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Andrew Miller @millerak42
, 8 tweets, 4 min read Read on Twitter
1/ Of all the things I learned in 2018, the biggest was to look at investing/planning from the perspective of @mjmauboussin - can you lose on purpose? If you can lose on purpose then it involves an element of skill. Here are some of my thoughts:
2/ Own low cost investments (high cost investments lose) - morningstar.com/articles/75248…

This shouldn't surprise anyone, but I think it also extends to evaluating active managers.

alphaarchitect.com/2016/09/13/the…

and to help evaluate active share - alphaarchitect.com/2017/04/06/vis…
3/ Own almost anything other than market cap weighted (market cap weighting isn't very good) - researchaffiliates.com/documents/JOI_…
4/ Tax Efficiency (you can lose by being very tax inefficient) - This one comes in lots of forms:

a - Trading tax efficiency - researchaffiliates.com/en_us/publicat…

b - Asset Location - kitces.com/blog/asset-loc…

c - Tax Loss Harvesting - kitces.com/blog/evaluatin…
5/ Taking Appropriate Amount of Risk (you can lose by not taking enough risk...or taking too much).

Risk Tolerance - kitces.com/blog/tolerisk-…

Portfolio Risk Capacity - alphaarchitect.com/2018/03/02/who…

Risk Needed - kitces.com/blog/goal-risk…
6/ Define a Specific Goal & Investment Policy (don't lose sight of purpose and be influenced by neighbors or recent market events) - Have a written investment plan that defines what you are investing for, your time horizon, your asset allocation, screening criteria, etc.
7/ Tax Plan & Take Advantage of Low/High Tax Rate Years - you should know your long-term marginal and effective tax rates and have a plan to move or delay income in years that are materially different from your long-term rates - wsj.com/articles/its-t…
fin/ Rebalance Intelligently - Anytime your rebalance your portfolio you are market timing (that's ok as long as its part of your plan)...but if you rebalance, do so in an intelligent way - alphaarchitect.com/2017/05/31/des…
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