SEQUENCE RISK AND TREND-FOLLOWING (TOP LINKS #18)
TOP LINKS is a periodic collection of Investment Research and Lifestyle topics from all corners of the Web.
We source the highest quality insights from Wall Street and Main Street that you may apply to your investment process.
Unlike the rest of Bankeronwheels.com, this series is provided without additional guidance.
As usual, everything is to be used at your own risk.
Quote of the week
The trend has vanished, killed by its very discovery.
LONG-TERM INVESTING
This section is dedicated to research on how to invest for the Long Run (or the 90% of your Portfolio). Read Topics related to Investor Behaviour, Asset Allocation and Macro that can affect your portfolio in the long run.
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Here are the first three ETF Master Guides:
- Get Rich, Slowly but Surely – We designed Equity ETF selection frameworks and then picked the best funds in each category, so you don’t have to.
- Become a Passive Investing Ninja – Have no mercy for Financial Institutions. Cut TERs, Taxes, FX Fees and Invisible Costs.
- Don’t get fooled by Wall Street – Hardly anyone understands Sustainable Investing. ESG Ratings are not designed to protect the planet. Adjusted for risk, ESG ETFs will also inevitably underperform. But there are ways to invest Sustainably.
EVIDENCE-BASED INVESTING
Buying The S&P 500 Today? Wait. These 8 Charts Show What You May Miss
Over the past 50 years, the U.S. Market has outperformed the rest of the world by a whooping margin of 1% per year. Guess, how much of the 50-year outperformance came in the last 8 years? All of it. [Read the article]
- Investing for Retirement – Understanding and Dealing with Sequence Risk – GMO
- Sequence Risk During Retirement – Morningstar
- Retirees Aren’t the Only Ones Who Face Sequence Risk – Morningstar
- Four things poker taught me about investing – CityWireUSA
- Why people who get out of the market have a hard time getting back – Evidence Investor
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We Help You Avoid Costly Investing Mistakes.
Who Are Coaching Sessions For?
- Beginners often ask us: How do I reach my goals? When should I invest? How do I come up with the right asset allocation? What About Short-Term Investing?
- Advanced investors come to us to get their portfolios challenged: What could derail my strategy? Bond Ladder or Bond ETFs? What are risks related to Factor Premia? How much can I withdraw from my portfolio annually?
Don’t take our word for it. Check the reviews to see what other investors think.
FINANCIAL MARKETS
- How passive are markets, actually? [First Link] – FT
- Alternative Thinking – New Rules of Diversification – AQR
- Europe’s Stagflation is Different in Kind and Much Harder to Remedy – Bridgewater
- The War Economy: Is America falling behind China in science? – Noahpinion
- War and Industrial Policy – Zoltan Pozsar, Credit Suisse
ACTIVE INVESTING
This section relates to improving your knowledge about financial markets. If you decide to sin, then sin only a little. Given ample evidence, combined active bets should be ideally a relatively small fraction of your portfolio.
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VALUATIONS
- How to spot undervalued stocks – UnderFollowedStocks
- The Biggest Winners and Losers since March 2020 – Irrelevant Investor
- Why Fundamendals Matter – OSAM
- Equities Start Month in Deeply Undervalued Territory After Latest Pullback – Morningstar
- Are Growth Stocks Cheap? – Validea
FACTOR Investing
- Is Value Just an Interest Rate Bet? – AQR
- The Size Factor – Verdad
- Betting Against Expensive Junk – Why the value and quality factors worked in 2022, Verdad
ALTERNATIVE ASSET CLASSES
- Liquid Venture Capital – Sparkline Capital (Or how to replicate venture capital returns using liquid small-cap public equities and find the underlying innovation premium)
- The Raisons d’être of Managed Futures – AQR
- Stay Friends With Your Trends [First link] – FT Alphaville on the AQR piece
[PODCAST] Antti Ilmanen - Unexpected Returns
WALL STREET
- The Illusion of Knowledge – Howard Marks
- Wave of Goldman Sachs workers quit en masse at ‘toxic’ Wall Street giant – NY Post
PUNT RESPONSIBLY
[PODCAST] Bassman Has a Strong Message for Young Traders
Harley Bassman has worked in finance for more than 40 years. Before becoming a managing partner at Simplify, Bassman traded at Credit Suisse, Merril Lynch, and PIMCO. He joins Maggie Lake to talk about why using simple common sense led to his early success and how he got burned during the Global Financial Crisis by not listening to Steve Eisman, the portfolio manager portrayed by Steve Carrell in the hit movie “The Big Short.”
CRYPTO & BLOCKCHAIN
It’s not unreasonable to have skin in the game in a multi Trillion market. With one caveat. Be ready to lose it all. Remember that most crypto assets do not generate yield. If some do, there are hidden risks involved.
INSIGHTS
- This week’s Ethereum Merge could be the most significant shift in crypto’s history – Coin Telegraph
- The Crypto Geniuses Who Vaporized a Trillion Dollars – Everyone trusted the two guys at Three Arrows Capital. They knew what they were doing — right? – Intelligencer
- More Than Half Of All Bitcoin Trades Are Fake – Forbes
BOOKS & MOVIEs
In the Book review section we rate some of the most relevant resources related to Financial Independence, Personal Finance and Investing. Browse All Book and Video Reviews.
Movies and Books we reviewed this month:
Trillions – The People Behind Your ETFs
Trillions, how a band of Wall Street Renegates Invented the Index Fund And Changed Finance Forever, by Robin Wigglesworth is a fascinating insight into the people who made the Index Fund revolution happen.
The stories about the people often start with some of their biggest failures. But beyond the stories, Robin also argues that every revolution brings its fair share of non-issues and sometimes real issues, such as concentration of power.
PERSONAL FINANCE
This section is dedicated to UK and European Investing and Personal Finance. It can also touch on other European jurisdictions outside the Euro-zone.
BROKERS
- Hargreaves Lansdown’s secret fee deal [UK] – Platform offered cheaper fees for customer looking to up sticks – “The special offer made to you here is exceptional” – Investors Chronicle
COST OF LIVING
- Energy crisis: UK households worst hit in western Europe, finds IMF – Guardian
- Eye-watering Energy Costs [UK] – FireVLondon
- Heat your clothes to save on energy bills – The Guardian
DESIGN YOUR LIFESTYLE
This section is dedicated to the ‘Why’ of Investing and career choices.
LIFESTYLE
- Is It Possible To Suffer From Anxiety If You Do These Things? – The Escape Artist
- Quiet quitting: The workplace trend taking over TikTok – BBC
- Pros and cons of being wealthy – Monevator
- How to Embrace Doing Nothing – The Atlantic
- Why Don’t Millennials Have Hobbies? – The Walrus
- Choosing Happiness – Humble Dollar
EARLY RETIREMENT
HOW OTHERS MAKE MONEY
- The people making millions off Listerine royalties – The Hustle
[PODCAST] David Senra - Passion & Pain
David Senra is the creator of the Founders podcast. The podcast covers what made him obsessive about studying history’s greatest entrepreneurs, the most common themes he’s discovered in his studies, and the role obsession plays.
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