How You Make Money Matters
What's happened in this market over the last decade is that nobody seems to care how they make the money. It's not considered, and yet how you make the money really does matter.
By David L. Steinberg
Money
Essays on business, investment, markets, and the economics of creativity.
MoneyOctober 21, 2025
Diversification Is Risky
Diversification in practice is a strategy designed to protect people from not knowing. Because if you don't know, you buy a little bit of everything.
By David L. Steinberg
MoneyOctober 21, 2025
The Expertise Boundary
Every time you add a company, you are removing the possibility of becoming more expert in the areas where you can win.
By David L. Steinberg
MoneyOctober 21, 2025
Volatility: A Misunderstood Friend
Volatility is not the enemy. Volatility is the tell. It's the revelation. It's what reveals mispricing, forces clarity, and rewards patience.
By David L. Steinberg
MoneyOctober 21, 2025
Mean Reversion: Going to a Place That Does Not Exist
The mean doesn't exist. It is discussed like it's a destination, like a road trip back home. However, it is no place. It is a calculation.
By David L. Steinberg
Money2025-01-22
Notes on John Maynard Keynes as an Investor
A compilation of insights and observations on John Maynard Keynes' investment philosophy, drawn from his writings, letters, and the historical record of his remarkable career as both economist and investor.
By David L. Steinberg