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10 Friday AM Reads

The Big Picture

Wall Street Journal ) • From Math Camp to Handcuffs: FTX’s Downfall Was an Arc of Brotherhood and Betrayal : Gary Wang and Sam Bankman-Fried are offering dueling accounts of the FTX fiasco and of who’s ultimately to blame. trillion in assets. Most economic downturns hit lower-income Americans hardest, but this time is different.

Math 290
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My New ETF: 100% of Upside + 0% of Downside

The Big Picture

My obvious bias is that my advisory firm charges clients to create financial plans and manage their assets. But just do the math: Would you prefer to give up 67 basis points (RWM’s dollar-weighted average fee is ~0.67%) or would you prefer to give up 30% of your gains PLUS pay an annual 0.79% fee for the TJUL ETF?

Math 186
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At the Money: Meb Faber on Tax Aware ETFs

The Big Picture

The fund runs 15 ETFs and manages nearly 3 billion in assets. And the way math works, you end up with a stock that goes up a bunch. A large cap growth stock like NVIDIA or a small cap biotech or a mid-cap retailer. The last one of these they did for an asset manager had 5, 000 accounts. And that’s the broad market.

Taxes 130
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Transcript: Elizabeth Burton, Goldman Sachs Asset Management

The Big Picture

The transcript from this week’s, MiB: Elizabeth Burton, Goldman Sachs Asset Management , is below. Elizabeth Burton is Goldman Sachs asset management’s client investment strategist. One, one is true and I’ve always said is that I wanted people to stop, ask if I could doing math. She can go anywhere, do anything.

Assets 147
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Transcript: Cathy Marcus, PGIM Real Estate

The Big Picture

I was always good at math, but I really, I just didn’t relate to things that were more esoteric bonds options. I like as a real estate person, you walk through your assets, you can touch and feel things. Essentially you buy assets. It could be all kinds of assets. I knew I wanted to do something in business.

Assets 264
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At the Money: Benefits of Quantitative Investing

The Big Picture

Full transcript below. ~~~ About this week’s guest: Jim O’Shaughnessy, former chairman and founder of O’Shaughnessy Asset Management (now part of Franklin Templeton) and author of the New York Times bestselling book, “What Works on Wall Street” — the first quantitative investing book available to the general public.

Investing 162
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Transcript: Tom Hancock, GMO

The Big Picture

And Tom has helped with the introduction of GMO’s first retail product, the quality ETF stock symbol Q-L-T-Y-G-M-O has been institutional since they launched in 1977. This is the first time they’re putting out a product for retail. I mean, traditionally it could have been like a physical asset or brand.

Valuation 130