Marine. Ph.D. Dad x3. RIA/blog/education: alphaarchitect.com ETFs: funds.alphaarchitect.com White label ETF: etfarchitect.com
Palmas Del Mar, PR
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New Post: 351 ETFs: Tax-Free “Diversification” Is Supposed to Hurt alphaarchitect.com/351-etf-t…
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Wes Gray 🇺🇸 retweeted
All roads are leading to ETFs…
Clones, conversions, and share classes, are all relatively new paths to offering investors familiar strategies in their wrapper of choice.
Here’s a look at the routes that have been opened and most frequently traversed by asset managers bringing new ETFs via these means to market over the past few years.
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Is the workload stopping you from participating in a 351 exchange?
We've made it simple.
Something as seemingly complicated as a 351 exchange could stop you from taking action. But once you understand the process, contributing to an Alpha Architect 351 exchange is as easy as 1, 2, 3, 4.
Here is the 10-minute, 4 step process to complete a 351 exchange with Alpha Architect:
1. Upload the portfolio.
2. Address any portfolio flags.
3. Upload two signed documents.
4. Verify account information.
Done.
If you believe a 351 exchange can help address portfolio and tax issues, you can contribute your appreciated holdings to the Alpha Architect U.S. Equity 5 ETF, AAUD, today.
AAUD seeks to:
• Follow the same strategy as our previous 351 exchange launches.
• Deliver plain U.S. large blend exposure with a strategic dividend management overlay.
• All for 0.09% total annual fund expense.¹
Have any questions? We will be running our final webinar on October 8, where Wes and Jack will be answering any and all questions, LIVE. Sign up now: us06web.zoom.us/webinar/regi…
To learn more about AAUD head to: funds.alphaarchitect.com/aau…
¹Acquired Fund Fees and Expenses (AFFE) currently stand at 0.00%, but final contributed assets may add to the number upon launch. AAUD's management fee and total annual fund operating expenses are 0.0945%.
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Wes Gray 🇺🇸 retweeted
SEC has issued a proposal that would allow OE funds/etfs to levy perf-based fees in a fashion akin to how HFs/private funds do it (ie, up to 20% of gains). Currently, funds can only levy perf fees using fulcrum-fee structure. This would liberalize that.
sec.gov/files/rules/proposed…
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Wes Gray 🇺🇸 retweeted
TL;DR on Treasury's Notice 2026-62 and Rev. Rul. 2026-20 yday regarding §351 and ETFs...
Abusive §351 is dead
Long live routine §351
Anyone arguing the extremes (§351 is entirely dead, or that Treasury will take no action), either...
1) hasn't read the Notice and Ruling, or
2) doesn't know how to read them
I'll have a podcast out about this tomorrow.
Get "The Albatross" wherever you get podcasts.
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Putting AI to work! @dmuravyev replicated every empirical paper in the JF, JFE, and RFS from 2000 to 2020, then did out of sample testing.
You can access the tests, replications in a nifty website he has set up:
dmurav.com/replications/#lib…
This is so cool!
papers.ssrn.com/sol3/papers.…
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351s.
Take a read
alphaarchitect.com/351-etf-t…
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The me that was sleeping in that car and eating cold Burger King whoppers for every meal of my life couldn’t have imagined I would be a Surgeon driving a G Wagon on the daily.
I learned a long time ago that No one is coming to save you.
You just have to survive.
“A powerful and deeply moving account of a boy forced to grow up too soon and the man he fought to become.”
— @robkhenderson
You’ve never read a biography like this.
Preorders are now live!
infinitebooks.com/products/n…
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Thomas Peterffy, speaking on any topic, is usually worth a listen.
🚨NEW EPISODE🚨 with Chairman of @IBKR Thomas Peterffy:
Worth over $100bn, he reveals the asset he is buying as the ultimate hedge - LAND.
"If these things happen that I'm worried about, then I think land is the logical asset."
AI RACE: "Slowing down? I mean, it's a very difficult thing because China is not going to slow down. So this is basically a competition between the two hemispheres and I'm not in favour of slowing down. I would like us to win."
AI OPTIMISM: "Even if the frontier models would stop progressing at this moment, there are so many open source models all over the place and adapting them by all the other companies will result in huge increases in earnings and productivity. So I'm basically very optimistic."
FED AND YIELDS: "Well, I think the Fed will probably raise rates, although as I said, I would not be in favour of that, but they will have to do it just to demonstrate that they are independent."
HUGE PREDICTION MARKETS OPPORTUNITY: "These markets are going to become huge in my view. In the fullness of time, the majority of our earnings will be derived from prediction markets."
OWN LAND: Revealing more of is thinking around buying land, he reflects on his upbringing in communist Hungary, when everyone's assets were seized. "So I think that the same thing may happen in America. And that is the reason that I am buying land so that after the democratic socialists take everything over and they ruin all the stuff, they will eventually find out that it doesn't work and they will have to go back to protecting people's private property and return the assets they can return. And the only assets they will be able to return will be rural land."
Timestamps:
0:00 Intro
2:45 IBKR recent earnings
6:35 Interest rate exposure
9:10 Fed will hike…sadly
11:00 Optimistic about AI
13:10 But some AI overinvestment
14:45 US can’t slow down
17:10 Long path to prediction markets
22:30 HUGE opportunity of prediction markets
28:41 The risk from leverage
32:26 AI boosts IBKR
36:10 New bank trust charter
40:35 Buy Land – ultimate protection
45:08 Conclusion – have a plan
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Wes Gray 🇺🇸 retweeted
Militia Capital is hiring a quantitative engineer in Austin.
AI is probably going to eat discretionary investing in the next 10 years.
We want to create AI tools and trading systems that distill and improve the judgment of our portfolio managers. We're not a HFT/MFT shop and don't expect to compete there; we're trying something different, which is to automate and trade on superior qualitative forecasts over weeks, months and maybe years.
We're looking for exceptional statistics/ML, problem-solving and engineering ability. Finance experience is optional. Exceptional graduates and candidates from other technical fields are welcome.
Pay: $275K base, $300K-$500K target bonus, depending mostly on your contribution to profits.
Email sam@militiacapital.com with your resume and a short description of your hardest technical project (research, open-source work, etc.), ideally with a link to it.
I can't reply to everyone, and I apologize for that.
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Warning. terrible dad joke inbound...but it did make me laugh
Kid: "Hey Dad, Alice said I was only average..."
Dad: "Wow. That sounds pretty mean."
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A client came to us with a nightmare portfolio.
His own client had moved assets over from a prior adviser: hundreds of individual stocks and ETFs that, all together, basically replicated the U.S. market. Just with higher fees and a lot more complexity.
We believe this is a textbook use case for a 351 exchange.
A 351 exchange lets investors contribute assets for shares of a new ETF without immediate gain recognition. For the adviser, this meant being able to more easily manage his client's portfolio, making attribution and reporting more manageable with a single U.S. core market ETF.
If you are sitting on a legacy portfolio with the same problem, you can contribute appreciated holdings to the Alpha Architect U.S. Equity 5 ETF, ticker AAUD.
AAUD seeks to:
• Follow the same strategy as our previous 351 exchange launches
• Deliver plain U.S. large blend exposure with a strategic dividend management overlay
• Do it for 0.09% total annual fund expense*
To learn more about AAUD email us at info@alphaarchitect.com, or visit funds.alphaarchitect.com/aau….
*Acquired Fund Fees and Expenses (AFFE) currently stand at 0.00%, but final contributed assets may add to the number upon launch.
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Wes Gray 🇺🇸 retweeted
13 MILES on forearm crutches🦾
----------------------------------------
For Those Who Can't. Choosing to physically suffer is one of the best ways to remind us we are alive.
5hrs 32min 3sec was the total moving time. It was 6hrs & 36min total time.
Appreciate each day. Die Living.
Side-note: posted this later than intended due to life/travel, but I have some exciting news to share soon.
#NeverAVictim
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New Post: Firm-to-firm financial linkages and dollar risk transmission alphaarchitect.com/dollar-ri…
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Wes Gray 🇺🇸 retweeted
🚨 NEW WORLD RECORD! 🇲🇽🔥
Mexican strongman Raul Flores has shattered the deadlift world record with an insane 511kg (1,126.6 lbs) lift!
He surpasses Hafþór Björnsson’s 510kg record set in 2025.
THE NEW KING OF THE DEADLIFT!
🎥 via @GiantsLiveWSM
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New Post: What Daily Stock Returns Tell Us About the Economy alphaarchitect.com/daily-sto…
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Wes Gray 🇺🇸 retweeted
Rocking the Art Museum steps with @alphaarchitect. A fitting wrap to our excellent conference!
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