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 05/27   Invest your way onto the Rich ListThrift 
 05/20   The biggest returnsThrift 
 05/15   Investing for the disaster to comeThrift 
 05/01   2018 Morningstar fee studyFunds 
 05/01   Personal finance is a bit too personalThrift 
 05/01   Million dollar coffeeThrift 
 04/21   Direct indexingIndexing 

Frugal News

Invest your way onto the Rich List
05/27/19   8:05 PM ESTThrift
"Is it feasible? Can you invest your way onto the Rich List?"
More Thrift: The biggest returns
Investing for the disaster to come

The biggest returns
05/20/19   6:44 PM ESTThrift
"Personal savings and frugality - finance's conservation and efficiency - are parts of the money equation that are largely in your control and have a 100% chance at being as effective in the future as they are today."
More Thrift: Investing for the disaster to come
Personal finance is a bit too personal

Investing for the disaster to come
05/15/19   7:34 PM ESTThrift
"The way I see it, by spending less on fancy caffeine now I either reach my goals more quickly, or I am better insulated against my personal apocalypse, if and when it happens."
More Thrift: Personal finance is a bit too personal
Million dollar coffee

2018 Morningstar fee study
05/01/19   8:22 PM ESTFunds
"Morningstar's annual fee study of U.S. open-end mutual funds and exchange-traded funds found that the asset-weighted average expense ratio was 0.48% in 2018, a 6% decline from 2017."
More Funds: OSAM Q1 letter
How hedge funds get rich

Personal finance is a bit too personal
05/01/19   6:55 PM ESTThrift
"So, how do you become a millionaire by age 30? Make a ton of money and don't spend most of it. Shocking, right? The issue is that this advice just isn't an option for basically everyone."
More Thrift: Million dollar coffee
Price matters

Million dollar coffee
05/01/19   6:54 PM ESTThrift
"A 12% annual return sounds wonderful in a latte factor example but it's not realistic."
More Thrift: Price matters
One big thing

Direct indexing
04/21/19   8:45 PM ESTIndexing
"ETFs disrupted mutual funds by offering something a little bit better. Now ETFs face disruption because direct indexing offers several new features that make them much better."
More Indexing: Multi-factor ETFs
ETF tax dodge

OSAM Q1 letter
04/13/19   8:23 PM ESTFunds
"One of the best ways to evaluate a manager is to ask them about their research graveyard. Of the research projects we've pursued over the decades, a significant majority end up like the ownership data project - dead. The quantitative research process is default frustrating."
More Funds: How hedge funds get rich
Mawer on sale

Tax-loss harvesting alpha
04/13/19   8:21 PM ESTTaxes
"We find that a tax-loss harvesting strategy yields a geometric average of 51 basis points per year from 1926 to 2018. However, this tax alpha is highly variable: over four successive 23-year periods, the tax alpha ranged from 26 to 88 basis points per annum"
More Taxes: A leader in tax compliance
Tax reform

Multi-factor ETFs
04/12/19   8:32 PM ESTIndexing
"There is a lot to consider in relation to the composition and performance of multi-factor ETFs in the US stock market. Perhaps the most interesting insight is that these products feature factors such as growth that are not supported by academic research and lack exposure to established ones like quality and momentum."
More Indexing: ETF tax dodge
The equilibrium consequences of indexing

Real estate vs stocks
04/03/19   7:49 PM ESTReal Estate
"Comparing real estate to the stock market or bonds or any traditional asset class is difficult because there are so many other variables involved in real estate. There are taxes and costs involved just like there are in the stock market, but then you have to consider the leverage involved, the cost of borrowing, the length of time in the home, the imputed rent, the psychic income from home ownership and the fact that you have to live somewhere."
More Real Estate: Rental market nightmare
Rich ghost towns

ETF tax dodge
04/03/19   7:25 PM ESTIndexing
"It turns out that transfusions like these are tax dodges, carried out by the world's largest asset managers with help from investment banks. The beneficiaries are the long-term investors in exchange-traded funds."
More Indexing: The equilibrium consequences of indexing
Broken beta

Price matters
04/03/19   7:19 PM ESTThrift
"Motusbank's fee for chequing accounts is zero, and that includes unlimited debits, including e-transfers, and an interest rate of 0.5 per cent (competitive for a chequing account). On savings, the bank will pay a rate of 2.25 per cent on regular accounts and 2.5 per cent on tax-free savings accounts."
More Thrift: One big thing
Cost of living

Canadian Government's predatory mortgage scheme
03/25/19   6:56 PM ESTGovernment
"The Government of Canada is using taxpayer money to invest in real estate at near peak valuations. The Department of Finance revealed the 2019 Budget yesterday, including new housing measures. Most notable is the First-Time Home Buyer Incentive, which allows the CMHC, Canada's national housing agency, to become an investor in your real estate. On the surface, it seems like it may provide a boost to the market, and is a generous gift to first-time buyers. The program's timing however, makes it a predatory loan scheme that will do more harm than good."
More Government: Paul Volcker talks to Ray Dalio
Manulife bailout

The equilibrium consequences of indexing
03/25/19   6:47 PM ESTIndexing
"As indexing becomes cheaper (1) indexing increases, whileindividual stock trading decreases; (2) aggregate price efficiency falls, while relativeprice efficiency increases; (3) the welfare of relatively uninformed traders increases; (4)for well-informed traders, the share of trading gains stemming from market timing in-creases, and the share of gains from stock selection decreases; (5) market-wide reversalsbecome more pronounced. We discuss empirical evidence for these predictions." [pdf]
More Indexing: Broken beta
Rebalancing for ETFs

How hedge funds get rich
03/11/19   11:56 PM ESTFunds
"However, what if I told you that in less than 20 years the hedge fund would have more money than you (regardless of the size of your initial investment)."
More Funds: Mawer on sale
Lessons from Peter Lynch

A leader in tax compliance
03/11/19   11:55 PM ESTTaxes
"Then there's Greece, where economists have struggled to even calculate a VCR. According to the International Monetary Fund, more than half of Greek households pay zero income tax. Indeed, tax evasion is practically a national sport. Take the swimming-pool trick. After the 2008 recession, the government placed a luxury tax on private pools. When only 324 residents in the ritzy suburbs of Athens admitted to having one, tax collectors knew they were being swindled - but didn't know how badly until Google Earth photos revealed the real pool count: 16,974. It's now common to conceal chlorinated assets with floating tiles, army nets, and pool interiors painted to mimic grass."
More Taxes: Tax reform
Bad economics

The private debt crisis
03/04/19   8:03 PM ESTDebt
"One of the key and largely overlooked reasons for this disappointing growth is hiding in plain sight: the increasing global burden of private debt - the combination of business debt and household debt. Even though government debt grabs all the headlines, private debt is larger than government debt and has more impact on economic outcomes."
More Debt: Staggering share of Canadians fear bankruptcy
World leaders in debt

The soft side of planning
03/04/19   5:26 PM ESTBrokers
"To my reading, the rise of the independent financial planner is the most significant financial event of my tenure at Morningstar. We did not anticipate this movement, but it proved crucial to our company's success. More importantly, millions of investors have benefited from this development as financial services began to work for those who purchased them, as opposed to mostly enriching those who sold them. It was a powerful and profound change."
More Brokers: The salesman wasn't pleased
Scalability for robo-advisors

Paul Volcker talks to Ray Dalio
02/12/19   9:56 PM ESTGovernment
"I sat down with one of my greatest heroes, Paul Volcker, to talk about the state of the economy and U.S. government as well as learn about the principles that guided his incredible career." [video]
More Government: Manulife bailout
Rent control needs retirement

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