Michael James

Seeking good financial choices with an increasing emphasis on simplicity.

[Michael James @MJonMoney]

The problem with currency hedging - my opinion hasn't changed since I wrote this many years ago.
https://t.co/uUWlrbUx5T

[Michael James @MJonMoney]

@DanHallett @pbroos1 @JonChevreau @BMO Yes. Investors have shown a misguided desire for income ETFs and the industry supplies more of them.

[Michael James @MJonMoney]

@DanHallett @pbroos1 @JonChevreau @BMO To the System 1 brain, flows are free money, so the higher the better.

[Jonathan Chevreau @JonChevreau]

Dalbar’s Measure of Retail Investor Underperformance, via @MJonMoney https://t.co/xAnv2oAGho

[Michael James @MJonMoney]

@gene2u @MarkMcGrathCFP Perhaps he was just trying to fit in better on X. He's strangely upbeat.

[Michael James @MJonMoney]

@pbroos1 In this case, how to wear and adjust the product was not obvious. So, the instructions were both insulting and inadequate. But at least they did make me laugh.

[Michael James @MJonMoney]

Just bought something that came with the following instructions:

"Take the product out of its packaging. Wear the product to the intended area and adjust the product to achieve the best fit."

Thanks for nothing.

[Michael James @MJonMoney]

New: What does Generation Squeeze have against couples? https://t.co/1AdmuWSBDt

[Michael James @MJonMoney]

New: What does Generation Squeeze have against couples? https://t.co/1AdmuWSBDt

[Michael James @MJonMoney]

@MarkMcGrathCFP OK, but I'm still going to report you to Facebook Marketplace.

[Michael James @MJonMoney]

@MarkMcGrathCFP What?! It's not free for me? Capitalist pig.

[Michael James @MJonMoney]

I agree that it's important not to blur the distinction between simple passive index investing and factor investing. But I also understand why factor investors don't want to blur the distinction between factor investing and picking a dozen stocks. All 3 approaches are very different.

[Michael James @MJonMoney]

@Rick_Ferri @larryswedroe Active/passive is clearly a continuum, and any attempt to draw a line to make it binary is going to upset someone who wants to be on the other side of that line. I find it better to acknowledge the continuum.

[Michael James @MJonMoney]

@Rick_Ferri For a new asset class to improve risk-return, it's expected return can't be too much lower than the expected returns of the other asset classes. In the case of privates where prices are made up, we have reason to doubt claimed correlations and assign very low expected returns.

[Michael James @MJonMoney]

@MarkMcGrathCFP "but if anyone even gets a thought that you are a millionaire, you lose it all."

There's always a catch. If you're already a millionaire before receiving the $10 million and anybody knows about it, you don't get the money. Tough luck, Mark.

[Michael James @MJonMoney]

@cliffcornell_ If you measure net worth in terms of your AUM value to a financial advisor then sure. But if you measure net worth based on value to the owner and deduct an estimate of future taxes, then the net worths are very different.

[Michael James @MJonMoney]

@AdamMGrossman How can you say no one has challenged the math? Mandelbrot. Log returns do not have finite variance. The efficient frontier in many cases is wildly risky because it simply misses most of the risk.

[Michael James @MJonMoney]

@MarkMcGrathCFP My mother had very little money to work with until the last couple of decades. Whenever I visit her shortly after her dividends come in, she asks about how to invest them. Then we have a good laugh about how all this money piling up all over the place is such a bother.

[Michael James @MJonMoney]

@CliffordAsness Thin end of the wedge