The Origin of TIPS, How They Work, and an All Weather Mistake
A historical look at inflation-indexed bonds, how they perform differently than regular bonds, and data on how few investors own TIPS.
Book Summary of Where are the Customers’ Yachts
Key takeaways and quotes from a classic book on markets and the investment business.
How to Squeeze the Most Value Out of Credit Card Points
Have you ever wondered if you’re getting the most value out of your credit card points? This post explains how to make your points stretch further, avoid annual fees, and ranks the most valuable sign-up bonuses. Travel blogs make money from affiliate links that pay them if you get approved for a card. This creates…
Measuring the Tax Drag of Trend Following
The goal of this post is to put concrete numbers on the tax impact of trend following strategies in taxable accounts. I tested 12-month and 6-month trend strategies from 1998 to 2019 on three stock index funds: U.S. stocks with Vanguard’s VTSMX (ETF equivalent is VTI) International stocks with Vanguard’s VGTSX (ETF equivalent is VXUS)…
The Misbehavior of Markets Book Summary
Gavrilo Princip woke up with a short to-do list on June 28, 1914: assassinate the archduke. Franz Ferdinand was parading through Sarajevo in a convertible and Princip and his friends were ready. Ferdinand’s route was known in advance and one of the group’s members threw a bomb in front of the archduke’s car. The bomb…