Rubin Miller, CFA

3 Big Ideas for Understanding How Stocks Really Work 1️⃣ Market Capitalization — the absolute price that mattersMany investors incorrectly believe that a stock price tells you how expensive a company is.When a company “goes public,” the owners are basic...

Easy ways to contextualize the most important characteristics of stocks...

www.fortunesandfrictions.com/post/3-big-i...

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?

Welcome to the Grasslands When it comes to investing, it's not that hard to make money most of the time.But the nondescript phrase — make money — is nuanced to the extreme detriment of people who think it's without risk or rel...

www.fortunesandfrictions.com/post/welcome...

One uniquely Trumpian thing about this market.

WELCOME TO THE GRASSLANDS

Do You Know The Muffin Man? There are now robots roaming the streets of Austin, and cities around the world, delivering food.Why do they deliver food? Because they don't make food. They made a deal with the chefs, who want to fo...

www.fortunesandfrictions.com/post/do-you-...

Perspectives on Market Downturns GUIDING PRINCIPLESCurrent volatility is frequently representative of imminent volatility. The word volatility is often (incorrectly) used interchangeably to describe market downturns. But it's just a ...

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PERSPECTIVES ON MARKET DOWNTURNS

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

The most surprising Vanguard cuts by relevance to investors & magnitude:

VEA: 0.06% ➡ 0.03%
VTEB: 0.05% ➡ 0.03%

The most interesting, broadly speaking:

VT: 0.07% ➡ 0.06%

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."

Investors can and should demand better.

How You Can See Through Wall Street’s Ritual of Wrong Analysts and market strategists love to predict what markets will do in the year ahead. Don’t let this misguided ritual blind you to what assets are really worth.

"Over the past 20 years, according to Joachim Klement, an investment strategist at Panmure Liberum in London, the correlation between the forecasts and the market’s actual returns was minimal for the analysts and zero for the strategists."

via Jason Zweig

www.wsj.com/finance/inve...

How You Can See Through Wall Street’s Ritual of Wrong Analysts and market strategists love to predict what markets will do in the year ahead. Don’t let this misguided ritual blind you to what assets are really worth.

www.wsj.com/finance/inve...

"Miller's Model" – Jason's words, not mine.

Somehow no Modigliani, tho.

Marketing, Masquerading As Investment Expertise Welcome to Wall Street.The following is repurposed from Peltoma's 2025 Market Forecast Letter, 1/2/2024.Capital Market Expectations (CME) are the building blocks for quality investment decision-making.At investing’s most basic level, there are (1) the risk-free assets that come with 100% predictability of future outcomes, and (2) the riskiest assets that come with 0% predictability of future outcomes. All investments lie on a predictability spectrum, with most somewhere in between these two poin

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Weekend reading: Adopting a missionary position for 2025 - Monevator What caught my eye this week. Welcome back and Happy New Year! I hope you got just what you wanted for Christmas, and that you continue to get what you want for the rest of the year. Well, just so lon...

Let's get more Britons investing, plus all the best new money and investing reads to get you started in the new year…

monevator.com/weekend-read...