Saw the new Bond last night.

Amazing how different this Craig's Bond was from predecessors.

Less gadgets and more grit. A lot more introspection about his own life and role in the world.

And a “through line” to the whole series.
That said, I think the “Bond lifestyle” would have far less appeal if they showed the mundane parts.

Like, imagine how much time he spends packing. And schlepping a tuxedo everywhere? How much time does this man spend at a tailor? Or ironing his shirts? Just getting ready!
Also, he goes to crowded clubs and bars and yet he always gets served immediately.
The dude retired like 4 times in the movies too, and always in glamorous fashion.

How much was he getting paid?

And what did he spend his retired days doing?
Also...

–– TINY SPOILER ––

If he was retired at the beginning of this film, why was he driving an old school Aston Martin that had all sorts of MI6 gadgets, including head lamps that turned into machine guns?

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Corey Hoffstein 🏴‍☠️ (🖼, 🛍)

Corey Hoffstein 🏴‍☠️ (🖼, 🛍) Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @choffstein

4 Oct
1/ Why the bond bull market had almost nothing to do with declining interest rates

(and why you shouldn't 😴 on roll yield or leverage)

A (long) 🧵...

(I wrote about this back in 2017 too: blog.thinknewfound.com/2017/04/declin…)
2/ It's often repeated that declining interest rates over the last 40 years created a bull market in bonds that is unlikely to ever be repeated again.

I do not believe the facts actually support that narrative.
3/ Let's start with a very simple graph: the price return versus the total return of the Vanguard Total Bond Market Index Fund (VBMFX)
Read 26 tweets
28 Sep
A little disappointed I haven’t seen more people commenting on @HariPKrishnan2’s Market Tremors.

I’m about 125 pages in and really enjoying it.

amazon.com/dp/3030792528/
@HariPKrishnan2 If questions like, “how does the flow-performance curve of bond mutual funds differ from equity funds and what are the implications for ETF pricing in a crisis,” interest you,

then this book is for you.
@HariPKrishnan2 P.S. I still think there’s “alpha” in holding bond mutual funds, and then selling them in a crisis to buy bond ETFs trading at a significant discount.

cc @EconomPic @millerak42
Read 5 tweets
27 Sep
1/ Interesting new ETF from @SimplifyETFs got seeded today.

$TYA – 
Simplify Risk Parity Treasury ETF

Ignore the name; it should basically be 2.5x 10-year U.S. Treasury futures.

I see two immediate uses.

simplify.us/etfs/tya-simpl…
@SimplifyETFs 2/ The first is an outright replacement from long-dated Treasury exposure (e.g. $TLT or $ZROZ).

You should get approximately the same duration, but harvest a much more attractive roll yield over time by sitting in the belly of the curve.
@SimplifyETFs 3/ The second is capital efficiency.

Replace a 10% position in intermediate-term U.S. Treasuries (e.g. $IEF or $VGIT) and replace it with 4% of $TYA.

You get the same net exposure, but now you can enjoy the newfound flexibility of liquidity of your freed up capital (6%).
Read 5 tweets
21 Sep
1/ Guess what?

It's time for another thread on everyone's (just me?) favorite subject: rebalance timing luck!

This time, with options.
2/ All the hard work here was done by @sbraun27, who is a brilliant analyst and you should follow him.
3/ For the uninitiated, "rebalancing timing luck" is performance differential that occurs due simply to *when* scheduled rebalances occur.

I won't go into it more than that. Google the term. I've written a nauseating amount about it.
Read 11 tweets
14 Sep
1/ What is "return stacking" and how is it different than stretching for returns?

(From our paper investresolve.com/return-stackin…)

A quick 🧵... (I know, I know...)
2/ The expectation of low real returns going forward puts a significant burden on long-term investors striving to meet future needs.

e.g. Endowments who are making annual withdrawals, pensions that have future liabilities, and individuals who are saving for retirement.
3/ A phenomenon that we've witnessed over the last decade is investors moving up the risk curve by either (1) increasing equity exposure, (2) increasing credit risk (lower quality bonds), or (3) increasing liquidity risk (e.g. real estate, private equity or private credit).
Read 19 tweets
9 Sep
0️⃣ I've received a couple questions about this paper and tax implications of this approach.

I'm not an accountant, but I think there are three main points to consider about tax efficiency and return stacking.

1️⃣ Some funds achieve capital efficiency in a tax efficient manner, and some do not.

e.g. $PSLDX buys bonds and overlays with S&P 500 futures. That's very tax inefficient, since those S&P 500 futures are taxed at a 60% long-term / 40% short-term rate.
NTSX, on the other hand, buys the S&P 500 and then overlays with U.S. Treasury futures. Those futures are also taxed at the 60/40 rate, which *can* be more tax advantageous than buy-and-hold bond exposure, where the majority of the return (yield) gets taxed at ordinary income.
Read 8 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

:(