Early Retirement Planning – Steps We’re Taking in 2026
The author outlines a 2026 early‑retirement roadmap focused on boosting a cash reserve to roughly $35,000 CAD (about $25,500 USD) to cover a full year of expenses. They plan to turn off dividend reinvestment plans (DRIPs) in taxable accounts and RRSPs by Q3, redirecting dividend cash into high‑yield, liquid HISA ETFs such as CASH and HSAV. RRSPs will hold these interest‑bearing assets to defer taxes, while taxable accounts may use GIC ladders or similar low‑risk vehicles. Finally, they are researching how to convert their employer‑provided extended health plan to an individual policy without medical underwriting, and acknowledging the psychological shift retirement brings.
Building Liquidity Around an Illiquid Core at Aars
Since 2016 CFO Morten Christensen has built Aars’ investment arm from scratch, transitioning from full outsourcing to an in‑house team. The family office now invests roughly 75% of its net assets in directly owned, illiquid companies, while the remaining 25%—about...
Rich Pzena’s Latest Portfolio & Strategy Explained
Pzena Investment Management reported a $30.8 billion equity portfolio for the latest quarter, with the top ten holdings accounting for about 35.7% of assets. The firm’s deep‑value strategy targets out‑of‑favor companies across cyclical, financial, healthcare and industrial sectors, while maintaining moderate...
Why Your Doctor Invests Like a Vaccine Skeptic
A new study shows physicians, despite earning over $700,000 annually, allocate only 9% of their financial assets to equities—well below the 14% held by software developers. The shortfall stems from low quantitative‑digital fluency rather than income, education, or intelligence, leading...
No, Washington Didn't Just Pass a Wealth Tax. Here's What It Did Pass.
Washington did not enact the touted "Capital Assets Ownership Tax" wealth levy. Instead, Governor Jay Inslee signed ESSB 6346, a flat 9.9% tax on household taxable income above $1 million, effective Jan 1 2028 with returns due in 2029. Earlier wealth‑tax bills (SB 5797...
4 Ways to Become Wealthy That No One Taught You In School, According to Charlie Munger
Charlie Munger outlines four wealth‑building principles that run counter to textbook finance. He urges investors to concentrate capital on a few high‑conviction ideas rather than diversifying indiscriminately. He stresses buying businesses with durable, high return on invested capital (ROIC) and...
Saving for Grandchildren
The article outlines four tax‑advantaged ways to save for a grandchild—529 plans, UGMA custodial accounts, Coverdell ESAs, and the newly introduced Trump accounts. It details each option’s contribution limits, tax benefits, and withdrawal rules, highlighting the Trump account’s $1,000 government...
Wall Street Trap
May 1, 1975 marked the SEC’s deregulation of brokerage commissions, sparking the rise of discount brokers and lower trading costs for investors. Decades of research, from Alfred Cowles to Barber and Odean, show that individual stock‑picking and active fund management consistently underperform...
Why Tax-Efficient Retirement Income Is About Structure
The article argues that tax‑efficient retirement income hinges on the overall structure—risk allocation, account placement, and withdrawal sequencing—rather than isolated tax tricks. It stresses that a proper asset‑allocation mix is the foundation, then recommends holding growth‑oriented funds in taxable accounts...
Why Saving The First $10,000 Is Critical
Saving the first $10,000 is presented as the cornerstone of financial security, especially for high‑income professionals who often overlook basic cash reserves. The article highlights that an emergency fund covering three to six months of expenses protects against income volatility...
Rethinking Trend Following: Optimal Regime-Dependent Allocation
A new paper separates regime detection from position sizing, deriving Sharpe‑optimal weights for each market state. Applying the framework to two‑ and four‑regime specifications lifts out‑of‑sample Sharpe ratios from 0.208 to 0.506 and from 0.496 to 0.628, respectively, across 18...
What Happens When a Taxpayer Dies with Passive Losses?
When a taxpayer dies holding a passive activity with suspended passive activity losses (PALs), the losses are not fully deductible. Under IRC §469(g)(2), only the portion of PALs that exceeds the step‑up in basis allowed by §1014 can be claimed...
Baby Steps
A Canadian parent wants to help her 16‑year‑old daughter start investing before she can open a TFSA. The article explains that minors can contribute to a RRSP if they have earned income and file a tax return, and that parents...
Lou Simpson: The Investor Who Ran GEICO's Portfolio and Quietly Outperformed for Decades
Lou Simpson managed GEICO’s investment portfolio from 1979 to 2010, steering a markedly higher equity allocation than typical insurers. By concentrating 35‑45% of the float in a handful of high‑quality stocks—often just 8‑15 holdings—he generated a 20.3% compound annual return,...
Bitcoin for Everyday Investors: How to Think About Risk, Timing, and Size
The article frames Bitcoin as a high‑risk, high‑volatility satellite asset rather than a core holding. It advises investors to assess personal risk tolerance, use structured entry such as dollar‑cost averaging, and size the position so a steep drawdown won’t jeopardize...
Position Sizing
Dean outlines a judgment‑driven approach to position sizing, emphasizing that it’s the single biggest driver of portfolio outcomes. He recommends starting with 5‑10% of capital for an initial idea, using 2‑3% “half‑positions” for basket components, and scaling up or down...
5 Things Warren Buffett Says To Never Invest In or Buy (Avoid at All Costs)
Warren Buffett’s investment doctrine is defined by five categories he refuses to touch: businesses outside his circle of competence, cheap mediocre firms, non‑productive assets such as gold, cryptocurrencies, and hype‑driven IPOs. He argues that capital preservation comes first, and only...
7 Things You Must Sacrifice If You Want to Be Rich One Day, According to Charlie Munger
Charlie Munger argues that real wealth comes from disciplined sacrifices rather than luck or raw intelligence. He lists seven habits to abandon—envy, herd mentality, constant action, ego, self‑pity, convenience, and comfort—each of which silently erodes capital and focus. By eliminating...
The Nevada Advantage: Strategic Trust and Tax Planning for the Modern Family Business
The article outlines why Nevada has become a premier trust jurisdiction for high‑net‑worth family businesses. It highlights Nevada’s tax neutrality—no state income, capital gains, estate or GST taxes—combined with flexible statutes such as decanting and directed trusts. Dynasty trusts can...
White House Officially Launches Trump IRA for Workers without Workplace Retirement Plans
The White House signed an executive order establishing the Trump IRA, a low‑cost individual retirement account for workers without employer‑sponsored plans. A dedicated website, TrumpIRA.gov, will go live by Jan. 1, 2027, offering high‑quality private‑sector IRAs and a federal match of up...
Your Trust Probably Covers Everything Except Your Crypto
Living trusts were crafted for real estate, brokerage accounts and tangible assets, not digital currencies. As a result, most standard trustee‑power clauses omit any reference to hardware wallets, seed phrases, staking or DeFi positions, leaving crypto holdings in a legal...
All Hail ‘The New 60/40’
Nomura strategist Charlie McElligott argues that the classic 60/40 equity‑bond split is losing its hedge value as bond‑equity correlations deteriorate. He proposes a “new 60/40” barbell that pairs high‑growth semiconductor and tech exposure with energy stocks, which he views as the...
How Does a Bond Ladder Work?
iShares, a BlackRock brand, now offers an interactive tool that lets investors assemble a bond ladder using target‑maturity ETFs from providers such as Invesco, Vanguard and State Street. By allocating capital across funds that mature in successive years, investors can...
Get a Mortgage From the Option Market
In 2022 a buyer in the Dallas‑Fort Worth market financed a home purchase with a margin loan from a Morgan Stanley brokerage instead of a traditional mortgage, reflecting the spike in mortgage rates and tighter bank underwriting. The buyer likely...
Use Your Excess Stock Market Gains to Actually Change Your Life
The S&P 500 has surged roughly 100% over the past 3½ years, far outpacing the historical 10% annual return. While stock ownership sits at a two‑decade high, the gains are heavily skewed toward the wealthiest— the top 1% hold about 50%...
Expat Taxes/Solar Eclipse Tracker /Double the Wait in Portugal
The blog highlights four timely items for global travelers. U.S. expatriates enjoy an automatic June 15 tax filing deadline and may exclude up to $120,000 of foreign earned income. Portugal has doubled the residency requirement for citizenship, extending it to ten...
7 Assets Wealthy People Own That Working-Class People Don’t Understand
Wealthy households build portfolios of income‑producing assets—commercial real estate, intellectual property, digital platforms, private equity, venture capital, income‑producing land, and private credit—rather than relying solely on wages. These assets generate cash flow, appreciate over time, and enjoy tax advantages such...
The Gilded Cage
The author announces the release of *The Long Game*, a new book that compiles lessons from 30 seasoned investors who have weathered multiple market cycles. Beyond the promotion, the piece uses a bird‑in‑a‑cage metaphor to critique the modern pursuit of...
A Liquidity Reckoning: When Access Outpaces Infrastructure
In the first quarter of 2026 a wave of retail redemptions forced major business development companies and interval funds—including Blackstone, BlackRock, Blue Owl and Ares—to trigger gating mechanisms, exposing a structural mismatch between semi‑liquid product promises and the illiquid assets...
At The Money: How to Max Out Your Small Business Retirement Plan
In a Bloomberg "At the Money" episode, Dan LaRosa explained how small‑business owners and solo practitioners can maximize tax‑deferred retirement savings using SEP IRAs, solo 401(k)s and the Mega Backdoor Roth feature. He detailed contribution limits—up to $72,000 per plan—and showed...
Estate Planning Tips Every Parent Should Know
Estate planning is essential for parents to protect their children and manage assets effectively. A will sets out asset distribution and appoints a court‑approved guardian, while trusts allow controlled funding for education and living expenses. Designating a power of attorney...
Personal Finance Links: The Full Cost of College
The article aggregates a curated set of recent podcasts and articles that tackle personal‑finance challenges, from the soaring cost of college to retirement timing, family planning, and tax strategies. It highlights expert voices such as Morgan Housel, Bill Perkins, CNBC...
Introducing The Spilled Coffee Double Shot
The Spilled Coffee Double Shot is a new curated list of 20‑25 high‑conviction, long‑term stock ideas from the author’s research. It separates these bench ideas from his personal, concentrated portfolio, marking owned positions with a coffee cup icon to show...
5 Money Rules Warren Buffett Follows That Broke People Can’t Understand
Warren Buffett’s five money rules emphasize capital preservation, frugal living, contrarian buying, disciplined competence, and using volatility as an advantage. He avoids any investment that could erode principal, lives modestly to funnel cash into income‑producing assets, and purchases quality businesses...
IRS Sets Larger 2026 Tax Allowances for Expensive Housing Abroad
The IRS released Notice 2026-25, raising foreign housing tax allowances for high‑cost overseas locations in 2026. The maximum housing exclusion climbs to $39,870, with city‑specific caps that reflect local cost differentials. London now qualifies for a $68,600 allowance, while Hong Kong,...
Why Paul Tudor Jones Calls Warren Buffett the OG of Compound Interest
Paul Tudor Jones, famed macro trader, praised Warren Buffett as the original master of compounding during a recent Invest Like The Best interview. Jones admitted he once dismissed Buffett’s success as luck, but now acknowledges the power of Berkshire Hathaway’s...
Why High Income Doesn’t Guarantee Financial Security
Physicians earn among the highest salaries in the U.S., yet many lack financial security because of massive student debt, delayed earning power, and lifestyle inflation. The average medical‑school debt of $217,000 and resident salaries around $68,000 push wealth‑building back a...
For Richer, For Poorer: 37 Years of Compounding
A hypothetical $10,000 investment in the S&P 500 on the writer's 1989 wedding day would be worth about $492,000 today, illustrating the power of long‑term compounding. The portfolio grew modestly to $16,500 after five years, surged to $56,759 by 1999,...
What Has to Go Right to Make Money
Dean outlines a practical framework for dissecting any equity investment by explicitly mapping the sequence of events that must occur for the trade to succeed. He shows how this roadmap informs position sizing, risk identification, and valuation ranges, especially for...
Most People Work Hard Their Whole Lives But Never Get Ahead
The post outlines a four‑step sequence for building lasting wealth: save a portion of every paycheck first, invest in education rather than image, increase the value of your skills instead of merely logging hours, and finally put saved capital to...
Why Every New Investor Needs a Financial Safety Net
New investors are urged to build a financial safety net before committing capital, emphasizing an emergency fund that covers several months of expenses. The article explains how a cash cushion prevents forced selling during market downturns, preserving long‑term compounding. It...
Understanding the PPLI Opportunity: The Basics and Beyond
Private Placement Life Insurance (PPLI) is rapidly gaining traction among affluent families seeking tax‑efficient wealth growth. Winged Keel Group, a sponsor of Family Enterprise USA, is hosting a free webcast on May 28 at 1:00 PM PDT to demystify PPLI’s structure and...
Free CE Credit: Beyond Bonds, the 4% Rule, and Covered Call ETFs (Apr 30)
Tuttle Capital Management, a $4 billion‑AUM ETF issuer, is hosting a free continuing‑education webinar on April 30, 2026 to challenge the traditional retirement‑income playbook of bonds, dividend stocks, and covered‑call ETFs. The panel will explain why the classic 4 % withdrawal rule no longer...
Dual Physician Households and FIRE Planning – How You Can Have Your Cake (And Eat It Too)
Dual‑physician households earn $550,000‑$900,000 annually and have two sets of retirement benefits, yet many lag financially due to student‑loan debt, lifestyle inflation, and burnout. The article shows how applying FIRE principles—using the 4 % rule, the Rule of 25, and aggressive...
Best High-Yield Savings Rates for April 27, 2026: Up to 5%
High‑yield savings accounts are still offering APYs up to 5.00% as of April 27 2026, though many banks have begun trimming rates. Varo and Consumers Credit Union lead with 5.00% on the first $5,000‑$10,000, while PiBank, Axos, and CIT Bank provide 4.10%‑4.40%...
How I Run My Portfolio (Series Intro)
The author announces a new series that details how he actually runs his investment portfolio, emphasizing the art of portfolio construction rather than just stock picks. He highlights the importance of position sizing, timing, cash management, and risk discipline, especially...
Chart of the Week: April 27, 2026: Evaluating Focused Sustainable Index Funds
The sustainable‑index market now comprises 151 focused funds and ETFs with $167 billion in assets as of March 31, 2026. The ten largest vehicles, ranging from $4.6 billion to $23.4 billion, hold roughly half of the segment’s AUM and delivered 12‑month returns between 4.3% and...
Vanguard Index Funds at 50: Cost Still Matters
Vanguard commemorated 50 years of indexing with a retrospective that underscores how low‑cost funds have outperformed the market. Jack Bogle’s 1951 thesis warned that fees erode long‑term returns, a principle proven when a $10,000 investment in the original Vanguard 500...
Mohnish Pabrai’s SXSW 2026 Investing Lessons Every Investor Should Know
At SXSW 2026, investor Mohnish Pabrai urged a return to disciplined simplicity, arguing that execution and temperament outweigh complex forecasts. He highlighted how incremental gains compound exponentially when backed by trust, culture, and patient capital. Pabrai also championed asymmetric bets,...
How Would The Greats Like Buffet, Lynch, & Templeton Invest In Today's Market? | Pieter Slegers
Pieter Slegers, founder of the Substack Compounding Quality, outlines how legendary investors like Warren Buffett, Peter Lynch and John Templeton would navigate today’s volatile market. He stresses a timeless formula: acquire wonderful companies led by managers with skin in the...