Learner, consultant, blogger, runner, gardener | @AlphaBetaBlogFR in 🇫🇷 | CFA, CAIA, CIPM | #financiallitteracy #literature #history
Paris, France
Joined February 2009
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Ben Carlson:
❝ Vanguard’s first index fund had a sales load of 8.5%. ❞ awealthofcommonsense.com/202…
FCA on private market firms:
❝ Recurring weaknesses were identified in areas including cross-fund transfers and multi-party transactions, gifts and entertainment, and information barriers. ❞ fca.org.uk/news/press-releas…
❝ In many respects, the Total Portfolio Approach is an evolution of the Diversified Growth Fund model, applying the same integrated, outcome-oriented investment philosophy across asset classes that were once very siloed. ❞ ft.com/content/cec7ecab-27fa…
❝ While no one has certainty about future returns, current valuation spreads still support the case for a future value premium. ❞
[See you in the future.] morningstar.com/financial-ad…
Aswath Damodaran on Anthropic's valuation:
❝ As Anthropic heads towards its initial public offering, my suggestion is that you step back from the frenzy, since like the parable of the six blind men who visit an elephant, and having touched different parts of it, ⤵️
come away with wildly different descriptions of what an elephant looks like, there will be Anthropic bulls and bears who will latch on to a part of the company’s lore and spin tales about its future. ❞ aswathdamodaran.substack.com…
As a rule, assume that private market funds are always much more expensive than they look. morningstar.com/funds/why-we…
Andrew McDermott:
❝ Financial markets will be among the last places to embrace full-blown Japan Optimism because doing so requires rejecting thirty years of MBA dogma. ❞ japanoptimist.substack.com/p…
Toby Nangle on French government bonds. ft.com/content/9aa4549e-26f4…
According to the OECD’s Ownership and Governance of State-Owned Enterprises 2026 report, their economic footprint has doubled over the past decade. oecd.org/en/publications/own…
Matt Levine on AI CDS:
❝ Judging by the experience of the past, there will eventually be more financial engineering in this space. Some people who consciously decide to take AI risk will get concentrated AI credit risk; ⤵️
other people might get bonds with high ratings based on optimistic assumptions about the correlations in that risk. (“Oh, it’s a diversified portfolio of data centers.”) ⤵️
Financial markets can move around the AI financing risk, but they can’t get rid of it. It will be interesting to see where it lands. ❞
[I love this: (“Oh, it’s a diversified portfolio of data centers.”)]
bloomberg.com/opinion/newsle…
Charles Schwab implements fees on ETF providers. schwab.com/legal/financial-a…
❝ By having exposure to the broad market, an investor who had placed $100,000 in the S&P 500 at the start of 2003, following the collapse of the tech bubble, had about $25 in NVIDIA. Over the next 20 years, that $25 grew to more than $60,000. ❞ advisors.vanguard.com/insigh…
Robin Powell:
❝ As a method, evidence-based investing means three things. You work out what the evidence actually supports. You act on it. And you change your mind when the evidence changes. ❞ evidenceinvestor.com/post/wh…
How large a weight will a mega IPO have in an index fund?corporate.vanguard.com/conte…
❝ A hypothetical strategy built around stocks picked based on their appeal to traders, for use in vehicles meant to be held no longer than a day, would have beaten nearly all comers over a four-plus year period, just like no one would have predicted. ❞ morningstar.com/stocks/best-…
Nir Kaissar:
❝ When the market does soften eventually, the bubble warriors will declare that the long-awaited burst is underway, just as they have numerous times during market dips over the past two decades. ❞ advisorperspectives.com/arti…
Robin Powell:
❝ Judge rebalancing not by whether it beat doing nothing, but by whether it kept your risk where you chose it and stopped you doing the wrong thing at the worst moment. On that test it does its job. ❞ evidenceinvestor.com/post/re…
