Weekly Mixtape For June 16th, 2018

Week In Review Articles:

The Wall Street Journal: Merrill Considers Lifting Ban on Commission-Based Retirement Accounts

The Wall Street Journal: ECB to End Bond-Buying Program in December as Crisis-Era Policies Wind Down

The Wall Street Journal: WSJ City: AT&T Court Victory Sets Stage for More Deals, US and Eurozone Head Down Different Paths


Of Dollars And Data: It Can Happen To Anyone ” Neuroscientists have found that the same area of the brain activates when someone is on cocaine or winning a lot of money. Capital gains is a hell of a drug.”

Morgan Housel via Collaborative Fund: Repeating Themes “The solution isn’t to ignore history. Or even be skeptical of it. But when you accept how incomplete the details of history must be, your takeaways should be as broad as possible. Themes > specifics.”

The Reformed Broker: Here’s How It Works Now “Enlightened advisors are focusing on the client’s needs and talking about what they can actually deliver – high quality, highly personalized ongoing advice and counseling. The portfolio being proposed, and the proposal itself, are geared toward explaining why a specific allocation to a mix of asset classes is going to help the client reach their goals.”

The Irrelevant Investor: What Do Clients Want? “There is nothing wrong with trying to beat the market, I mean, obviously. It’s just not something we want to live or die by, and we certainly don’t want our client’s lives hinging on that premise.”

Barry Ritholtz: Hierarchy Of Portfolio Success “Investors continue to be their own worst enemies when it comes to investment performance. On average, their actions lower their returns significantly, but in the worst cases, they demolish them. Even worse, behavior is (or at least should be) within their own control.”

The Reformed Broker: If You Know You Know “They’re almost the same people. Selfish, self-aggrandizing, gleefully ignorant, the sons of wealthy and powerful men, infused with autocratic tendencies and always under siege by the outside world. Contrast the two of them with the G7 leaders, who are well educated, polished, diplomatic, prepared, idealistic and cooperative and you can see why The Donald feels more at home with Kim than he does with Merkel, Trudeau and Macron.”

The Retirement Field Guide: Retirees Underestimate The Impact Of Longevity & Inflation “The problem with this data is that you never notice prices increase because it doesn’t happen all at once.  Or even looking at one specific product from the list, it looks like it wouldn’t even matter that much.  But inflation happens as a slow material grind against your checkbook.”

Brendan Mullooly: Investor Coevolution “Tactics can have value, but generally won’t help us evolve or change. They’re more about emulating success than finding out what causes it. Tactics are narrow, fleeting techniques that promote mimicry.”



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