Michael Tessler

[Michael Tessler @mike_tessler]

@KVanValkenburg KVV, you're the best, but this is a bad take. Many courses/holes require very specific shots off the tee (Sawgrass!) - a mandatory flighted Driver/3W is rare. With the emphasis on apex/land angle, it's refreshing to see a flighted tee ball stateside.

[FOX College Hoops @CBBonFOX]

UConn inducts senior Alex Karaban into the Huskies of Honor 🙌 @UConnMBB

[Michael Tessler @mike_tessler]

@ConvexityMaven @sidprabhu Are you familiar with the crowding out effect?

[Michael Tessler @mike_tessler]

@sidprabhu @ConvexityMaven Not to mention, this policy would grind new mortgage originations to a halt.

[Michael Tessler @mike_tessler]

@sidprabhu @ConvexityMaven The borrower needs to get underwritten for the assumed loan, same as every other home loan request.

[Michael Tessler @mike_tessler]

@LukeKerrDineen

[UConn Men's Basketball @UConnMBB]

We are the Men of March.

[Michael Tessler @mike_tessler]

@NoEscalators *walk on who went to Harvard Medical School and MIT simultaneously for a MD and PhD*

[Michael Tessler @mike_tessler]

@buccocapital So many bad faith replies.

Businesses are built and run to make a profit. The government is run for the opposite reason, to fill the void for important initiatives that don’t make money.

How would SV run the military? Or social security?

[Josiah Hawthorne @JosiahHawthorne]

"Digital natives"

[Michael Tessler @mike_tessler]

@DumbAlphaa @brett_walden @ExcessDefaults @TangibleValue They specifically called out RILA equity hedges underperforming, so probably not directly from the rate exposure, but possible it introduced second order impacts.

A plausible BHF hedge strategy could’ve been under hedge RILA equity and offset with VA reserve release.

[Michael Tessler @mike_tessler]

@ExcessDefaults @TangibleValue @DumbAlphaa Hedge losses appear to be from over complicating the hedge strategy.

RILA hedging = easy.
VA hedging = hard.
RILA + VA = even harder.

RILA hedging should be ~100% effective! Learned their lesson, now hedging RILA standalone.

[Michael Tessler @mike_tessler]

@brett_walden @ExcessDefaults Lots of VA being moved into FIA GLWB or other income products. Equity market appreciation pushes up customer funds and the benefits aren’t as rich. High rates and competitive market makes new issue income products more valuable. Easy to pass suitability for advisors too.

[Dan Hurley @dhurley15]

See you Saturday…

[Michael Tessler @mike_tessler]

@ExcessDefaults Lots of assumptions (lapse, spread earnings) baked in to this, but I get roughly $350m PV incremental spread earnings on $3.8b AUM. On $4.5B capital, relatively close to 10%.

[Michael Tessler @mike_tessler]

@Pigeonomics More knee bend / less “standing up” on the backswing

Much more hip turn (turn your left ass cheek behind you)

[Michael Tessler @mike_tessler]

@SkeleCap Japanese banks could just be a more direct play on the expectation. PRU much more diversified and have to wait longer to realize the benefits of higher for longer.

[Michael Tessler @mike_tessler]

@SkeleCap It is, if rates stay higher for longer

[Michael Tessler @mike_tessler]

@texasrunnerDFW Last year they received an 8.7% (!!!) Social Security COLA. +$100B in annual payments - talk about sticky inflation.

[Michael Tessler @mike_tessler]

@texasrunnerDFW No Silent/Boomer generation who worked is on a fixed income. Social security has been pegged to CPI since 1975. Boomers never lose, but will whine endlessly.