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New on the Pod
This week Joshua Brown spoke with Brett Sullivan, publisher of Tax Alpha Insider, about the rise of tax-aware long-short investing and how it’s changing wealth management. They cover direct indexing, 130/30 and 250/150 strategies, why traditional tax-loss harvesting dries up in bull markets, the risks that advisors may be overlooking, and why firms like Fidelity Investments and Charles Schwab Corporation are starting to pump the brakes on the category. (Listen)
Good Stuff This Week
Heading into the Memorial Day weekend we figured you could use some longer form content for listening to in the car or reading by the pool.
Ben Gilbert and David Rosenthal take a deep dive into a little company you may have heard of called Vanguard. In their inimitable style they look at Vanguard’s unique history and how its approach to investing has saved fundholders across the industry (literally) trillions of dollars.
Everyone this week is focused on AI and the SpaceX S-1. AI adoption is ripping through the economy and we sell sorts of effects including the divergence between semiconductor and software stocks. Wu looks at how companies with defensible intangible value will likely fare better than their more disruptible companies.
The Rest of the Story
Fidelity and Schwab are looking to suppress demand for long-short SMAs (RIABiz)
Generating more unsolicited referrals that turn into good-fit clients (Kitces.com)
What to do if your client ChatGPTs you? (Meghaan Lurtz and Ashley Quamme)
AI Models are not a trusted fiduciary (Abnormal Returns)
Redefining generational wealth (Jordan Grumet)
Patrick O’Shaughnessy and Gavin Baker talk all things AI (Invest Like the Best)