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11 comments:
You need to hang something interesting on the wall behind you for these. Like a map or something . . .
Forget the map. Keep expenses low. )
That emailer was amazing. I'm not sure whether to believe he's in the industry or not. Regardless, there can't be any understanding of Finance 101 in there. What about correlation? What about diversification?
Maybe you should email him back and ask him about the Sharpe ratio or some such thing and see how he dissembles.
Good rant.
Check this out--http://www.financemaps.com/map/day
Its a pictural display of the world markets . pretrty cool. Ron
I have had excellent experiences with E-Trade after being with HarrisDirect and DLJ Direct. $7.99/trade and their variety of trading platforms and other services should be more than sufficient for almost all personal investors. E-Trade's forthcoming direct market access to exchanges worldwide is something I look forward to. Who could have imagined real time securities trading in the four corners of the world at the click of a mouse in one's home? Perhaps the individual you were pontificating on would call this "dangerous" or, God forbid, "too much work".
Dont forget me the "seventh viewer". I enjoyed the info on access to other international markets, I wouldnt have seen it had you not listed it as it was some what unbroadcasted. (I use Scottrade, great serivce, great fee rates, no complaints)
As for the guy who wrote in, a couple of people in my office have been going to finanical planners for advice. I've been peppering them with questions about their guy has been recomending. It is unreal the ideas they have been given. (fyi I'm a second year part time MBA student at a lowely state school with a very very limited knowledge macro econ, finance, accounting, etc. (of course with that said i should disclose that i am innanely conserative when it matters)) One guy was saying to by a condo with intrest only loan with zero down, the second guy was selling the idea of a 50 year old buying a house as an investment property here in SoCal. I can speak from a real estate perspective as i am most interested in it an study it acutely. These ideas are prepostrous. there were others offered. Equally nuts-o! I dont think it takes much now a days to be a FP or a trader which is to bad as these people have a fiduicary responsibility to the clients!!!!!
Ok that is my rant and with all of that said I came a cross this gem of a quote the other day from http://www.allaboutalpha.com/blog/
Needless to say I concur...
______________________
“Homework” is the Only Route to True Alpha
February 16th, 2007
Professor Harry Kat has been quoted extensively in the media and has become somewhat synonymous with hedge fund replication. He has quickly developed a reputation for his irreverent views and his colourful commentary on the state of the hedge fund industry. Love him or hate him, he’s got plenty of opinions to go around. So “who better to write for a blog?”, we asked ourselves. As a result, here is another edition of our occasional guest column we christened: “The Kat’s Meow”.
The Kat’s Meow - February 16, 2007
Alpha is the part of an investor’s return that cannot be explained by the risks that he has been taking. It is the result of his specific investment skills. Of course, almost by definition, superior skills are scarce. However, that is not the impression one would get from the many magazines and conferences on the subject. From these, it appears that alpha is just about everywhere but the only one who is not getting any is you. The situation is not different from your high school days when everybody claimed to be having sex all the time, except you. The solution to this conundrum is simple, however: there is a lot less alpha out there than many people claim. In that respect alpha is again very similar to high school sex.
I hope that guy was joking about working as a money manager. The thing he said about ETF is laughable.
I have been lurking for about a month. I am hooked on rogers blogs. Thanks for all of your work.
I am with anonymous. I found Rogers website from seekingalpha.com. I look forward to the Videos each week. Thanks Roger!
Roger, that's one of the most entertaining videos you've posted thus far. Love the passion man!
Fortunately, or unfortunately - you're pushing the envelope in exploiting global asset classes relative to what most money managers are willing to do. No wonder there's a lack of knowledge/assistance on call at most discount brokers.
Web 2.0 is a big buzzword right now in my industry (marketing), but I haven't seen anyone write about what I call "Investing 2.0". There seems to be a watershed movement in the investment industry right now, and few are acknowledging this revolution. The financial news media is all focused on the the tactics (proliferation of ETFs, private investment partnerships, hedge funds, etc.), but nobody is seeing the big picture for what is is.
Investing 2.0 is a open-eyed look at every accessable asset class. It's about strategic allocation, maximizizng the return/risk ratio, making nuanced shifts in allocation based on 'big picture' developments.
Too many pundits and investment advisors either make big bets or are stuck in old school asset allocation models (60% S&P 500, $40% U.S. Treasury bonds).
thanks for the kind comments
i heard Macke on Fast Money say the same thing the other day. That there is enough stuff going on in the US market for most people without having to get into the smaller foreign markets. I'd have to say that for individual investors that holds true. You can get exposure to internationals through things like FXI, EWS, EWM, etc, or individual ADRs like NOK... or even multi-nationals like XOM and WMT.
For a money manager the story is different, they ought to go out and do the research and learn this stuff.
But for individual investors i doubt that they can find a stock in Iceland or Bangladesh that would make it worth the hassle, especially if allocating no more than 1-2% to it, as should be the case.
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