In his book The 5 Types of Wealth , Sahil Bloom makes the case that there is more to life than money, and that it is a mistake to sacrifice too much to get more money.  To most of us, this is so obvious that it’s not worth saying.  But a minority of us need to think about this message. Bloom lists the 5 types of wealth as “time, people, purpose, health,” and money.  Like much writing on this subject, the author presents the insight that there’s more to life than money as though it’s a new idea: “Where the old, default scoreboard was entirely based on financial wealth, the new scoreboard is grounded in the diverse pillars that define a truly wealthy existence.”  This isn’t news to the majority of people.  This majority never needed this insight, because they have never over-valued money. But for those who toil away for most of their waking hours at their jobs or running their businesses, Bloom’s ideas are important.  Perhaps for them, when they realize they’...

A recent Morningstar podcast gave me yet another reason to stay away from private equity.  Episode 357 of The Long View is an interview with Leyla Kunimoto who “is the founder and editor of Accredited Investor Insights , a newsletter that helps investors navigate private markets.”  Among other interesting insights, Kunimoto explained how the practical expedient rule allows private equity to maintain made-up valuations even after private assets are traded at lower prices. In public markets, company valuations are set by the actual price where willing buyers and sellers trade equities.  In private markets, equity valuations are made up.  The methods owners of private equity use to value their holdings can give a wide range of answers.  It’s up to savvy buyers to determine the true value of any assets they choose to buy.  All but the most savvy buyers of private equity are at risk of overpaying. There is now a proliferation of secondary private equity funds b...