@PEoperator I recommend reading again in about a year, you pick up ever more details and character subtleties that I cherish through each iteration, also read last chapter of Silmarillion as it sets up the third age (LOTR age) quite nicely
Hot take: Universities charge $300,000 for a degree that teaches you skills any LLM can do for free. At some point we need to have an honest conversation about whether higher education is the greatest individuals misallocation of capital in recent history.
Many advisors and their clients use strategies that will avoid taking distributions from asset classes like equities during down years – for instance, setting aside “buckets” as a reserve against market crashes, and/or creating a series of “decision rules” that might simply state outright that equities will only be sold if they’re up, otherwise bonds are liquidated instead, and cash/Treasury bills will be used if everything else is down at once. https://t.co/aR83eIINhK
Yet when such a decision-rules strategy is paired with simple rebalancing, it turns out that the outcome is no better than merely managing the portfolio on a total return basis without the decision rules at all!