Ever since I devoured “The Success Equation” on a sun-drenched beach in Malaysia, I’ve eagerly anticipated every new piece from Michael Mauboussin. There’s something about his work that push the intellect, perhaps tinged with the nostalgia of that Malaysian coastline. Michael’s latest release, “Probabilities and Payoffs” delves into the nuanced Read more…
I have been in the investing world, in many different roles, for two decades. There has never been a single bloody year where people around me coming Christmas said “Next year will be easy, I know what to expect”. As every weekend, I am reading BankerOnWheels link-fest and I stumbled Read more…
It has been a while since I wanted to re-read and comment on Sam Hinkie’s resignation letter. Sam was the Philadelphia 76ers (an NBA team) GM and left in 2016. At the time, he took on a crappy team and tried to make it better by…making it even crappier. At Read more…
“Retail investors have won the battle of fees. Brokerage accounts are free. Trading commissions are history. Anyone can own the entire stock market through a single exchange-traded fund for basically nothing. It’s a huge win for investors and terrible for the investment industry.” I copied this paragraph from…I do not Read more…
A few days (? weeks?) ago, this image made the rounds on Twitter: It is taken from a BlackRock presentation, where they were trying to push the case for an investment in Bitcoin. You were most likely already familiar with the LHS graph, it is the sort of info doomsayers Read more…
More than three years ago I wrote this post about SONG, a closed-end fund listed in London that invests in music royalties. I would not explain again why I think investing in music royalties is a good idea, if you are curious, read that post. Many things happened in these Read more…
What’s the risk that the FED next move would be a rate increase? I just listened to The Compound and Friends podcast and someone mentioned this. I do not think is a far-fetched idea, considering that we had three months of increasing CPI above 3%. Do you remember all those Read more…
Did I buy a billion of bonds, as notional amounts, in my career? Probably. For sure if I consider various bond buyback exercises. Did I buy every single one on Bloomberg? YES (or…no? I recall once I implemented TradeWeb but I am not 100% certain I ever use it outside Read more…
I had some difficulty deciding whether to write about Flexible Funds (FF) in English for a broader audience, or to suggest an Italian-only guest post with FinanzaCafona. FF are definitely popular in Italy among retail investors but I have never come across them outside of my home country. However, this Read more…
$CYA must be one of the best tickers ever for an ETF, innit? $CYA is the Simplify Tail Risk Strategy ETF. From their webpage: [CYA] seeks to provide income and capital appreciation while protecting against significant downside risk to investors with a standalone solution for hedging diversified portfolios against severe Read more…