Intermediate

Growth on top of past growth is what makes long-term investing powerful.

In finance, risk usually means how much returns bounce around — the size of the swings.

When your holdings don’t move in lockstep, their swings partly cancel out.

For every level of risk there’s a best-possible mix — and together they form a curve.

Beta measures how much a holding tends to move with the whole market.

Beta is the return you get just for riding the market; alpha is the extra from skill.

A drop hurts twice: the loss itself, and the steeper climb needed to get back.

Smart scoring compares how much reward you earned for the bumpiness you took.

Periodically trimming winners and topping up laggards can add return and control risk.

Beyond the market, a few traits — like value and momentum — have paid extra over time.

Investing a lump sum usually wins on average, but spreading it in can feel safer.

Small yearly fees compound into a huge bite over a lifetime of investing.

The extra yield a bond pays over a “safe” government bond is the market’s price on risk.

Big investors must disclose what they own every quarter — but the list arrives late and shows only half the picture.