Why Financial Statements Don’t Work for Highly Innovative Companies

Several weeks ago three professors from the Columbia and Dartmouth business schools recapped some of their work on accounting for intangible investment in a Harvard Business Review article. Their key finding, which builds on Professor Baruch Lev’s analysis in The End of Accounting, is that, “accounting earnings are practically irrelevant for digital companies”. Along with Professor […]

Author Q&A: Daniel Pink on the Science of Timing and How Innovative Firms are Employing His Research


We recently had the opportunity to sit down with author Daniel Pink to discuss his new book, When: The Scientific Secrets of Perfect Timing, now in its 8th week on the New York Times best-seller list. We asked Dan how financial advisors can benefit from the science of timing, whether Dan considers intentionality to be an intangible asset for […]

Time to Be Alert!


This is the time to be alert for any signs of a failure in the S&P 500. Why? There are two really good historical precedents to the current market configuration. The set-up is as follows: stocks suffer a rather quick correction, bounce back, take out the previous lows and experience a waterfall decline. The period […]

Corrections Almost Always Test Lows Before They Are Complete

SPX Index (S&P 500 Index) Daily 2018-02-14 14-09-41

As we navigate a period of market turmoil, its important to remember that non-bear corrective phases typically last six weeks to two months and almost always include several substantial large rallies followed by selloffs back to the range of the initial low. Indeed, this classic give and take is how important bottoms are usually formed. […]