Weekend Reading – It’s wild! Vanguard’s ETF Becomes The Most Expensive Global ETF. Was It Game Over For Factors After 2005?
Weekend Reading is a 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. Below is the type of content we shortlist:
The two effects you're talking about are transaction costs and post-2005 decay. After that, it's pretty much gone. The returns are pretty much gone for individual anomalies using our baseline effective bid-ask spread costs.
Featured
🤯 This Is Wild. Vanguard Is Now The Most Expensive! Updated Global ETF Ranking (Banker on Wheels)
As of last week, the Vanguard FTSE All-World ETF has officially become the priciest global ETF. Meanwhile, SPDR offers a similar ETF with small caps at a 0.05% lower fee. 💲 iShares, currently outperforming Vanguard, is about to face fierce competition from AMUNDI and SPDR, now the market's cheapest and second cheapest options. 🏅 The race to the bottom is wild, but it's a win for investors! 🎉🚀
Portfolio Construction
Asset Allocation
Smart Beta, Direct Indexing, and Index-Based Investment Strategies (CFA Institute)
Innovations such as smart beta exchange-traded funds (ETFs) and direct indexing go beyond traditional capitalization-weighted strategies and incorporate varying levels of active management. Our report offers an updated framework for active management to capture the full range of index-based strategies and to support informed investment decision making. It proposes a new approach for understanding index-based strategies.This framework categorizes index strategies by the degree of active management they incorporate beyond traditional market-cap weighting. By doing so, it provides clarity on how these products fit into an updated spectrum of active management solutions.
Understand Financial Markets
ETFs are eating the bond market (FT)
The bond market is opaque and unless you have access to market participants it's usually difficult to understand how it works. Pieces like the one are quite rare insights into its mechanics. If that's your cup of tea (and I know for some of our readers Bond ETFs are) make sure to bookmark the article for a summer reading (it's quite long 😊)
The Lion in Winter - From 1930 to 2010, there were six extended periods of small cap outperformance as it dominated large cap over that entire period (JP Morgan)
From 1930 to 2010, there were six extended periods of small cap outperformance as it dominated large cap over that entire period. But since 2010, small cap sits alongside value stocks and non-US stocks in the unholy trinity of underperforming portfolio strategies. While poor profit fundamentals argue against a prolonged period of outperformance vs large cap, small cap stocks are at their cheapest levels in the 21st century with potential market and political catalysts in their favor.
How To Invest
David Baughier switched seats with host Rick Ferri and interviewed him about many personal finance topics. We discussed a diverse set of topics, from John Bogle to asset allocation to the biases in most investment advice. The podcast is David’s latest passion project, and it encourages you to take action today so that you can focus on what matters most to you.
Active Investing
Factor Investing
This is a must-listen for all factor investors. The guest is Andrew Chen, a Principal Economist at the Federal Reserve Board who focuses on monetary policy and financial stability. He discusses the significance of open-source data and transparency. He also addresses the challenges of replicating financial studies, publication bias, data mining, and false discovery rates, with Andrew offering practical insights on how these factors impact financial research and investment decisions.
Discretionary Investing
- The Biggest Winners in the Stock Market (A Wealth of Common Sense)
- 3 Reasons Not to Bet on Long-Term Bonds (Morningstar)
- Investors warm to UK equities in ‘turning of tide’ for unloved market (FT)
- Value Investing, the Mag 7 and Making Sense of a Changing Market (Excess Returns)
- Integration among the BRICS stock markets: Filtering out global factors (Taylor and Francis)
Alternative Asset Classes
Wall Street
This episode features segments from episode #691 "Nassim Nicholas Taleb & Scott Patterson — How Traders Make Billions in The New Age of Crisis, Defending Against Silent Risks, Personal Independence, Skepticism Where It (Really) Counts, The Bishop and The Economist, and Much More" and #639 "Todd McFarlane, Legendary Comic Book Artist — How to Make Iconic Art, Reinvent Spider-Man, Live Life on Your Own Terms, and Meet Every Deadline"
Bad Bets
ETFs
UCITS ETFs
SPDR ACWI ETFs just got cheaper (SPDR)
State Street Global Advisors (SSGA) has cut the fee of its global equity ETF alongside its euro government bond ETF. SSGA will reduce the fee of the SPDR MSCI ACWI UCITS ETF (ACWD) from 0.40% to 0.12%, with the Euro hedged and US dollar hedged product’s fee reduced from 0.45% to 0.17%. The move makes ACWD the second cheapest on the market, behind the Amundi Prime All Country World UCITS ETF (WEBG), with a total expense ratio (TER) of 0.07%. Read our updated comparison.
US ETFs
Wealth Management
Personal Finance
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Platforms
How To Choose A Safe Stock Broker? (Banker on Wheels)
Imagine discovering your broker has gone belly-up overnight, leaving your hard-earned investments in the balance. In a market where investors tirelessly chase after low fees, the often-ignored specter of broker failure lurks in the shadows. The collapse of a broker isn’t just a plot twist in a Hollywood blockbuster—it’s a stark reality that has left many investors stranded and panicking. Could your broker be next? What safeguards do you have in place? Here is what you need to know to protect your savings.
(Early) Retirement
Financial Advice
Design Your Lifestyle
Personal Development
I Was An MIT Educated Neurosurgeon Now I'm Unemployed And Alone In The Mountains How Did I Get Here? (Goobie and Doobie)
Gooby, a former neurosurgeon with 20 years of training and experience, left his career due to dissatisfaction and ethical concerns about the effectiveness of his work. With his wife's support, he decided to quit his job, despite having no clear plan for the future, to avoid continuing a life that was making him unhappy. He started a YouTube channel to document his hikes and time spent with his dog while exploring new possibilities for his life.
Careers & Entrepreneurship
Travel
Tech & Economy
Economy
And Finally
The Real Reason Robots Shouldn’t Look Like Humans (Veritasium)
The robots of our future may look nothing like humans at all. In this video: - Unstoppable Vine Robot - Highest Jumping Robot - Micromouse Competition - Benefit of non-humanoid robots - Bendy Machines - Soft Robots
Good Luck and Keep’em* Rolling!
(* Wheels & Dividends)
Trade Wars, Real Wars, but Equities Close To All-Time Highs: Is It A Good Time To Invest?
7 Reasons Why Japan May Be Your Next Cycling Adventure
Nomads in 2026: Genki vs SafetyWing – Which Travel Insurance Wins?
How You Can Cycle The World – A Practical Guide
Weekend Reading – Vanguard Cuts Fees across 15 ETFs & IBKR launches prediction markets
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