Founder:@cambriafunds,@theideafarm Pod: https://teapawt.org/t.co/CvHIZ68yqU Books: https://teapawt.org/t.co/jmbovZnN89 YT: https://teapawt.org/t.co/yaJieAst11 Email: mf@cambriainvestments
Manhattan Beach, CA
Joined February 2009
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Robert and I are thrilled that our gift of over 2 million shares of SpaceX stock will be distributed to children’s Trump accounts in December!
Our initial gift (shares transferring to escrow as we speak) will go to 11 to 17-year-olds who live in zip codes with median family income (MFI) of $57,000 or less, and to those who live in zip codes with too few residents for an MFI to be reported in the census. These families should receive a notice by Monday.
In a few weeks, an additional gift will be finalized for eligible 11 to 17-year-old children in military families serving overseas, children in foster care, and more children whose MFI is $90,000 or less living in counties near our home in the great state of Texas.
Thank you to the incredible team @SpaceX, @Treasury, @IRS, @DellFdn, @GreaterHorizons, @InvestAmerica24, and the legal firms of Morgan Lewis and Gibson Dunn for working over the past few months to make this happen.
We are deeply grateful for the groundbreaking work that Brad Gerstner @altcap and @MichaelDell have done for the long-term financial security for millions of kids.
God Bless America!
1st pass: Dumbest idea ever
2nd pass: Brilliant
crewhomeapp.com/
Average tax rate paid for all federal taxes:
manhattan.institute/article/…
At $5 trillion, NVDA is the world's largest stock.
It's also the largest company in history as a share of GDP (back to 1900).
Is investing in the biggest stock a good idea?
Historically, it's a terrible idea.
via @Bridgewater & @NDR_Research
Taxes took 36% of a portfolio over the last 30 years!
Ang breaks down Uncle Sam's cut across a century:
"It's about 160, 170 bps per year. It sounds small, but you compound that over 30 years, and that results in 36% of your portfolio that just disappears."
"This kind of modern era, it's the anomaly. It's not the norm."
"If you can go across the century, that Uncle Sam's cut averages about 350 basis points."
"The highest one is over 500 basis points, and it's during the 1940s, 1950s."
studio.youtube.com/video/jr3…
Investing Quote of the Day: "Having been on the sell side for many years and then on the buy side, I can say categorically that the single greatest error I have observed among investment professionals is the failure to distinguish between knowledge of a company’s fundamentals and the expectations implied by the company’s stock price." - Michael Mauboussin (@mjmauboussin)
That first chart....👀
New from Bridgewater: Change Is Accelerating Because It’s All Interconnected
1. Change and concentration are accelerating, increasing the risks of destabilization.
"In the past two years, Nvidia has overtaken Apple to become the most valuable company relative to GDP in history. By year-end, we will have built more compute in the last two years than in the prior six combined, most of it in the US."
Wanna seem something frightening?!
Here's 50 mutual funds paying out 21% to 56% capital gains this year.
If you're the board why wouldn't you require them to convert to ETF?
56%!
Happy Halloween!
Via @MorningstarInc
morningstar.com/funds/which-…
We need to get you in ETFs Dave!
The decision to be in mutual funds over ETFS is probably costing you 1.5% per year in after tax returns...
I recommend and personally invest in good growth stock mutual funds spread across four types: growth and income, growth, aggressive growth, and international, and I only buy funds with at least a 10 year track record.
Your most powerful wealth-building tool is your income, and when you don’t have any payments, you have more money to invest to build wealth.
Investing Quote of the Day: "The greatest enemy of learning is knowing." - John Maxwell (@JohnCMaxwell)
We're down to 2,000 copies of the coffee table book, and that's it.
Advisors consider this your warning if you want to pick up copies for clients year end...
Currently $43.10 on Amazon, which is less than one penalty box ETF trade at @Fidelity or @CharlesSchwab
link.amazon/B0382wvu0
Starting in 15 mins come join
global.cfainstituteevents.or…
Should we make a modern version?
Via @Sothebys
Catalogue Note
This rare deck of playing cards, published soon after the South Sea Bubble stock market collapse, features a series of illustrations that satirize the recent stock market madness and the various "bubble" companies that duped gullible investors into buying worthless shares.
In the seventeenth and eighteenth centuries, there was a vogue for playing cards that featured elaborate, themed designs, in addition to suits and ranks. The small-sized engravings on the card faces could include imagery from a variety of sources, ranging from geography, to literature, and history. This gave the cards a somewhat disparate twofold purpose — entertainment and education.
The All the Bubbles deck was inspired by current events, namely the dubious stock market schemes that were created in the midst of the Mississippi Bubble and the South Sea Bubble crashes. These "bubbles" are often thought of as the world's first major stock market crashes. The Mississippi Bubble, a French stock market crash, was orchestrated by the Scottish economist John Law, whose Mississippi Company held a monopoly on trade between France and its colonies. After the Company started selling shares to investors, it became the subject of rampant speculation. The resulting investment mania reached all levels of society, from servants to the aristocracy. In 1720, the bubble burst, wiping out investors and sending the French economy into a period of massive inflation. The South Sea Bubble, which occurred the same year in England, was a parallel stock market crash involving shares in the South Sea Company.
Bowles' deck illustrates a variety of other risky stock market ventures that were open to investors, many of which had emerged during the South Sea Bubble mania. The companies' offerings range from the precarious to the absurd, and are ridiculed here as attempts to exploit the public's blind desire to get rich quickly. The cards feature an array of ephemeral "bubble" stock companies, both real and imagined, including the Pennsylvania Company, life, ship, and horse insurance companies, and various commodities investments, ranging from copper and brass, to rock salt and radish oil. These types of companies would soon be regulated in Parliament by the Bubble Act of 1720, which required all joint-stock companies to have a royal charter in order to issue shares.
sothebys.com/en/buy/auction/…
Found my soulmate
link.amazon/B042yVqJj
We track five main shareholder yield areas (US go anywhere, large, small, foreign developed, and emerging).
Last year, dispersion was huge, ranging from about 4% to 34%.
This year, despite different geographies, cap sizes, and sectors, all are up over 20% YTD.
Some years we'll look universally moronic, most years a mix, but 2026 is a banner year across the board for some reason.
¯\_(ツ)_/¯