Good article. The only thing that surprises me is that you pay somebody to manage your retirement assets. Why would somebody with your market savvy hire an asset manager? I have heard it said there are only two reasons to hire someone to manage your money. 1) You don't have the time. 2) You don't have the confidence. In your case, I'm sure it's not #2, so maybe it's #1. As a person who manages his own assets, I can assure you that you can do well without taking up a whole bunch of time. Thanks again for the article. I really enjoy your substack.
That's an absolutely fair question. A couple of answers: 1) I'm too busy to do a good job. 2) I'm a trader, not an investor, and sometimes I think the short-term training in my brain won't serve me well with long-term investing. 3) I do my own private-equity/angel/VC stuff. 4) My fees are quite low and I love working with this bank. And, I realize it's not free, but I do enjoy "free" tickets to sporting events, etc., that the bank sometimes gives me. Overall, I'm convinced the value is there for me.
Good article. The only thing that surprises me is that you pay somebody to manage your retirement assets. Why would somebody with your market savvy hire an asset manager? I have heard it said there are only two reasons to hire someone to manage your money. 1) You don't have the time. 2) You don't have the confidence. In your case, I'm sure it's not #2, so maybe it's #1. As a person who manages his own assets, I can assure you that you can do well without taking up a whole bunch of time. Thanks again for the article. I really enjoy your substack.
That's an absolutely fair question. A couple of answers: 1) I'm too busy to do a good job. 2) I'm a trader, not an investor, and sometimes I think the short-term training in my brain won't serve me well with long-term investing. 3) I do my own private-equity/angel/VC stuff. 4) My fees are quite low and I love working with this bank. And, I realize it's not free, but I do enjoy "free" tickets to sporting events, etc., that the bank sometimes gives me. Overall, I'm convinced the value is there for me.
I knew a "nerd" like you would have analyzed this thoroughly. (FYI, I'm a nerd, too, so it's a compliment, not a criticism :-)