Bradley Wallace

Husband, Dad, and Chief Investment Officer

[Bradley Wallace @bradwall09]

@scottsalaske Personalized Tax-Aware Direct Indexing used to be called… portfolio management.

[Bradley Wallace @bradwall09]

@awealthofcs @Ritholtz Incredible run - imagine that same CAGR over a 60 year period. That’s what makes Buffett’s record so remarkable.

[Bradley Wallace @bradwall09]

@dougboneparth Compound interest.

[Bradley Wallace @bradwall09]

@awealthofcs @Ritholtz Is there any notable research that analyzes 5-10 year forward returns for stocks that grow to these concentrated levels? Probably out there somewhere, just curious if you’ve seen something specific. Would be interesting to see forward returns after reaching these weightings.

[Bradley Wallace @bradwall09]

@dougboneparth *Fathers Day has entered the chat*

[Bradley Wallace @bradwall09]

@strassa2 @Braums_IceCream get this guy right

[Bradley Wallace @bradwall09]

@strassa2 My last meal each night to cover my shortage:

[Bradley Wallace @bradwall09]

@ValueStockGeek Seems like that concentration piece could create a better opportunity for *gpod* active management going foreward if Goldman is right. But as John Galbraith put it “The only function of economic forecasting is to make astrology look respectable.”

[Bradley Wallace @bradwall09]

@ValueStockGeek While you’re right that nothing guarantees an active strategy will do better than the market, keep in mind that Goldman’s report was forecasting a 3% return for the S&P 500 specifically, not the overall market. They’re careful to highlight this in the paper.

[Bradley Wallace @bradwall09]

@ValueStockGeek They’re also careful to highlight that the main variable driving forecasted returns lower is the historic level of concentration within the index (~35% in the top 10 stocks). Without that factor in their calculation, they got something closer to 6-7% annualized.

[Bradley Wallace @bradwall09]

@aaronbuley Sweet! Which one?

[Bradley Wallace @bradwall09]

@strassa2 💔

[Bradley Wallace @bradwall09]

@jbryanporter Great thread. It’s the most meaningful exhaustion, with their purity of thought, discovery of boundaries, and genuine curiosity. Learning how much they crave structure and a fairway helps keep the tantrums in perspective. What a blessed, short period we get to experience.

[Bradley Wallace @bradwall09]

@aaronbuley Underrated advice for many of life’s problems.

[Bradley Wallace @bradwall09]

Well put

[Clifford Asness @CliffordAsness]

“Crowds” are either super-wise or dangerously dumb.

The key variable is whether the crowd is made up of independent decision makers (think “poll the crowd” in Who Wants to Be A Millionaire) or coordinated (think about a mob with pitchforks and torches).

Social media, and the internet in general, has made it much easier for coordination to occur.

You do the math.

[Bradley Wallace @bradwall09]

@JdubPSCEO @shakeshack @Braums_IceCream is much better Jdub!

[Bradley Wallace @bradwall09]

@jbryanporter @morganhousel is great on all things money/life

[Bradley Wallace @bradwall09]

@strassa2 40 pull ups is tough with proper form

[Bradley Wallace @bradwall09]

@aaronbuley Agree, did that a couple years ago while climbing Sneffels. Beautiful drive!