A flexible, rules-based way to draw income in retirement — and why a fixed 4% is not the only option TL;DR Guardrails set a starting retirement paycheck, then move it up or down on pre-agreed rules tied to how your portfolio performs — the approach Jonathan Guyton and William Klinger
TL;DR A signed will feels like the finish line. It is not. One outdated form can hand a retirement account to an ex-spouse, a stranger, or the court. Six checks close the gaps. Each takes under a minute. The beneficiary form on your IRA, 401(k), and life insurance decides who
Company analysis for the Berk on Value audience. Not investment advice. Tl;dr Copart’s board named Executive Chairman Jay Adair as CEO effective July 31, 2026, replacing Jeff Liaw, who becomes Special Advisor. It is the first time in Copart’s 32-year history as a public company that management has held a
BERK ON VALUE | VAP WEALTH ADVISORS Why ValueAligned investing is compounding quality, and why you are built to win at it. David Berkowitz | Founder, VAP Wealth Advisors | July 2026 TL;DR ValueAligned investing and quality investing name the same discipline: own world-class businesses, buy them with a margin
Rice University’s flash Joule heating converts garbage to graphene in 10 milliseconds at 3,000°C—costing just $125 per ton in electricity ( Rice University News). Graphene is 200 times stronger than steel, a property verified by Columbia University research that measured its tensile strength at AI is becoming like the internet:
TL;DR The order of your returns, not the average, decides whether a 30-year retirement survives. Two retirees can earn the same average and end up worlds apart, a pattern Morningstar documents in detail. Big cash and bond cushions invite the one loss that never recovers, inflation. From 1900 to 2000,
In the same quarter, Bill Ackman built a $2.1 billion Microsoft position, and Chris Hohn’s TCI sold $8 billion. Same business. Opposite trades. The fact pattern that decides which one is right is sitting in plain sight in Microsoft’s filings. Here is the math, the misread, and the framework you
Weekly Market & ValueAligned Portfolio Review — trading week of June 1–5, 2026 The short version The S&P 500 — a list of 500 of the biggest U.S. companies — fell 2.6% last week. Tech stocks fell harder, down 5.6%. Almost all the selling hit the biggest tech and AI
TL;DR Oil jumped almost 12% after fighting near Iran shut down a key shipping lane, and U.S. crude closed at $105.90 a barrel. Prices for shoppers rose to 3.8% over the past year, the hottest reading since May 2023. The Senate confirmed Kevin Warsh as the new Federal Reserve Chair
What this post is about AMD makes computer chips. Two years ago, most people knew them for the chips inside gaming PCs and regular business computers. In the last 12 months, they signed deals worth more than $120 billion to make AI chips for the world’s largest AI companies. This
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