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Morningstar on Fees, Weschler on Berkshire, PTJ on Trend-Following

“If I ever get an economic law named after me I want it to be ‘There is no investment product so good gross, that there isn’t a fee that could make it bad net’.”

– Cliff Asness


Global Investor Experience Study: Fees and Expenses (57 pages): Morningstar’s seventh edition of the Global Investor Experience study. This chapter is focused on fees and expenses.

2022 Robo-Advisor Landscape (45 pages): Morningstar reports on the state of the digital advice industry and reviews a number of offerings for investors.



Ted Weschler is one of Berkshire Hathaway’s top two investment managers. He discusses:

• How donating to Warren Buffett’s charity led to Mr. Buffett offering him a job• His thoughts on reading and learning about a broad spectrum of topics• Not finding an edge to exploit during the COVID drawdown

From The Episode:“One of the mistakes is that people do end up reading the same things. The only way you’re going to have success is if you’ve got a variant perception. The great thing about newspapers is a randomness to them.”

Jim Grant is the founder and editor of Grant’s Interest Rate Observer. He discusses:

• Inflation, interest rates, and bonds• Possible implications of rising inflation on monetary & fiscal policy• Ways to diversity a traditional 60/40 portfolio

From The Episode:“All things in this life are transitory. I think that’s not exactly what Jay Powell meant a year ago. The inflation we see has been with us for more than a year and at levels that attract peoples’ notice. And so, it has not been transitory, nor do I expect that it will be over shortly.”

Gerard O’Reilly is the Co-CEO and CIO of Dimensional Fund Advisors (DFA). He discusses:

• The firm’s research-based culture and rules-based approach to investing• The value of combining multiple metrics & why he likes small cap value• DFA’s entrance into the ETF space

From The Episode:“We’re about to become a top 10 ETF manager here in the US about 18 months after starting. And in my view, we made it look effortless but it was really quite a lot of work going on behind the scenes.”


Legendary investor Paul Tudor Jones said his preferred strategy today is trend-following. Link

Benchmark partner Bill Gurley shares his thoughts on valuations today. Link

Kevin Kelly, founder of WIRED and noted technology thinker, shares 103 lessons to commemorate his 70th birthday. Link

Supply chain issues for semis aren’t over – Ford has 53k vehicles held up waiting for chips & other components. Link


Ted Weschler (Investment Manager, Berkshire Hathaway): 

Michael Lewis (Author): 

Dan Ariely (Founder, Irrational Capital): 

Good investing,Meb Faber

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