Where do you store your passwords? Do you maintain a notebook with them all written down? How about an excel spreadsheet? Some other document on your computer? The “Notes” app on your phone? These are inferior ways of storing your passwords for a variety of reasons including; security, convenience, password-generation, etc… Continue reading “Thoughts on Password Management and Storage”
Success and Happiness
Please pardon this brief departure from markets and economics, but it’s too interesting and important not to share!
Recently, a client shared the late Jack Bogle’s book, Enough, with me. (Jack Bogle was the legendary founder of Vanguard). It was recommended I start with the last chapter first, which I did dutifully. In that short chapter, Mr. Bogle shares something quite valuable that’s worth sharing here.
Mr. Bogle begins this chapter by quoting Albert Schweitzer, “Success is not the key to happiness. Happiness is the key to success.”
Continue reading “Success and Happiness”The Most Satisfying Financial Achievements
I came across this over the weekend and just wanted to quickly share with you.
In my experience, which includes advising on over $1 billion of total client net worth ranging from $100,000 to over $200,000,000 per household throughout my career, I find this list to be pretty accurate. Share this with the young people in your life or anyone else who needs a little motivation to keep climbing the hierarchy towards financial independence!
As a reminder, my primary objective when working with clients to help my clients become and remain financially independent for the rest of their lives. Everything I do and all my advice is aimed at that goal.
Continue reading “The Most Satisfying Financial Achievements”
Bull Case and Bear Case for Investing in Treasury Bonds Right Now
Today, I wanted to provide two opposing views of the merits of investing in U.S. Treasuries in today’s environment.
Whenever I make investment decisions for clients, I always try to consider arguments both in favor and against the investment. It’s important to understand both sides of any issue and do our best to remove our own personal biases and emotions from the decision. In this particular case, with regards to U.S. Treasuries, both sides of the argument contain valid points causing stark disagreement among even the most respected managers and pundits. Continue reading “Bull Case and Bear Case for Investing in Treasury Bonds Right Now”
Don’t Let The Tax Tail Wag The Investment Dog
There are a few folks I’ve been speaking with over the last couple months that are interested in working with me but are hesitant to move forward because they don’t want to sell any investments. This is largely due to the large capital gains they have embedded in some of their long-held investment positions.
Before I discuss the potential problem with this line of thinking let me express that (1) I am very sensitive to taxes when managing portfolios and (2) I do manage around concentrated positions with large capital gains when appropriate using a variety of methods (e.g. options strategies).
The problem with this line of thinking is that you’re letting the tax tail wag the investment dog. The best way to illustrate what I’m talking about is with a simple example. Continue reading “Don’t Let The Tax Tail Wag The Investment Dog”