Ben, as the husband of a chef, I challenge you to go outside of your comfort zone and seek a true culinary experience. :-) Cameron, I've put that book into my holds at the library, and I'm excited to read it and suggest it to my wife (the chef). Thank you both for the great work you do!
Participated in the survey. Looking forward to the comprehensive master list of financial goals :) I actually didn't find it easy to identify the goals in an abstract way.
Heh, I totally identify with Ben's comment on the fancy restaurant vibe. I don't want to yuk anyone else's yum, but it's really not for me. I like the distinction between hospitality and services though. It made me understand that I like to tilt to lean and efficient services. I prefer to create my own experiences. All that being said... the experience of being a "local" at a nearby pub/restaurant/etc... is wonderful.
I have one interesting observation about long-term / short-term risk: if you compare distribution of outcomes for 1 year for typical ETF it is looks like Gaussian distribution. And usually one year risk could be calculated as days risk * sqrt(365). It is consequence of CLT that you mix a number of independent outcomes (random walk). But if you go for 20 year period then distribution become much more narrow and no near gaussian. What is happening here? It is some kind of transition from daily risk to long-term risk and looks like they have different nature. And if long term risk is looks differently, then is it correct to use just standard deviation as correct risk measure?
No you cannot use standard deviation because it decreases proportional to the square root of the investment horizon. You need to look at the variance which is constant if returns are IID.
I started reading The Bogle Effect by Eric Balchunas via Kindle on my Mac Mini. He'd make a good guest here. In other news, It's been a year since I change my smart speaker screens from F to C. I'm not going to change it back.
I wonder if the statistic that the average investor has 60% bonds, based on the total amount of all investments, (24:55) is heavily influenced by the fact that most retail investment portfolios don’t become large until later in life (near or in retirement), when investors move to more bonds for lower vitality.
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Timestamps:
0:00 Intro
9:48 Cameron's Book Recommendation
19:53 Christopher Bloomstran's critique of ARKK
22:21 What Happens after Bonds Crash?
55:36 Reading & Talking Cents w/ Aydin Mirzaee
Ben, as the husband of a chef, I challenge you to go outside of your comfort zone and seek a true culinary experience. :-)
Cameron, I've put that book into my holds at the library, and I'm excited to read it and suggest it to my wife (the chef). Thank you both for the great work you do!
Love this episode and Aydin's contribution. Thank you Ben & Cameron, you inspire me a lot!
I like it how Cameron is soft and cozy side of financial advice and Ben is the hardcore side, just like peanut butter and jam. ☺️
Participated in the survey. Looking forward to the comprehensive master list of financial goals :) I actually didn't find it easy to identify the goals in an abstract way.
Thank you guys for everything that you do!
25:00 there is nothing funnier to me than a man looking straight at the camera and deadpanning “that was a joke”. Loved it.
Amazing analysis on bond data. Thank you for your work guys.
Really like to bond analysis!
Heh, I totally identify with Ben's comment on the fancy restaurant vibe. I don't want to yuk anyone else's yum, but it's really not for me. I like the distinction between hospitality and services though. It made me understand that I like to tilt to lean and efficient services. I prefer to create my own experiences. All that being said... the experience of being a "local" at a nearby pub/restaurant/etc... is wonderful.
I relate all too much to Ben's comment about restaurants.
I have one interesting observation about long-term / short-term risk: if you compare distribution of outcomes for 1 year for typical ETF it is looks like Gaussian distribution. And usually one year risk could be calculated as days risk * sqrt(365). It is consequence of CLT that you mix a number of independent outcomes (random walk). But if you go for 20 year period then distribution become much more narrow and no near gaussian. What is happening here? It is some kind of transition from daily risk to long-term risk and looks like they have different nature. And if long term risk is looks differently, then is it correct to use just standard deviation as correct risk measure?
No you cannot use standard deviation because it decreases proportional to the square root of the investment horizon. You need to look at the variance which is constant if returns are IID.
Rational Reminder is great, but I think it’s missing a rap song about efficient markets for the intro.
If you send us the audio, we will use it for at least an episode. Promise.
Patrick Boyle could help source a great song, he has a TH-cam rap channel after all.
Up and down it go!
I started reading The Bogle Effect by Eric Balchunas via Kindle on my Mac Mini. He'd make a good guest here.
In other news, It's been a year since I change my smart speaker screens from F to C. I'm not going to change it back.
I wonder if the statistic that the average investor has 60% bonds, based on the total amount of all investments, (24:55) is heavily influenced by the fact that most retail investment portfolios don’t become large until later in life (near or in retirement), when investors move to more bonds for lower vitality.
hi does your fund look to hire? I'm a young 25 Computer Science student looking to become a fund manager. I would like to learn and improve my skills
Ben, you need a bike fit to define the best to you
first
Curse you. I wanted to be first.
22:00
The discomfort and body language of the guest. He owns a shltload of ARKK 😆