Weekly Mixtape For August 11th, 2018

Week In Review Articles:

The WSJ: Turkish Crisis Rattles Global Markets Amid Escalating Spat With U.S.

The WSJ: Elon Musk Tweets He Is Considering Taking Tesla Private

The WSJ: SEC Probes Tesla CEO Musk’s Tweets


The Belle Curve: Sales Or Advice “There was a time that investors knew the function of a broker-dealer was solely to facilitate transactions of financial products.  The broker was a salesperson and was in the business of earning a commission, which might or might not be in their best interest. “

The Reformed Boker: What People Will Pay For “Financial planning in the absence of an investment strategy designed to implement the plan is a f***ing fortune cookie. An investment portfolio absent the dictates of the goals from a financial plan is like building a house without a blueprint. Neither or these things is worth much without the other. But delivered in concert, they are essential and worthy of a fee for the people who are going to be overseeing both.”

Tweet Thread Re: Blair’s Post

Morgan Housel: Natural Maniacs “Some people are natural maniacs, and you can’t ask for the maniac parts you like without realizing there are maniac parts that might backfire.”

Of Dollars and Data: Hidden Costs “Because it’s easy to see how $100 million would arguably improve your life without even trying.  However, it’s much harder to imagine the 2nd order (and higher) effects of having this much money.  Remember, money and fame can destroy lives too. “

A Wealth Of Common Sense: If It Sounds Too Good To Be True..But I’m wary of investments where the sales pitch sounds too good. If an investment sounds too good to be true, it probably is.”

Morgan Housel: Appealing Fictions ” But open-mindedness is usually viewed as an acceptance that other people might be right, rather than an active process of discovering where you’re wrong.”

The Irrelevant Investor: The Scapegoat “There are too few with too much and too many with too little. People are mad and they’re looking for someone to blame. Share buybacks are the scapegoat.”  AND “Any time you’re yelling about buybacks, replace it with the word dividend and see if the argument still makes sense. After all, they are economically equivalent to both the company and the shareholders”

Casey Mullooly: You’ll Be Alright “My advice to those in the client/patient role is to know what your definition of “being alright” is. Know what to expect. Ask the hard question, ask for something to be explained again. Let the doctor or advisor know when you are unsatisfied with their answers.”

Brendan Mullooly: Today’s Edges, Tomorrow’s Table Stakes “The idea of having an informational or analytical edge today is a pipe dream for almost all of us. There are too many intelligent people, all working with the same information, for an edge like that to last. However, less desirable edges stand a fighting chance because they come with a cost. A good indication of how enduring an edge will be is how uncomfortable it is to capitalize on.”

Real$martica: Hooray For Me, And The Hell With You “At a company like Wells Fargo, management has built their fortunes exploiting their clients in the most egregious of ways.”

Meb Faber: “Nobody Ever Got Fired For Buying Vanguard…” Well, Maybe They Should Be?

The Irrelevant Investor: The Longest Bull Market Of All-Time? “Bull markets are in the eye of the beholder, and when we mark the beginning is of little importance, unlike things like earnings and valuation and interest rates. Subjective and unimportant as it may be, I do think it can affect investor psychology, if only at the margin.”

Barry Ritholtz: A Challenge To The Biggest Idea In Behavioral Finance “For many good reasons, loss aversion has become accepted wisdom on how people make decisions under conditions of uncertainty. I suspect it will be a long time before that explanation is overthrown.”

I Heart Wall Street: Lies, Damned Lies, and Heuristics “If they say no, or “sometimes”, or “we are here and here we aren’t but…” you’re wasting your time – and continuing to fund the greatest heist in banking history. Begin your search and do not stop until you find someone who answers affirmatively.”

The WSJ: The Lebron James Interview About Bikes

All About Your Benjamins: Talking Goals With Roman and Leo




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