Our Exorbitant Privilege

    “How do you guys have time to manage money, between tweeting and writing and tv and radio?”    This question comes along surprisingly often. (I would argue it is precisely backwards). It fundamentally misunderstands the composition of an RIA portfolio and what a financial planning firms should be focused on. It imagines a daily grind where… Read More The post Our Exorbitant Privilege appeared first on The Big Picture.

John Oliver on Guardianship

It’s alarmingly easy for a total stranger to gain total control over the life of a senior citizen. We enlisted a group of celebrities to offer a warning about predatory behavior…in a legal guardian or a hippo.   Guardianship: Last Week Tonight with John Oliver Source: HBO   The post John Oliver on Guardianship appeared first on The Big Picture.

Hierarchy of Portfolio Success

Ranking What Helps or Hurts Investment Returns …. Bloomberg, June 11. 2018     What drives the returns of any portfolio? Specifically, from the moment someone starts saving for retirement, until the day they begin to take their required minimum distribution at age 70½, what are the factors[i] that determine just how successful that portfolio… Read More The post Hierarchy of Portfolio Success appeared first on The Big Picture.

Is Smart Beta Having Performance Issues?

Smart Beta Performance Isn’t Worth the Cost The higher fees offset sporadically better returns. Bloomberg, June 8, 2018     Last summer, we looked at fundamental indexing, which is perhaps better known by the catchy marketing phrase “smart beta.”1  The practice uses metrics such as book value, earnings and dividend yield to assemble investment portfolios,… Read More The post Is Smart Beta Having Performance Issues? appeared first on The Big Picture.

Welcome, Blair duQuesnay!

I am thrilled to welcome the latest addition to the RWM team, Blair duQuesnay. I know Blair for over 15 years (we both worked in the Chrysler Building in NYC years ago). She brings a lot to the table for our firm: CFA, CFP and IAR,* all important qualifications for the senior roles we have in… Read More The post Welcome, Blair duQuesnay! appeared first on The Big Picture.

News is Old

Via Mark Rzepczynski, we get a brilliant reminder that the issues concerning most investors are for the most part, not surprises to Mr. Market. Long before something makes it to the front page news, or even C6, someone else saw something and acted upon it already. By the time something has been published, it has… Read More The post News is Old appeared first on The Big Picture.

Ignore the Millionaire Mindset; Try the Billionaire Behavior Set Instead

Never Mind the Millionaires. Here’s Advice From Billionaires. The richest offer life lessons about how they got where they are. Bloomberg, May 25, 2018         Last month, I described an email that promised vast riches if I would adopt “The Millionaire Mindset.” This is the sort of silly wishful thinking I hate:… Read More The post Ignore the Millionaire Mindset; Try the Billionaire Behavior Set Instead appeared first on The Big Picture.

MIB: Dr. Ed Yardeni

Ed Yardeni is the president of Yardeni Research Inc., a provider of independent global investment strategy research. Previously, he was chief investment strategist and managing director of Prudential Equity Group; he also served as chief investment strategist for Deutsche Bank. Yardeni recently published “Predicting the Markets: A Professional Autobiography.” He discusses why pessimistic economists miss technological… Read More The post MIB: Dr. Ed Yardeni appeared first on The Big Picture.

Advice for Pension Funds and Endowments

How Public Pensions Can Start Healing Themselves A series of questions and answers can help. Bloomberg, May 21, 2018     Our discussion last week about representatives of the League of California Cities urging the CalPERS, the state’s huge pension fund for public employees, to juice up investment returns generated a lot of interesting feedback.… Read More The post Advice for Pension Funds and Endowments appeared first on The Big Picture.