A reader hit me up last week about something that triggered my BS detector: MSCI built a “Private Equity replicator” index, and Goldman Sachs wrapped it in an ETF, ticker GTPE. Here we go again, I thought. Another product to “democratize private equity” for the masses. Another way to collect Read more
Almost two years ago, I wrote about why diversification isn’t a free lunch. Now, I’m watching everyone pile into gold, and I need to say something. Me that four years ago, inspired by PortfolioCharts, wrote this about gold. But that was back then, when nobody cared. Today? Everyone’s buying it. Read more
A very kind reader sent me the link to a paper aimed to show the wonders this portfolio: The portfolio for the apocalypse 😉 Simple and systematic. While there isn’t much to say about the portfolio first two component, I will summary here the tail hedging strategy: systematically purchase 10-delta Read more
When I started my career, my company sent a PDF to a bank. That PDF essentially said, “This person is trustworthy.” The next day, I picked up the phone and called someone I’d never met in another country. I told him I’d wire $200 million, and he’d wire me €195 Read more
“How much income can I count on from my retirement savings?” With traditional pensions, defined benefit plans, becoming as rare as a good plumber, most of us are stuck figuring this out on our own. The math here is brutal. You don’t know how long you’ll live. You don’t know Read more
In April 2022, I introduced on this blog The Italian Leather Sofa Model Portfolio. As a reminder, here is the portfolio composition: The idea behind the portfolio is stolen from here. The link offers the best explanation of what I think is the most common question related to it, i.e. why Read more
On social media, I read many critiques of managed futures strategies…also from people I consider intelligent. These posts got me thinking about a fundamental tension in investing: some of the strategies that work best mathematically are often the hardest to stick with emotionally. The Torture of Positive Skew Managed futures Read more
Here’s what frustrates me about personal financial discourse: lads obsess over the flashy stuff while ignoring the issues that actually matter. Take this post, for example. It highlights a problem that should have everyone paying attention. Why? Every working person is forced to participate in some form of pension or Read more
I found this ETF reading Roger Nusbaum blog. When I first saw the name and website, I instantly dismissed it as a marketing stunt. But Roger continued to mention it, so one day I bit the bullet and dug more. INVESTMENT APPROACHThe Adviser allocates the Fund’s portfolio equally among four Read more
Four years ago, I wrote about something called the Family Office Strategy: basically, how to invest like you’re managing a university endowment or a billionaire’s money, even if you’re decidedly not a billionaire. The principles I outlined then still hold up. What’s been fascinating to watch is how the stock Read more