Marine. Ph.D. Dad x3. RIA/blog/education: https://xitter.cf/t.co/uYiYwqvK7J ETFs: https://xitter.cf/t.co/uSfV8O19zS White label ETF: https://xitter.cf/t.co/gGlhaJsd2B
Palmas Del Mar, PR
Joined February 2011
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New Post: 351 ETFs: Tax-Free “Diversification” Is Supposed to Hurt alphaarchitect.com/351-etf-t…
LAST CHANCE!
Want to exchange your old portfolio for shares of $AAUD? You have one week.
Contributions to the Alpha Architect U.S. Equity ETF 5, ticker AAUD, close next Friday, October 30 at 11:59 PM ET, at which point no more portfolios will be accepted.
If you've been wanting to exit your old portfolio but feel stuck because of the embedded gains, you may be able to exchange your assets for shares in core U.S. equity. Simply contribute your appreciated holdings to AAUD today.
AAUD seeks to deliver plain U.S. large blend exposure with a strategic dividend management overlay for a 0.09% total annual fund expense.¹
This is your last chance! If you'd like to participate, or are interested in learning more, email [email protected]
To learn more about AAUD head to: funds.alphaarchitect.com/aau…
¹Acquired Fund Fees and Expenses (AFFE) currently stand at 0.00%, but final contributed assets may add to the number upon launch. AAUD's management fee and total annual fund operating expenses are 0.0945%.
Wes Gray 🇺🇸 retweeted
This is the way. Stock donations to kids w inv accts helps to kill many societal problems w one clean stone. We know some will perform olympic-level mental gymnastics to try and spin this as bad but as someone who has looked into it, this is really powerful stuff. 👏
Wes Gray 🇺🇸 retweeted
"This nation will remain the land of the free so long as it is the home of the brave." - Elmer Davis
JLB
5.20.83 - 10.17.06
herobracelets.org/2008/10/20…
Is this you?
• Missed out on the commodities bull market?
• Concerned about bonds and the growing U.S. debt burden?
• Unsure about historically high stock valuations?
We have your back.
We believe our ETF model framework can help you and your clients be ready for whatever the future brings.
Join us Thursday, October 22 at 12:00pm ET for a live webinar and Q&A. Create positive momentum for year-end client conversations, prepare for whatever the market throws at you next year, and walk away with more confidence in your investment model.
We built our ETF model framework to give you the answer to the toughest client questions, such as "why shouldn't I just invest with XYZ low cost provider?" and "why do I need an advisor?"
Reserve your spot today to learn how the Alpha Architect Model Portfolio can help with these questions and more: us06web.zoom.us/webinar/regi…
To learn more about our offerings head to: funds.alphaarchitect.com
Wes Gray 🇺🇸 retweeted
Red flag: hey brent, we have a cool tax strategy, let's see how we can partner!
Me: Send me a research paper, I'll gladly read it!
Them: would rather tell you in a call.
This kind of cleverness doesn't fly with me anymore.
There's very very very little IP in tax strategy. The tax part should be insanely transparent. The IP should be the investment strategy, not the tax mechanics.
So, these people pitching me are pitching the wrong thing and outing themselves as ding dongs along the way.
Show me the hard thinking you did in written form so I can scrutinize it.
I will study your work.
Yes, packaging research content is a huge effort, but that's how you stand out.
This may seem counterintuitive: with AI, anybody can write research!
But thoughtful research reveals something interesting (curation) and proves you've at least considered tradeoffs (risk management) and 1,000x better contains proprietary data (complete moat against AI) or at least a replicable model.
This combined package shows me you did the work that warrants attention, not even investment, just attention!
But stop with the cloak and dagger tax pitch.
That's dumb.
5hr plank @ 61?
Motivator!!!!!!!!
Canadian athlete DonnaJean Wilde, 61, has broken her own world record by planking for more than five hours, giving her the title of longest female abdominal plank holder in the world, according to the World Senior Games. abcnews.link/wsjfVq9
Wes Gray 🇺🇸 retweeted
IRS on "solid ground" going after suspicious §351 transactions.
Latest episode of The Albatross podcast goes deeper on Treasury's recent Notice and Ruling on IRC Section 351 used to seed exchange-traded funds in-kind.
I speak with two tax attorneys who have structured more than 100 transfers, and we consider the difference between routine and aggressive planning.
Special thanks to Robert Elwood and Raymond Holst for the conversation.
The Albatross is educational content only. Hire tax counsel for personalized guidance.
Get it wherever you get podcasts.
Wes Gray 🇺🇸 retweeted
All roads are leading to ETFs…
Clones, conversions, and share classes, are all relatively new paths to offering investors familiar strategies in their wrapper of choice.
Here’s a look at the routes that have been opened and most frequently traversed by asset managers bringing new ETFs via these means to market over the past few years.
Is the workload stopping you from participating in a 351 exchange?
We've made it simple.
Something as seemingly complicated as a 351 exchange could stop you from taking action. But once you understand the process, contributing to an Alpha Architect 351 exchange is as easy as 1, 2, 3, 4.
Here is the 10-minute, 4 step process to complete a 351 exchange with Alpha Architect:
1. Upload the portfolio.
2. Address any portfolio flags.
3. Upload two signed documents.
4. Verify account information.
Done.
If you believe a 351 exchange can help address portfolio and tax issues, you can contribute your appreciated holdings to the Alpha Architect U.S. Equity 5 ETF, AAUD, today.
AAUD seeks to:
• Follow the same strategy as our previous 351 exchange launches.
• Deliver plain U.S. large blend exposure with a strategic dividend management overlay.
• All for 0.09% total annual fund expense.¹
Have any questions? We will be running our final webinar on October 8, where Wes and Jack will be answering any and all questions, LIVE. Sign up now: us06web.zoom.us/webinar/regi…
To learn more about AAUD head to: funds.alphaarchitect.com/aau…
¹Acquired Fund Fees and Expenses (AFFE) currently stand at 0.00%, but final contributed assets may add to the number upon launch. AAUD's management fee and total annual fund operating expenses are 0.0945%.
Wes Gray 🇺🇸 retweeted
SEC has issued a proposal that would allow OE funds/etfs to levy perf-based fees in a fashion akin to how HFs/private funds do it (ie, up to 20% of gains). Currently, funds can only levy perf fees using fulcrum-fee structure. This would liberalize that.
sec.gov/files/rules/proposed…
Wes Gray 🇺🇸 retweeted
TL;DR on Treasury's Notice 2026-62 and Rev. Rul. 2026-20 yday regarding §351 and ETFs...
Abusive §351 is dead
Long live routine §351
Anyone arguing the extremes (§351 is entirely dead, or that Treasury will take no action), either...
1) hasn't read the Notice and Ruling, or
2) doesn't know how to read them
I'll have a podcast out about this tomorrow.
Get "The Albatross" wherever you get podcasts.
Putting AI to work! @dmuravyev replicated every empirical paper in the JF, JFE, and RFS from 2000 to 2020, then did out of sample testing.
You can access the tests, replications in a nifty website he has set up:
dmurav.com/replications/#lib…
This is so cool!
papers.ssrn.com/sol3/papers.…
Wes Gray 🇺🇸 retweeted
351s.
Take a read
alphaarchitect.com/351-etf-t…
Wes Gray 🇺🇸 retweeted
The me that was sleeping in that car and eating cold Burger King whoppers for every meal of my life couldn’t have imagined I would be a Surgeon driving a G Wagon on the daily.
I learned a long time ago that No one is coming to save you.
You just have to survive.
“A powerful and deeply moving account of a boy forced to grow up too soon and the man he fought to become.”
— @robkhenderson
You’ve never read a biography like this.
Preorders are now live!
infinitebooks.com/products/n…
Thomas Peterffy, speaking on any topic, is usually worth a listen.
🚨NEW EPISODE🚨 with Chairman of @IBKR Thomas Peterffy:
Worth over $100bn, he reveals the asset he is buying as the ultimate hedge - LAND.
"If these things happen that I'm worried about, then I think land is the logical asset."
AI RACE: "Slowing down? I mean, it's a very difficult thing because China is not going to slow down. So this is basically a competition between the two hemispheres and I'm not in favour of slowing down. I would like us to win."
AI OPTIMISM: "Even if the frontier models would stop progressing at this moment, there are so many open source models all over the place and adapting them by all the other companies will result in huge increases in earnings and productivity. So I'm basically very optimistic."
FED AND YIELDS: "Well, I think the Fed will probably raise rates, although as I said, I would not be in favour of that, but they will have to do it just to demonstrate that they are independent."
HUGE PREDICTION MARKETS OPPORTUNITY: "These markets are going to become huge in my view. In the fullness of time, the majority of our earnings will be derived from prediction markets."
OWN LAND: Revealing more of is thinking around buying land, he reflects on his upbringing in communist Hungary, when everyone's assets were seized. "So I think that the same thing may happen in America. And that is the reason that I am buying land so that after the democratic socialists take everything over and they ruin all the stuff, they will eventually find out that it doesn't work and they will have to go back to protecting people's private property and return the assets they can return. And the only assets they will be able to return will be rural land."
Timestamps:
0:00 Intro
2:45 IBKR recent earnings
6:35 Interest rate exposure
9:10 Fed will hike…sadly
11:00 Optimistic about AI
13:10 But some AI overinvestment
14:45 US can’t slow down
17:10 Long path to prediction markets
22:30 HUGE opportunity of prediction markets
28:41 The risk from leverage
32:26 AI boosts IBKR
36:10 New bank trust charter
40:35 Buy Land – ultimate protection
45:08 Conclusion – have a plan
Wes Gray 🇺🇸 retweeted
Militia Capital is hiring a quantitative engineer in Austin.
AI is probably going to eat discretionary investing in the next 10 years.
We want to create AI tools and trading systems that distill and improve the judgment of our portfolio managers. We're not a HFT/MFT shop and don't expect to compete there; we're trying something different, which is to automate and trade on superior qualitative forecasts over weeks, months and maybe years.
We're looking for exceptional statistics/ML, problem-solving and engineering ability. Finance experience is optional. Exceptional graduates and candidates from other technical fields are welcome.
Pay: $275K base, $300K-$500K target bonus, depending mostly on your contribution to profits.
Email [email protected] with your resume and a short description of your hardest technical project (research, open-source work, etc.), ideally with a link to it.
I can't reply to everyone, and I apologize for that.