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Barry Ritholtz
@ritholtz
, 7 tweets, 2 min read Read on Twitter
This is quite intriguing:

Like flipping a light switch, Vanguard Group Inc. has figured out a way to shut off taxes in its mutual funds.

bloomberg.com/graphics/2019-…
Rapidly pumping money into and out of the exchange-traded portion of the Vanguard Small-Cap Index Fund removes taxable gains for the benefit of the mutual fund’s shareholders.
Unlike competitors that follow similar indexes, Vanguard mutual funds stopped saddling investors with ◼ taxable gains once ETF share classes were added.
Vanguard funds made more use of heartbeat trades than those of any other ETF manager, a Bloomberg News analysis of trading data from 2000 to 2018 shows.
Once an ETF share class was added to a mutual fund, taxable-gain distributions fell to zero while ◼ non-taxable gains from stock withdrawals shot up.
An outsize heartbeat trade in June helped Vanguard remove taxable gains from one of its mutual funds.
The entire piece is definitely worth a read

bloomberg.com/graphics/2019-…
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Barry Ritholtz
@ritholtz
Firms to Pay $125 Million to Clients Over Fee-Disclosure Practices

wsj.com/articles/firms…
"Investment advisers, who pick portfolios for clients, are supposed to disclose when they choose mutual funds that tack on the fees, particularly if there are versions of the same fund that don’t levy the charge."
Either you are a commission-based broker who follows the suitability standard or a fee-based RIA who follows the fiduciary standard.

The SEC should do away with the term "investment adviser" unless it is a SEC registered Investment adviser. Otherwise its confusing.
Read 3 tweets
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Barry Ritholtz
@ritholtz
FYI: About the Amazon HQ2:

Man, so many people are getting this wrong. No, Amazon did not pull out of the NYC deal – and a lot of people have done a terrible job trying to explain this.

A few details that will make things clearer. 1/
Before we start: I am a huge Amazon fan, have been using them since 1998, and I am a giant fan of Jeff Bezos. HQ2 in NYC would have been great.

However . . . Do you know who killed the Amazon HQ2 ? 2 /
Actually, the biggest opponent to Amazon was not from the Congressional class, who had little to do with this. It was not AOC or Elizabeth Warren or anyone else in Congress.

These were State + Local incentives, not Federal. Congress literally has no say on this. 3/
Read 19 tweets
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Barry Ritholtz
@ritholtz
1/ Yesterday, Starbucks founder Howard Shultz told @60Minutes he is considering running for President as an independent 3rd party candidate.

A quick reminder about 3rd party candidates, and what their impact has been during presidential campaigns over the past 37 years.
2/ In 2000, Ralph Nader won 2,882,955 votes (2.74%), helping to make George W. Bush President.

Nader took 1.63% of votes in Florida; Bush won the state by just .05% -- and the presidency. (Did any Nader policies get implemented because of his run?)
3/ In 2016, Jill Stein & Gary Johnson ran as independents. But for their campaigns, it is likely that, Trump would not be have won the Presidency.

If you doubt that just look at the numbers.

The 2016 Electoral College final = 304 to 227
Read 18 tweets

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Tren Griffin
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"Vanguard has $1.3 trillion in actively managed funds, including $413 billion in active bond funds." bloomberg.com/opinion/articl… “Vanguard isn’t index versus active — it’s low cost versus high cost."
"If we look forward for the next 10 years, our expectations around U.S. equity markets is for about a 5% median annualized return. Five years ago, we'd have been somewhere in around 8%" cnbc.com/2019/02/11/van… Oh, you are 40% bonds? Elevator is going down. That's a price paid.
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Quite a few scholars whose work I admire, and with whom I interact, have signed this letter on #Venezuela. It's not my intention to go after anyone personally. But this letter is highly problematic. Here's why... (thread)
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