Featured Insights

Out of the Frying Pan and Into the Fire: Selling A Highly Appreciated Stock Without Paying Taxes?

January 30, 2025 — By Victor Haghani and James White[note] This is not an offer or solicitation to invest, nor are we tax experts and nothing herein should be construed as tax advice. Past returns are not indicative of future performance. Thanks to Dave Blob, Larry Hilibrand, Chi-fu Huang and Jeffrey Rosenbluth for their input, and special thanks to Vlad Ragulin for his contributions, and to our colleagues Jerry Bell and Steven Schneider for their help.[/note] ESTIMATED READING TIME:

Featured Insights

How much happiness does money buy?

December 27, 2024 — They say that money can't buy happiness...but if you could, how much would you be willing to pay for it?

Featured Insights

Victor Meets the Bogleheads

October 23, 2024 — Victor was very pleased to attend the recent Bogleheads annual conference in Minneapolis and do a Q&A session with Morningstar's Christine Benz.

Featured Insights

When a Crystal Ball Isn't Enough to Make You Rich

September 26, 2024 — By Victor Haghani, James White and Jerry Bell [note] Many people were instrumental in bringing this experiment and research article to life. Foremost are the contributions of our research associate James Cross, who helped design and single-handedly programmed the Crystal Ball game during the summer of 2023 while still an undergraduate at Princeton. We thank our long-time research collaborator Richard Dewey for his guidance in designing the study and interpreting the results. Jason Zweig of

Featured Insights

Introducing P-CAPE: Incorporating the Dividend Payout Ratio Improves Our Favorite Estimator of Stock Market Returns

June 19, 2024 — The Cyclically-Adjusted Price Earnings ratio, also known as CAPE, has served many investors well - but here at Elm, we think it might be time for an update.

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