9 Mar 2016

Naming Names on Broker Misconduct

When we started this business more than 13 years ago, I maintained a scrapbook of article clippings that I called “The Big Book of Broker Misdeeds.” At the time, we were coming out of the tech wreck and there were tons of articles about how brokers steered widows and orphans into unsuitable hot technology funds during the bubble years that blew apart when they fell back to earth. I know a… Read More

2 Mar 2016

Performance Transparency

We have another special posting from Michael Lissner today, who will be writing Daily Insights more regularly.  Also, there was a large typo yesterday, which said that we had traded $223.2 billion worth of stocks and ETFs.  Far from it: we traded $223.2 million in stocks and ETFs, which is still a lot, but less than what I wrote, which makes more sense given our $1.2 billion in assets under management…. Read More

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1 Mar 2016

The Inside Story on Trading Costs

Some things are easy to measure, like the internal costs of a mutual fund or exchange traded fund (ETF) or how much we spend in commissions at our custodian to buy or sell stocks, bonds, mutual funds and ETFs. It’s much harder to measure the market impact of your trading, or how much you pay as a price-taker (like us) between the price to buy a security (the offer) and how… Read More

25 Feb 2016

Another Year of the Bump

When I first took over Daily Insights, I wrote an article entitled ‘The Year of the Bump,’ which was about several of the Acropolitans that were having kids that year.  Unfortunately, I wrote that article before our current website, so it isn’t online, but I thought about that in a meeting today. We were visited by representatives from Dimensional Fund Advisors (DFA) and our primary contact said that he and… Read More

23 Feb 2016

Time and Transparency

Today, we have a special Daily Insights courtesy of Michael Lissner: John Wanamaker, a man few of us have heard of, has impacted our lives and saved us time.  Wanamaker became a prominent Philadelphia retailer with a reputation for honesty and transparency.  He made his mark as a merchandising genius, as well as inventor. One great contribution he made was to save people time.  In particular, he wanted to save… Read More

17 Aug 2015

St. Louis Business Journal Recognizes Dannelle Ward

I had the great pleasure of attending the St. Louis Business Journal’s Most Influential Business Women event on Friday to celebrate the success of my business partner, Dannelle Ward. The luncheon at the Chase drew 750 people to honor 25 women that the Business Journal selected from nearly 150 nominations.  It was fun to hear all of their stories, which were obviously all impressive. The feature in Friday’s paper provides… Read More

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2 Jul 2015

Doing Well by Doing Good

The end of the second quarter is always a relief for me because for the past six years, it has meant that we are finally through getting our CEFEX certification. As you probably already know, we serve our clients in a fiduciary capacity, which means that we are required to act in the best interest of our clients.  You may think that everyone in the financial services industry has to… Read More

7 May 2015

Unconstrained funds and Uncontained funds

Yesterday, I wrote that Bill Gross, the former bond king, said that shorting German bonds was the short of a lifetime. Although I didn’t have my nice chart (which I’ve added below), I did note that German yields had spiked, which means prices fell and his short must be working out well.  I also went through the details of a short trade, so if you missed it, you can click here…. Read More

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5 May 2015

Estimating the All-In Costs

While I was in New York over the weekend, my sister walked me past a six-story townhouse right off of Fifth Avenue that now belongs to one of my (very few) high school girlfriends.  It’s a pretty nice house with views of Central Park and apparently cost them a cool $26 million (not including any renovation and decoration costs).    This woman married her college boyfriend who is now the… Read More

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27 Feb 2015

Trading to Win

A little less than a year ago, author Michael Lewis created a firestorm with his book, ‘Flash Boys: A Wall Street Revolt,’ that chronicled the world of high-frequency trading (HFT). At the time of the launch, he went on 60 Minutes and announced that ‘the market is rigged’ and that everyone who had money in the stock market was a victim of predatory traders.  Michael Lewis is one of my… Read More

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