Business Owner

Entrepreneurship (5/8/2018) - Small business owners must take on many roles to be successful in the operations of their services. A single proprietor may be acting in what could be five different roles in a larger company. Though the fundamental lesson of economics is that specialization aids in progress, many small businesses defy this by working relentlessly hard […]


Who Should Be On Your Development Committee? (4/9/2018) - By David Scully, President and CIO, DWAM Partly because I have a father that has built a very successful career in professional fund-raising and partly because I deal with people’s money on a daily basis in my normal business responsibilities, I have found that I am very comfortable in a fund-raising role.  It’s easy and […]

Personal Investor

“Investing is the intersection of economics and psychology.” Seth Klarman (4/24/2018) - As stated in a previous article we sent out (  “For the twenty years ending 12/31/2015, the S&P 500 Index averaged 9.85% a year. A pretty attractive historical return. The average equity fund investor earned a market return of only 5.19%.” So the question is why does the average equity investor meaningfully underperform the broad […]

Behavioral Biases Series

Availability Bias (5/21/2018) - This week we are going to examine what is known as Availability Bias. An article in Business Insider reminds us that “Anyone who took an introductory psychology class probably remembers the classic study in which different people witnessing the same crime each report a different take on what happened. Though each presumably sane, sober person […]

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