The above tweet popped up on my feed by chance and…once you go down the Ole Peters rabbit hole, there’s no coming back. You start realising once again the power of ergodicity in explaining things around us. The reason this paper has been sitting there for nine years without becoming Read more
So, Big ERN drops this post the other day and my phone immediately lights up. Three different guys send it to me within minutes of each other. And honestly? This is exactly why I write this blog. This is the mechanism working as intended. Agustin Lebron has this great line: Read more
Matt Sperling used to run a monthly blog called like this and I loved it. It sounds harsher than it is, probably I should have called this post things that popped onto my radar, as Niels from TopTradersUnplugged would put it, but well…this is what you get. Who Are You Read more
I read a lot of financial Twitter (lately even football Twitter. The real one. The one played with…you guess…feet, not hands). Most of it is noise. Some of it is signal. And occasionally, you see a debate that makes you want to throw your phone out the window. One of Read more
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