Anything can happen from here, but mornings like this are a reminder why you need operational discipline in tax-loss harvesting (TLH) stocks and bonds. We are screaming higher pre-market. You can't just wait until the end-of-the-year, or the end-of-the-quarter, and hope that

Absolutely brutal out of the The Wall Street Journal: "The SEC said Merrill and Wells Fargo didn’t have proper policies and procedures in place to prevent violations of a key law that requires financial advisers to act in a client’s best interest." It's your money, folks. Not

That's 9,740,000,000,000 of what we used to call penny coins.

FIFTY TWO WEEKS

"The market does not care about your opinions. Stop it. Just stop it. Empirical studies on environments like this remind us that we don't know. Goldman Sachs doesn't know. Morgan Stanley doesn't know. UBS doesn't know. I don't know. You don't know." -Rubin J. Miller, CFA

At the current rate of rollout, by 2039, financial advisors will no longer serve clients. They will attend Future Proof Conferences full-time.

Imagine how high this would be if people could remember their password.

All my friends stopped drinking already anyway.

fortunesandfrictions.com/post/do-you-kn…

fortunesandfrictions.com/post/you-shoul… I don't care what timeline markets are on. I care that you own the right portfolio.

90 day fiance.

One uniquely Trumpian thing about this market. WELCOME TO THE GRASSLANDS fortunesandfrictions.com/post/welcome-t…

DIGITAL GOLD AT ALL TIME HIGHS (gold purchased via online brokerage)

Harvard Endowment... 1636-2025: the benefit of institutional money management is that, unlike advisors, we have tax-free status. April 2025: is VOO for SPY a wash sale?

EIERLEGENDE WOLLMILCHSAU. Tradeoffs, man. Unless it's a buffered ETF, you simply cannot have it all.

As much as I rag on technical analysis, as an advisor acting with a fiduciary responsibility, of course I care about some charts.

It's true. Though the saying "John Bull can't handle 2%" is from the 1800's. All else equal, people prefer going stir crazy when I/R's are sub 2%...but it's not to say they won't risk their hat above.

July 4th: client gets investment tip at BBQ July 25th: explaining how options decay works

Easy ways to contextualize the most important characteristics of stocks... fortunesandfrictions.com/post/3-big-ide…