Corey Hoffstein ๐ดโโ ๏ธ
@choffstein
CEO & CIO, Newfound Research | ๐ฅ Return Stackedยฎ ETFs | ๐ Liquidity Cascades | ๐ Rebalance Timing Luck | โก๏ธ Risk cannot be destroyed, only transformed.
ๅ ๅ
ฅ October 2009
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"๐๐ถ๐ด๐ต๐ณ๐ข๐ญ๐ช๐ข๐ฏ ๐ด๐ถ๐ฑ๐ฆ๐ณ ๐ง๐ถ๐ฏ๐ฅ๐ด ๐ข๐ณ๐ฆ ๐ช๐ฏ๐ค๐ณ๐ฆ๐ข๐ด๐ช๐ฏ๐จ ๐ต๐ฉ๐ฆ๐ช๐ณ ๐ถ๐ด๐ฆ ๐ฐ๐ง ๐ฐ๐ท๐ฆ๐ณ๐ญ๐ข๐บ๐ด ๐ข๐ฏ๐ฅ ๐ฑ๐ฐ๐ณ๐ต๐ข๐ฃ๐ญ๐ฆ ๐ข๐ญ๐ฑ๐ฉ๐ข ๐ด๐ต๐ณ๐ข๐ต๐ฆ๐จ๐ช๐ฆ๐ด ๐ต๐ฐ ๐ณ๐ถ๐ฏ ๐ญ๐ช๐ฒ๐ถ๐ช๐ฅ ๐ข๐ญ๐ต๐ฆ๐ณ๐ฏ๐ข๐ต๐ช๐ท๐ฆ ๐ด๐ต๐ณ๐ข๐ต๐ฆ๐จ๐ช๐ฆ๐ด ๐ข๐ฏ๐ฅ ๐ด๐ต๐ข๐บ ๐ค๐ฐ๐ฎ๐ฑ๐ญ๐ช๐ข๐ฏ๐ต ๐ธ๐ช๐ต๐ฉ ๐ ๐ฐ๐ถ๐ณ ๐๐ถ๐ต๐ถ๐ณ๐ฆ, ๐ ๐ฐ๐ถ๐ณ ๐๐ถ๐ฑ๐ฆ๐ณ ๐ณ๐ฆ๐ง๐ฐ๐ณ๐ฎ๐ด."
Imagine if US-based target date fund providers started adopting portable alpha because the DoL had an annual benchmark test.
That's basically what is happening here.
"[Duy To] ๐ด๐ข๐ช๐ฅ ๐ง๐ณ๐ฐ๐ฎ ๐ข ๐ ๐๐ ๐ ๐ฑ๐ฆ๐ณ๐ด๐ฑ๐ฆ๐ค๐ต๐ช๐ท๐ฆ, ๐ต๐ฉ๐ฆ ๐ต๐ณ๐ข๐ค๐ฌ๐ช๐ฏ๐จ ๐ฆ๐ณ๐ณ๐ฐ๐ณ ๐ต๐ฉ๐ข๐ต ๐บ๐ฐ๐ถ ๐จ๐ฆ๐ต ๐ช๐ด ๐ฏ๐ฐ๐ต ๐ธ๐ฐ๐ณ๐ต๐ฉ ๐ต๐ฉ๐ฆ ๐ฑ๐ฐ๐ต๐ฆ๐ฏ๐ต๐ช๐ข๐ญ ๐ถ๐ฑ๐ด๐ช๐ฅ๐ฆ ๐ง๐ฐ๐ณ ๐ฉ๐ข๐ท๐ช๐ฏ๐จ ๐ญ๐ช๐ฒ๐ถ๐ช๐ฅ ๐ข๐ญ๐ต๐ฆ๐ณ๐ฏ๐ข๐ต๐ช๐ท๐ฆ๐ด ๐ช๐ฏ ๐ฐ๐ถ๐ณ ๐๐๐.
๐๐ฏ๐ด๐ต๐ฆ๐ข๐ฅ, ๐๐๐ ๐ฉ๐ข๐ด ๐ฑ๐ถ๐ด๐ฉ๐ฆ๐ฅ ๐ช๐ต๐ด ๐ข๐ญ๐ต๐ฆ๐ณ๐ฏ๐ข๐ต๐ช๐ท๐ฆ๐ด ๐ฆ๐น๐ฑ๐ฐ๐ด๐ถ๐ณ๐ฆ, ๐ช๐ฏ๐ค๐ญ๐ถ๐ฅ๐ช๐ฏ๐จ ๐ท๐ข๐ญ๐ถ๐ฆ, ๐ค๐ข๐ณ๐ณ๐บ, ๐ต๐ณ๐ฆ๐ฏ๐ฅ ๐ง๐ฐ๐ญ๐ญ๐ฐ๐ธ๐ช๐ฏ๐จ, ๐ข๐ด ๐ธ๐ฆ๐ญ๐ญ ๐ข๐ด ๐ด๐ฐ๐ฎ๐ฆ ๐ท๐ฐ๐ญ ๐ด๐ต๐ณ๐ข๐ต๐ฆ๐จ๐ช๐ฆ๐ด, ๐ช๐ฏ๐ต๐ฐ ๐ฐ๐ท๐ฆ๐ณ๐ญ๐ข๐บ๐ด ๐ข๐ฏ๐ฅ ๐ฑ๐ฐ๐ณ๐ต๐ข๐ฃ๐ญ๐ฆ ๐ข๐ญ๐ฑ๐ฉ๐ข ๐ด๐ต๐ณ๐ถ๐ค๐ต๐ถ๐ณ๐ฆ๐ด ๐ต๐ฉ๐ข๐ต ๐ด๐ช๐ต ๐ฐ๐ฏ ๐ต๐ฐ๐ฑ ๐ฐ๐ง ๐ฃ๐ฆ๐ฏ๐ค๐ฉ๐ฎ๐ข๐ณ๐ฌ ๐ฆ๐ฒ๐ถ๐ช๐ต๐บ ๐ช๐ฏ๐ฅ๐ช๐ค๐ฆ๐ด."
From Georgia Reynolds:
ๆพ็คบๆดๅค
