Weekend Reading – BlackRock Expands Series Of Fixed Maturity Bond ETFs
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:
Life is 10% what happens to us and 90% how we react to it.
Featured
How To Make Difficult Life Decisions: Easy Decisions, Hard Life. Hard Decisions, Easy Life. (Banker on Wheels)
Whenever I catch up with friends in London or Paris, many confess they feel trapped on the hamster wheel, longing to live life to the fullest. While I’m not a life coach (Francesca’s probably the one for that!), during my financial coaching sessions some of my readers also express similar lifestyle dilemmas. Here’s how one simple exercise in 2018 changed everything for me. My life took a dramatic turn when I applied this framework. Here’s why this might be exactly what you need, too. *Not Life Advice*
Portfolio Construction
Asset Allocation
When It’s Time to Rethink Your Asset Allocation (Morningstar)
Unless you happen to be an average-size person with perfectly balanced proportions, the clothing you buy may or may not fit perfectly. The same applies to your portfolio. A standard asset-allocation mix (such as a model portfolio) may work well for the “average” investor, but one size doesn’t always fit all.
For decades, investors have been told that diversifying is a good thing. You should hold a basket of stocks across different sectors and geographies, plus bonds, maybe some commodities or real estate, and so on. But, it turns out that you probably would have done better if you just bought large-cap US stocks in the form of an S&P 500 ETF like SPY. So why haven't diversified investments performed better?
Understand Financial Markets
CFA REPORT: The Dollar's Exorbitant Privilege (CFA Institute)
This report examines market practitioners’ opinions on the sustainability of US public finances, given the country’s high level of debt/GDP ratio and budget deficits. By questioning the CFA Institute membership on a global basis, our research evaluates possible implications of high debt levels for the role of the US dollar as the world’s prominent reserve currency. The report is based on a survey that was conducted from 15 to 31 July 2024
In the US the biggest 10 companies account for around 18% of the value of the global equity market (Goldman Sachs)
We are entering a more benign part of the cycle with a continuation of economic growth alongside lower policy rates – a combination that has historically been positive for equities. Longer-term rates are unlikely to fall given a rebuild of term premia and higher government deficits. This, together with high US equity valuations, moderates the upside in equities at the index level. This means that alpha should become a more important driver of returns with a broadening opportunity set within and across equity markets.
Active Investing
Factor Investing
My guest today is Marty Bergin, President of DUNN Capital Management, which manages over $1.5 billion and is one of the longest continually running trend following firms in the world. In today’s episode, Marty reflects on the firm's 50-year journey in the trend following space and shares how a firm can not only survive but thrive over five decades.
Discretionary Investing
Stan Druckenmiller | Podcast | In Good Company | (Norges Bank Investment Management)
This week, Nicolai Tangen visits Stan Druckenmiller in New York — one of the most renowned investors of our time, known for his insights into macroeconomics and markets. In this conversation, Druckenmiller shares his approach to major trades, like his groundbreaking bet against the British pound, and offers a unique perspective on today’s market, discussing inflation risks, AI’s potential in investing, and what keeps him ahead of the curve.
- The case for value investing in Japan (Nikko AM)
- The Quest for Multi-Bagger Micro-Cap Gems (Excess Returns)
- The Sugar Daddy Effect? Assessing Corporate venture capital, Sovereign funds and Green Energy! (Aswath Damodaran)
- The Layman’s Guide to Volatility Forecasting: Predicting the Future, One Day at a Time (CAIA Association)
- Excessive cash and cross-holdings contribute to discounted valuations in Japan (Verdad)
Alternative Asset Classes
Wall Street
Was the Polymarket Trump whale smart or lucky? (FT)
The Wall Street Journal today has an interview with “Théo”, the mystery prediction-market trader who says he’ll make nearly $50mn on Polymarket by betting on Donald Trump winning the US presidency.It offers some interesting new information about his apparent edge. Théo’s hunch has been proved right, but does the methodology stack up? According to the experts, it’s impossible to know.
ETFs
UCITS ETFs
BlackRock extends fixed maturity range with investment grade credit ETFs (ETF Stream)
BlackRock has extended its fixed maturity iBonds range with the launch of eight investment grade (IG) credit ETFs. The new products provide additional maturities, both in dollars and euros, for IG credit across a diversified range of geographies and sectors. The US dollar ETFs have listed on Euronext Amersterdam and the euro products on Deutsche Boerse. All debut with a total expense ratio (TER) of 0.12%.
Wealth Management
Personal Finance
- Optimal Education Savings, Withdrawals, and Asset Allocation (Rational Reminder)
- Stop looking for an Asset Allocation to solve your existential problems (Italian Leather Sofa)
- Compounding, type II (Fire V London)
- Money CAN Buy Happiness (If You Use It In These Ways) (Art of Manliness)
- 3 Steps to Uncovering Your True Financial Goals (Morningstar)
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Platforms
(Early) Retirement
Why you should think about financial independence and mini-retirements (TED)
Time poor' is the catch-cry of our era, and yet end-of-life retirement means we have an average of two decades of feeling time rich to look forward to… when we’re old. In this talk, Lacey shares how combining financial independence and mini-retirements is one way to bring that time rich feeling into our youth.
Financial Advice
Design Your Lifestyle
Personal Development
Careers & Entrepreneurship
Travel
More Than Just Pedaling (Bikepacking.com)
In this piece, Dylan Kentch recounts lessons learned during a 9,600-kilometer bikepacking trip in the Western Australia Outback as he reflects on a white lie he told someone he met along the way. Read his story about a four and a half month ride aboard his custom long-tail fatbike, and find an expansive set of square format photos here… 'We had gone over that I’d already pedaled some of central Australia’s more remote and rugged 4×4 tracks, and that I was about to head out onto the Canning Stock Route (CSR), one of West Australia’s more remote and challenging tracks. '
Tech & Economy
Economy
- Why Ireland Has Too Much Money (and doesn't know how to spend it) (Economics Explained)
- Where Does Economic Growth Come From? (A Wealth of Common Sense)
- Can demographics undermine Europe’s dominance in global trade? (Joachim Klement)
- MoneyU.S. Dollar Performance Against Major Currencies in 2024 (Visual Capitalist)
Tech & Science
How Much It Costs to Charge an EV in Europe, by Country (Visual Capitalist)
This chart shows the average cost to charge an electric car for 25 minutes per 100 km at a public station in various European countries. Data is sourced from the European Alternative Fuels Observatory (EAFO), as of 2024. To account for variance between electric cars, a Tesla Model 3 was considered for this dataset. Price information was sourced from public DC fast-charging stations. The EAFO then calculated one average price per country. For most of Europe, charging costs vary between €0-5 per 100 km. Cheaper outliers include: Iceland (€2.9), Portugal (€3.2), and Finland (€4.6). Euronews reports that Iceland’s abundant renewable energy sources drive down the EV charging price. On the other hand, in Norway and Slovenia charging costs jump to €17-19 per 100 km.
And Finally
Good Luck and Keep’em* Rolling!
(* Wheels & Dividends)
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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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