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?
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@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.
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).
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.