Weekend Reading – Living Off Your Portfolio: How Much Can You Spend? Guides: Emerging Market Bonds & Alternatives.
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:
Retirement is wonderful if you have two essentials—much to live on and much to live for.
Featured
Wall Street Thinks You’re Dumb: The Rise Of Wise Money (Banker on Wheels)
Wall Street calls itself ‘Smart Money’, casting Individual Investors as ‘Dumb Money’. Bankeronwheels.com was born out the discovery of Wise Investing. To make them distinct from the investor crowd, I coined the term ‘Wise Money’. Wise Money is forecast-free, patient, usually young, has an angel and beginner’s luck. Wise Money thinks in decades and will end up a Millionaire. Our mission? Making a small bike the symbol of resources investors can trust to finance their dreams, so that they can also become rich. Slowly, but surely.
Portfolio Construction
Asset Allocation
Are equities the best long-term investment? If so, is that always true? In this episode of At the Money, we speak with Jeremy Schwartz about why you should, or should not, go heavy on stocks. Jeremy Schwartz is Global Chief Investment Officer of WisdomTree, leading the firm’s investment strategy team in the construction of equity Indexes, quantitative active strategies, and multi-asset Model Portfolios.
- How Much Equity Risk Should You Take? (Banker on Wheels)
- Live and Let Buy: Which Bonds For Your Objectives? (Banker on Wheels)
- Return Stacking, ETFs & Trend Replication (The Algo Advantage)
- Worthwhile investing literature from the past 50 years (Advisor Perspectives)
- Portfolio Metrics: Sharpe & Sortino - Do you need to know them? (CAIA Association)
Understand Financial Markets
- Global bonds: Four key drivers of outperformance (Vanguard)
- After decades of stagnant growth, Japan is back (Vanguard)
- Earnings are the real driver (Tker - By Sam Ro)
- How the Top S&P 500 Companies Have Changed Over Time (Visual Capitalist)
- The S&P is having its best year of the millennium (sherwood news)
How To Invest
Active Investing
Factor Investing
Factor Premiums: An Eternal Feature of Financial Markets (CFA Institute)
A broad segment of the industry invests based on established factors such as value, momentum, and low-risk. In this post, we share the key results from our study of out-of-sample factors over a sizable and economically important sample period. Using the longest sample period to date — 1866 to the 2020s — we dispel concerns about the data mining and performance decay of equity factors.
Discretionary Investing
Emerging Market Bonds: The what-why-when-how guide (GMO)
As GMO celebrates its 30th anniversary managing emerging debt this year, we offer our comprehensive guide to emerging debt markets. Given the tumultuous recent events, we’ll focus on the Why as a starting point. Then we’ll dive into the proliferating How, covering strategies and vehicles. For the When, we’ll give a quick overview of our Quarterly Valuation Update publication. Finally, we’ll relegate the What to the end for those looking for a more detailed introduction to the asset class
Alternative Asset Classes
KKR Report on Alternatives (KKR)
From its modest beginning as an acquisition strategy largely known as ‘boot strapping’, the Alternatives industry is now expected to grow to more than $24 trillion in assets in 2028 from $15 trillion in 2022. While these headline numbers may sound outsized in absolute terms, the current Alternatives market is actually still less than 11% of total global GDP and only 2.4% of total global financial assets. Importantly, though, there is no one Alternatives asset class. Our view is that each asset class has unique characteristics in terms of expected return, risk, yield, liquidity, and capital requirements that require a closer look to better understand the different benefits that each asset class can bring to a portfolio.
Wall Street
New titans of Wall Street: how Jane Street rode the ETF wave to ‘obscene’ riches (FT)
When Wall Street scrambled to launch bitcoin funds earlier this year, there was just one trading company named in regulatory filings as an anchor market-maker for every single one: Jane Street. The move underscored how a quirky and opaque New York firm has used its dominance in exchange traded funds and embrace of more finicky financial securities as a springboard to become the most profitable of all the trading firms that are now a significant force in markets.
ETFs
UCITS ETFs
Become A Passive Investing Ninja – The Definitive Guide to Slashing ETF Costs and Taxes (Banker on Wheels)
We haven’t come across one definitive guide that allows you to become the Ninja of slashing Investing Cost. Here is where we step in. Slashing them, one by one. Whether they are visible, or not: ETF Costs – by selecting the best performing ETF based on Tracking Difference and TERs. Taxes – Taxes owed to foreign and local governments on received dividends. FX Fees – Conversion fees when investing in another currency and receiving dividends. Invisible Costs – When trading ETFs, including spreads.
US ETFs
- Buffered ETFs — What You Need to Know (The White Coat Investor)
- Tax-Busting Tactic Loved by Tech Millionaires Is Coming to ETFs (Wealth Management)
- Wall Street’s ETF Assets Hit $10 Trillion Milestone (Yahoo Finance)
- Measuring the Costs of Index Reconstitution: A 10-Year Perspective (Dimensional Funds)
Wealth Management
Personal Finance
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Platforms
Commission-Free Brokers: Are You Trading Or Being Traded? (Banker on Wheels)
‘Free trading’ often advertised by Brokers may not be as free as you think it is. Often, a shadow transaction you might not know about comes with it – Payment for Order Flow. Your trades are sold, and matched in a ‘Dark Pool’ (in the US) or on an exchange that may have a single market-maker (in the EU). It often results in worse prices. So, the EU stepped in. But what does it mean for you when choosing a broker? Even as these payments are banned, single market maker exchanges may still be around. Be sure you understand the implications of trading through them.
(Early) Retirement
In this episode of the Humans vs Retirement podcast, I interview Bill Bengen, the pioneer of the 4% safe withdrawal strategy, who shares insights from his extensive research on retirement income strategies. Bill discusses the evolution of the 4% safe withdrawal rate, revealing that the worst-case scenario may now be closer to 5%. He emphasises the importance of diversification, glider path investing, and rebalancing in enhancing withdrawal rates.
Financial Advice
Design Your Lifestyle
Personal Development
Careers & Entrepreneurship
- His Company Went Public. Did It Make Him Happy? (Khe Hy - RadReads)
- The World’s Most Innovative Countries in 2024 (Visual Capitalist)
- Why tech unicorns struggle to avoid the glue factory (FT)
- Revenge of the Office (The Atlantic)
- Artificial Intelligence Put My Dad Out Of A Job And I’m Worried (Financial Samurai)
Travel
Riding High: Bikepacking Peru (Film) (Bikepacking.com)
In July, filmmaker Mick Turnbull and his partner Danielle O’Hara spent four weeks bikepacking Peru’s soaring Cordillera Blanca and Cordillera Huayhuash routes. They camped under snowy peaks, pushed up breathless 16,000-foot passes, and savored endless descents. It was a proper adventure with just the right amount of discomfort, grandeur, and peanut butter. Find the 24-minute film documenting their journey.
Tech & Economy
Economy
- The future of European competitiveness: a conversation with Mario Draghi (Bruegel)
- Apple manufacturers moved from China to Vietnam. Now they’re desperate for workers (Rest of World)
- Alaska Is Losing Its Oil, Now What? (Economics Explained)
- Daniel Yergin –Oil Explains the Entire 20th Century (Dwarkesh Patel)
Tech & Science
Deutsche Bank AI Report: Five clues to the future of AI (Deutsche Bank)
Artificial Intelligence is as hot as ever. Google searches for technology terms continue to be dominated by AI, with ChatGPT making a late summer surge as students ease the pain of that first post-vacation assignment. Virtual reality and the metaverse had their moments in the sun in recent years, Google Trends data show. Crypto, which briefly overtook AI in mid-2021, continues to excite some interest. But searches for AI this month are as high as they have ever been, and 20 times as high as crypto.
And Finally
Why Musk and Other Tech Execs Want as Many Babies as Possible (Wall Street Journal)
With global fertility rates in freefall, some Silicon Valley execs like Elon Musk are aiming to halt the decline – by having as many babies as possible. The pronatalism movement, mostly populated by religious conservatives and immigration opponents, is built on the belief that lower fertility rates will lead to economic and political catastrophe. WSJ explains the movement advocating for higher birth rates and why some critics think it may not have the desired outcome.
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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